Healthcare Industry News: Magnetic Resonance Imaging
News Release - December 18, 2012
CytoDyn Elects Two New Directors and Appoints New Chief Financial OfficerPORTLAND, Ore.--(Healthcare Sales & Marketing Network)--CytoDyn Inc. ("CytoDyn") (OTC QB: CYDY), a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses, today announced the election of Michael Nobel, Ph.D., and Allan M. Green, M.D., Ph.D., J.D., to the company's Board of Directors at its annual shareholders meeting held on December 12, 2012. CytoDyn also announced the appointment of Michael D. Mulholland as the company's new Chief Financial Officer, Treasurer and Corporate Secretary, effective December 13, 2012.
In addition, on December 17, 2012, Nader Z. Pourhassan, Ph.D., was appointed President and Chief Executive Officer of CytoDyn. Dr. Pourhassan had previously been appointed to the positions of President and CEO on an interim basis.
Dr. Nobel, great-grandson of the brother of famous scientist and humanist Alfred Nobel, is chairman or a board member of several international companies in medical diagnostics, treatment and information systems. He played a direct role in the introduction of Magnetic Resonance Imaging (MRI) as European Vice President of Fonar Corp. Dr. Nobel also serves as a senior research fellow at the Solutions Science Research Laboratory at the Tokyo Institute of Technology, University of Japan, one of the world’s foremost institutions in energy and science issues.
"The infection of 34 million people worldwide with HIV/AIDS represents one of the greatest tragedies of our time," said Dr. Nobel. "The adaptability of the HIV virus presents tremendous challenges for a successful treatment. The application of CytoDyn’s antibodies could bring a number of important advances to this process and I am honored and enthusiastic to contribute as a member of the CytoDyn board," he continued.
Dr. Green is a physician, lawyer, and research scientist with operating management experience. Dr. Green was formerly medical director of New England Nuclear/DuPont Medical Products and was subsequently founding CEO of Theseus Medical Imaging, Inc. Dr. Green has published over 30 articles in peer-reviewed scientific journals in the biochemistry and drug development sectors. In addition, he has been "of counsel" to major law firms with established health care practices, representing American and Canadian clients in their relationships with the FDA. Dr. Green received his B.S. degree in economics in 1966 and his Ph.D. in biochemistry and metabolism in 1971, both from the Massachusetts Institute of Technology. He received his M.D. from Case Western Reserve University School of Medicine in 1972 and holds Board certifications in Internal Medicine and Nuclear Medicine. He received his J.D. from Boston College Law School in 1991.
"I am very pleased to be able to provide support for the important research and development work of CytoDyn," said Dr. Green. "The company's PRO 140 product has shown great promise as a new and effective anti-HIV therapeutic agent, and success in the next planned clinical trials would bring important benefits to both patients and shareholders."
"Dr. Michael Nobel and Dr. Allan Green each bring unique perspectives and years of valuable experience to CytoDyn," said Dr. Pourhassan. "Their participation on our Board will be instrumental to CytoDyn’s ongoing development of therapeutic anti-retroviral monoclonal antibodies.”
Mr. Mulholland brings to CytoDyn more than 25 years of senior level financial leadership and broad experience in areas such as strategic planning, corporate finance, acquisitions, corporate restructurings, SEC reporting, risk management, investor relations and corporate governance matters. Prior to joining CytoDyn, Mr. Mulholland served as Chief Financial Officer of several other public companies, most recently Nautilus, Inc., a NYSE-listed developer and marketer of fitness equipment. Mr. Mulholland received a B.S. degree in accounting and an M.B.A. in finance from the University of Oregon and is a certified public accountant.
In addition to his financial management experience, Mr. Mulholland has also managed IP-asset development for the chemical inventions of a leading European scientific inventor for improving human health, as well as working with IP counsel to evaluate and prosecute domestic and foreign patent applications.
"Michael’s experience and background make him a perfect fit for CytoDyn at a crucial stage in our company’s trajectory," said Dr. Pourhassan. "We look forward to his important contributions as we focus on moving our clinical trials forward."
CytoDyn is a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses and other antibody applications. Its proprietary drug candidate PRO 140 is a humanized monoclonal antibody which has demonstrated the ability to block the entry of HIV virus into human white cells by binding to a cell surface protein known as CCR5. PRO 140 has completed Phase I and Phase IIa human clinical trials. CytoDyn intends to continue to develop PRO 140 as a therapeutic anti-viral agent in persons infected with the Human Immunodeficiency Virus (“HIV”). In addition, CytoDyn is exploring the possible application of another proprietary monoclonal antibody for the treatment of Feline Immunodeficiency Virus (“FIV”), a retroviral infection in cats. CytoDyn recently filed for a provisional patent for the use of these anti-FIV antibodies as well as selected small molecule antagonists and agonists for the treatment of FIV, and filed an application for registration of the trademark CytoFeline, intended for use in conjunction with veterinary preparations for the treatment of FIV. For more information please go to www.cytodyn.com.
This press release includes forward-looking statements and forward-looking information within the meaning of United States securities laws. These statements and information represent CytoDyn’s intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond CytoDyn’s control. These factors could cause actual results to differ materially from such forward-looking statements or information. The words "believe," "estimate," "expect," "intend," "attempt," "anticipate," "foresee," "plan," and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. CytoDyn disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information.
While it is impossible to identify or predict all such matters, these differences may result from, among other things, the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products and product candidates, including the risks that clinical trials will not commence or proceed as planned; products appearing promising in early trials will not demonstrate efficacy or safety in larger-scale trials; future clinical trial data on our products and product candidates will be unfavorable; our products will not receive marketing approval from regulators or, if approved, fail to gain sufficient market acceptance to justify development and commercialization costs; competing products currently on the market or in development may reduce the commercial potential of our products; CytoDyn, our collaborators or others may identify side effects after the product is on the market; or efficacy or safety concerns regarding marketed products, whether or not scientifically justified, may lead to product recalls, withdrawals of marketing approval, reformulation of the product, additional pre-clinical testing or clinical trials, changes in labeling of the product, the need for additional marketing applications, or other adverse events.
We are also subject to additional risks and uncertainties, including risks associated with the actions of our corporate, academic and other collaborators and government regulatory agencies; risks from market forces and trends; potential product liability; intellectual property, litigation, environmental and other risks; and risks that current and pending patent protection for our products may be invalid, unenforceable or challenged, or fail to provide adequate market exclusivity. There are also substantial risks arising out of our need to raise additional capital to develop our products and satisfy our financial obligations; the highly regulated nature of our business, including government cost-containment initiatives and restrictions on third-party payments for our products; the highly competitive nature of our industry; and other factors set forth in our Annual Report on Form 10-K and other reports filed with the U.S. Securities and Exchange Commission.
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