Healthcare Industry News: Sonus Pharmaceuticals
News Release - January 18, 2016
Michael Martino Named President and Chief Executive Officer of HemaFlo TherapeuticsIndustry veteran brings operating expertise to development-stage company focused on delivering therapies for diseases caused by poor blood flow
CARLSBAD, Calif., Jan. 18, 2016 -- (Healthcare Sales & Marketing Network) -- HemaFlo Therapeutics, Inc. announced today the appointment of Michael A. Martino as President, Chief Executive Officer and a member of the Board of Directors. Mr. Martino was most recently President and Chief Executive Officer of Ambit Biosciences until its acquisition by Daiichi Sankyo.
Dale Peterson, PhD, HemaFlo's founder, said, "We are pleased to attract a seasoned executive with expertise in building and leading teams, developing innovative strategies that create value, executing deals and raising capital in the private and public sectors. Michael's experience is vital to HemaFlo as we take the next steps to accelerate the development of NephroFlow, our lead product for the treatment of acute kidney injury."
"I am pleased to collaborate with a talented entrepreneur like Dale who has successfully commercialized more than 18 medical devices and combination therapies," said Michael Martino. "Developing an innovative therapy like NephroFlow that has the potential to benefit millions of patients while building HemaFlo into a vibrant company makes this an exciting opportunity for me. I look forward to leading the HemaFlo team and delivering value to patients and shareholders."
Prior to joining HemaFlo, Mr. Martino served as President, Chief Executive Officer and a member of the Board of Directors of Ambit Biosciences from 2011 until November 2014. At Ambit, Michael built and led the team that accelerated the development of the company's lead asset, completed a successful IPO, and closed a merger with Daiichi Sankyo. Prior to Ambit, Michael was a co-founder and the Chief Executive Officer of Arzeda, a synthetic biology company that he helped spin out of the University of Washington. From 1998 to 2007, he served as President, Chief Executive Officer and a member of the Board of Directors of Sonus Pharmaceuticals, a publicly traded oncology company. Michael began his career with Mallinckrodt Pharmaceuticals in 1983 where, over 15 years, he held positions in planning, business development, marketing and general management, including as Vice President and General Manager of Mallinckrodt's global nuclear medicine business. Mr. Martino has a BBA from Roanoke College and a MBA from Virginia Tech. He sits on the board of Arzeda and is a prior Chair of the Board of the Washington Biotechnology and Biomedical Association (WBBA) and of the Board of Trustees of Cascadia Community College.
About HemaFlo Therapeutics
HemaFlo Therapeutics is a private company founded to develop a platform of Drag Reducing Polymers (DRPs) that have applicability in a number of acute and chronic disease states that are associated with decreased tissue perfusion due to reduced blood flow. DRPs can be given intravenously and act mechanically to reduce the friction (or drag) in flowing blood and to stimulate the dilation of blood vessels. This activity results in improved blood flow without a corresponding increase in blood pressure, which in turn improves tissue perfusion.
About Acute Kidney Injury
Acute Kidney Injury (AKI) is an abrupt loss of kidney function that typically occurs within seven days of an inpatient or outpatient procedure and is one of the most severe complications observed in hospitalized patients. Damage of the kidney tissue is often caused by decreased blood flow (ischemia) due to surgery, vasoconstrictive drugs, sepsis, dehydration or imaging contrast agents. AKI may lead to a number of even more severe complications, including metabolic acidosis, effects on other organ systems (cardiovascular) and death. There were an estimated seven million cases of AKI in the US in-patient hospital population in 2012. The literature suggests that incidence has long been under-reported but study estimates range from 20 to 25% of total hospitalizations. Most strikingly, almost half of the reported cases were characterized as "severe AKI" with a 24% mortality rate compared to 2% for patients without AKI. Additionally, patients who have experienced any level of AKI have an increased risk of heart attacks and chronic kidney disease, which is not curable and represents a lifetime sentence to a dialysis clinic.
Source: HemaFlo Therapeutics
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