Healthcare Industry News: Indevus Pharmaceuticals
News Release - October 13, 2008
Theron Odlaug, Ph.D. Promoted to Chief Executive Officer at CyDex Pharmaceuticals
Pharmaceutical and Life Sciences Veteran Takes Reins as John M. Siebert Retires;Director James C. Gale Elected Chairman
LENEXA, Kan.--(HSMN NewsFeed)--CyDex Pharmaceuticals, Inc. today announced that Theron (Ted) E. Odlaug, Ph.D. has been named as the company’s president and chief executive officer. Odlaug replaces John M. Siebert, Ph.D., who has retired as CyDex’s chief executive officer and has stepped down as chairman of the company’s board of directors. Siebert will remain a consultant to the company to aid in the transition. The board of directors appointed Odlaug to the board and has elected director James C. Gale as its new chairman.
Jim Gale, the new chairman, commented, “Ted has outstanding leadership abilities, an impressive record of accomplishment and a strong vision for CyDex’s future. We are confident in his ability to guide CyDex through its next stage of corporate development. We also thank John Seibert for the tremendous job he has done in building the company’s CAPTISOL® drug delivery business and transforming CyDex into a specialty pharmaceutical company with a strong pipeline of proprietary products. We wish John well in his retirement.”
“I am honored to lead CyDex at such an exciting time in the company’s history,” said Odlaug. “With a broad clinical pipeline that offers CyDex multiple opportunities for success, we are well positioned to continue our track record of growth as a specialty pharmaceutical company.”
From 2006 until his appointment as president and chief operating officer at CyDex, Ted Odlaug served as managing partner of EIR Healthcare Advisors, LLC. Prior to that, he was executive vice president and a member of the senior management committee at Fujisawa Healthcare Inc. until its merger with Yamanouchi in 2005, which resulted in the formation of Astellas Pharma. He left Astellas in 2006 after successfully completing the U.S. post-merger integration process.
Odlaug serves on the board of publicly held Advanced Life Sciences Holdings, Inc., where he is a member of the compensation committee, and nominating and governance committee. He also has been a member of the board of the privately held Wahl Clipper Corporation and a member of its compensation committee. He holds Bachelor’s and Master’s degrees from the University of Missouri at Kansas City and a Ph.D. in Public Health from the University of Minnesota.
A CyDex director since 2004, James Gale is chairman of the Nominating and Corporate Governance Committee. He is the founding partner of Signet Healthcare Partners, a New York-based growth capital fund focused on providing expansion capital for healthcare companies. He serves as chairman of the board of directors at Alpex Pharma S.A., and is a director of Avantium Technologies BV, Cedarburg Pharmaceuticals Inc., Indevus Pharmaceuticals, Inc. (NASDAQ:IDEV ), Paladin Laboratories, Inc. (TSX:PLB ) and Spepharm BV. Previously, Gale served as head of principal investment activities and head of investment banking for Gruntal & Co., LLC. Gale received his Master’s degree in Business Administration from the University of Chicago.
About CyDex Pharmaceuticals
CyDex Pharmaceuticals, Inc. is a specialty pharmaceutical company developing products and licensing its CAPTISOL® enabling technology. CyDex is developing its own pipeline of products using its enabling technology solutions, and partnering with leading pharmaceutical, specialty pharmaceutical and biotechnology companies. CyDex is a privately held company located in suburban Kansas City. To learn more about the company, please visit www.cydexpharma.com.
Source: CyDex Pharmaceuticals
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