Healthcare Industry News: Biovail
News Release - April 7, 2009
TransMolecular Appoints Robert Radie President and Chief Executive OfficerE. Michael Egan Promoted to Vice Chairman of the Board
CAMBRIDGE, Mass.--(HSMN NewsFeed)--TransMolecular, Inc. today announced the appointment of Robert Radie as President and Chief Executive Officer, as well as the promotion of E. Michael Egan, former President and Chief Executive Officer, to the position of Vice Chairman of the Board. Mr. Radie, who previously served as a full-time business development consultant for the Company, has over 23 years of experience in the pharmaceutical and biotechnology industry.
“Bob’s track record of successful corporate development transactions comes at an important time in the evolution of TransMolecular,” said Nicholas C. Nicolaides, Ph.D., Chairman of TransMolecular’s Board of Directors. “Michael’s continued involvement and counsel as Vice Chairman will provide a smooth transition, as he has been instrumental to TransMolecular’s success, both clinically and corporately, since joining the Company.”
“The TM601 tumor-targeting platform has been validated in a number of clinical and preclinical studies, and is therefore a highly partnerable asset for companies that need a vehicle to target and deliver their drug directly to tumors,” said Mr. Radie. “I am happy to join a Company with such a compelling technology platform and at an exciting time in its development. TM601’s tumor-targeting and anti-angiogenic properties provide a broad therapeutic potential across several oncology and ophthalmology applications. I envision multiple partnering opportunities for this program.”
Prior to joining TransMolecular, Mr. Radie was Executive Vice President and Chief Business Officer at Prestwick Pharmaceuticals, Inc., and Vice President of Project Management and Chief Business Officer at Morphotek. He played leading roles in the successful acquisition of Prestwick by Biovail in 2008, as well as the acquisition of Morphotek by Eisai in 2007. In addition, he previously held the position of Senior Vice President of Strategic Projects and Planning at Vicuron Pharmaceuticals, where he was responsible for corporate strategy and business development and played an integral role in its $1.8 billion acquisition by Pfizer. Before joining Vicuron, he served in a broad range of positions of increasing responsibility at Eli Lilly. Mr. Radie holds a Bachelor of Science degree in chemistry from Boston College.
TM601 is a novel, wholly synthetic peptide, which is highly specific and selective in targeting both primary tumors and metastases in the periphery and in the central nervous system. TM601 targets and binds to receptors expressed on tumor cells, but not on normal, healthy cells. When radiolabeled TM601 is administered it is actively and rapidly taken up into these tumor cells, delivering a highly concentrated dose of radiation to kill the tumor cells while sparing nearby healthy cells. TransMolecular is expanding the TM601 platform to deliver a range of therapeutic agents, including novel and currently used chemotherapeutic agents, as well as RNAi molecules, to tumor cells. Many drugs do not reach their full therapeutic potential due to dose limiting toxicities. The TM601 platform could enable delivery of higher chemotherapeutic doses in tumors while limiting uptake of these compounds in normal tissues. High doses of TM601 alone have been found to have robust anti-angiogenic activity in neo-vascular diseases, including cancer and ophthalmic disease. These effects of TM601 on the neovasculature have also been validated in animal models of ophthalmic disease, including wet age-related macular degeneration (AMD).
About TransMolecular, Inc.
TransMolecular, Inc. is a privately held venture capital backed biotechnology company committed to discovering and developing novel and proprietary products to diagnose and treat cancers that have inadequate treatment alternatives. TransMolecular’s product pipeline is based on the TM601 platform that employs a therapeutically active polypeptide derived from scorpion venom. The Company is currently exploring the use of this platform for broad applications to diagnose and treat cancers and other human diseases. More information can be found at www.transmolecular.com.
This press release contains forward-looking statements. The Company wishes to caution the reader of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, risks associated with litigation, clinical trials, the regulatory approval process, reimbursement policies, commercialization of new technologies, intellectual property, and other factors.
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