Healthcare Industry News: Eli Lilly
News Release - July 24, 2012
Infinity Announces New Addition to Senior Leadership TeamLawrence Bloch Joins Infinity as Executive Vice President, Chief Financial Officer and Chief Business Officer
CAMBRIDGE, Mass.--(Healthcare Sales & Marketing Network)--Infinity Pharmaceuticals, Inc. (INFI) today announced that Lawrence Bloch, M.D., J.D., has joined Infinity as executive vice president, chief financial officer and chief business officer. In this role, Dr. Bloch is responsible for the company’s corporate, financial and business development strategies and operations. Dr. Bloch brings more than a dozen years of experience in building and leading biotech companies in the capacity of chief financial officer, chief business officer and chief executive officer. Dr. Bloch will serve as a member of Infinity's executive leadership team and will report to Adelene Perkins, the company's president and chief executive officer.
“Larry is a tremendous addition to our team. He brings uniquely integrated scientific, medical and business perspectives which will be invaluable in helping us build a fully integrated biotech company,” said Adelene Q. Perkins, president and chief executive officer of Infinity. “With global rights to our entire product portfolio, Larry is arriving at the perfect time to lead and optimize our financing and business development strategies, ensuring we capitalize on the considerable opportunities before us.”
“I am delighted to join Infinity, particularly at this important moment in the company’s development,” said Dr. Bloch. “Infinity’s product candidate portfolio, with worldwide commercialization rights, provides significant opportunities for value creation over the coming months and years. The strength of the portfolio presents multiple avenues for accessing the capital necessary to drive the products through key value inflection points. I look forward to leading that process.”
Prior to joining Infinity, Dr. Bloch served as chief executive officer of NeurAxon, Inc., a company focused on developing next-generation pain therapeutics, from 2007 to 2011. Previously, he served as chief business officer and chief financial officer of NitroMed, Inc., raising $150 million in equity and $20 million in venture debt to support the commercial launch of BiDil®. From 1999 to 2004, he served as chief financial officer and vice president of business development, of Applied Molecular Evolution, Inc., leading the company’s $101 million initial public offering and $420 million merger with Eli Lilly and Company.
Dr. Bloch began his career as an emergency medicine resident physician at Massachusetts General Hospital and Brigham & Woman’s Hospital. He holds a J.D. from Harvard Law School, an M.D. from Harvard Medical School and an M.B.A from Harvard Business School.
About Infinity Pharmaceuticals, Inc.
Infinity is an innovative drug discovery and development company seeking to discover, develop and deliver to patients best-in-class medicines for diseases with significant unmet need. Infinity combines proven scientific expertise with a passion for developing novel small molecule drugs that target emerging disease pathways. Infinity’s programs focused on the inhibition of heat shock protein 90, phosphoinositide-3-kinase and fatty acid amide hydrolase are evidence of its innovative approach to drug discovery and development. For more information on Infinity, please refer to the company’s website at www.infi.com.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include those regarding the expectation that Dr. Bloch will serve as a member of Infinity’s executive leadership team, Dr. Bloch’s potential value in helping Infinity build a fully integrated biotech company, and the potential of Infinity’s product development portfolio to create value and provide multiple avenues for accessing capital to drive Infinity’s products through key value inflection points. Such statements are subject to numerous factors, risks and uncertainties that may cause actual events or results to differ materially from the company’s current expectations. For example, there can be no guarantee that Infinity will be able to complete the transactions contemplated in the securities purchase agreement with Purdue Pharma L.P. and certain associated entities, that any product candidate Infinity is developing will successfully complete necessary preclinical and clinical development phases, that development of any of Infinity’s product candidates will continue, or that positive data seen in any clinical trial will be replicated in a larger patient population or in subsequent trials. Further, there can be no guarantee that any positive developments in Infinity’s product portfolio will result in stock price appreciation. Management’s expectations could also be affected by risks and uncertainties relating to: Infinity’s results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. Food and Drug Administration, the U.S. Federal Trade Commission and other regulatory authorities, investigational review boards at clinical trial sites and publication review bodies; Infinity’s ability to enroll patients in its clinical trials; unplanned cash requirements and expenditures, including in connection with business development activities; development of agents by Infinity’s competitors for diseases in which Infinity is currently developing its product candidates; and Infinity’s ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing. These and other risks which may impact management’s expectations are described in greater detail under the caption “Risk Factors” included in Infinity’s quarterly report on Form 10-Q for the quarter ended March 31, 2012, filed with the Securities and Exchange Commission on May 8, 2012. Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Infinity Pharmaceuticals
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