Radius Announces Leadership Transitions With Focus on Late-Stage Growth
Andrew Fromkin Joins as New President and Chief Executive Officer Michael Metzger to Join as New Executive Vice President and Chief Business Officer
(firmenpresse) - CAMBRIDGE, MA -- (Marketwired) -- 11/14/13 -- Radius Health, Inc. ("Radius") today announced the transition of the President and Chief Executive Officer role and the appointment of two well-known industry leaders to drive corporate growth, strategy and transactions as the company's novel osteoporosis programs advance in the clinic, with pivotal results expected in the fourth quarter of 2014.
Andrew J. Fromkin has been named President and Chief Executive Officer and a member of the Board of Directors. He joins Radius after serving as Chief Executive Officer of Clinical Data, Inc. In addition, Michael A. Metzger has agreed to join Radius as Executive Vice President and Chief Business Officer. Mr. Metzger most recently held the position of Executive Vice President and Chief Operating Officer at Mersana Therapeutics, Inc. Mike Wyzga resigned as President and Chief Executive Officer, but will remain with the company as an advisor for a transition period.
Mr. Fromkin brings to Radius 25 years of leadership experience in the healthcare industry. He was President and Chief Executive Officer of Clinical Data, Inc. from May 2006 to May 2011, where he led the transformation of Clinical Data, Inc. from a $100 million market cap company in the personalized diagnostics space into a mature biopharmaceutical company with late-stage differentiated products. In January 2011, the company received first pass approval from the FDA for Viibryd, a novel treatment for Major Depressive Disorder. In April 2011, the company was acquired by Forest Laboratories for $1.2 billion in cash.
"We are very pleased to have Drew lead Radius into this next exciting phase of growth and advance the progress made under Mike Wyzga's leadership," stated Kurt Graves, Chairman of the Radius Board of Directors. "Drew has demonstrated an ability to create tremendous value for patients, providers, payers and shareholders alike, and his understanding of the life sciences industry and broader healthcare and payer arenas will serve the company very well. Drew joins at an exciting time, when we have a highly differentiated program finishing up a Phase 3 clinical trial in osteoporosis and two Phase 2-stage assets that have already achieved clinical proof of concept in osteoporosis and other high unmet need indications. Each of the three programs is poised to advance toward key value inflection points and potential collaboration transactions. We are confident that Drew's impressive and proven leadership as a public company CEO will allow Radius to maximize the value of BA058 and advance the development of Radius' innovative osteoporosis and women's health products."
"I am honored to lead Radius at such a pivotal juncture for the company," stated Mr. Fromkin. "It is an exceptional opportunity to join a biopharmaceutical company that owns and is developing multiple late-stage assets that each address areas of serious unmet medical need. BA058-SC has demonstrated early bone-building potential at the spine and non-vertebral sites, including the hip, along with a favorable safety profile. Its novel mechanism of action and potential multiple modes of administration -- including one that is injection-free -- make BA058 an attractive drug with a specialist call point and long patent life. We have a special opportunity to bring a potential best-in-disease drug to osteoporosis patients who are in dire need of new and effective medicines."
Mr. Fromkin succeeds Mr. Wyzga, a recognized industry leader who joined Radius as President and Chief Executive Office in 2011 after serving as Executive Vice President, Finance and Chief Financial Officer of Genzyme.
Michael Metzger will join Radius as Executive Vice President and Chief Business Officer. Mr. Metzger has nearly 20 years of experience within the life sciences and pharmaceutical industries. Most recently at Mersana, he drove the establishment and management of key alliances and helped to architect the strategic direction, financing and growth of the business. Prior to joining Mersana in 2011, Mr. Metzger held senior positions within business development and led mergers and acquisitions at Forest Laboratories, Inc., where he completed transactions with numerous specialty pharmaceutical and biotechnology companies.
"We are also very pleased that Michael is joining Radius," stated Kurt Graves. "Michael and Drew know each other very well from past collaborations, and Michael brings a wealth of pharmaceutical and biotechnology sector experience and knowledge to the team. He has operational and management expertise as well as a history of creating value through transactions. This perspective will be invaluable to optimally positioning Radius to build momentum and collaborations around our exciting pipeline."
About Radius Health
Radius Health is a biopharmaceutical company focused on developing novel, differentiated therapeutics for the treatment of osteoporosis and other women's health conditions. The company's lead product candidate, BA058, is a novel synthetic peptide analog of PTHrP (human parathyroid hormone-related protein, a naturally occurring bone-building hormone) in development in both injection (BA058-SC) and transdermal (BA058-TD) methods of administration to reduce the risk of complications associated with osteoporosis, such as fracture. Radius and 3M Drug Delivery Systems are collaborating on the development and commercial supply of BA058-TD. Radius is also developing its novel Selective Estrogen Receptor Modulator (SERM) for postmenopausal hot flashes and other specialized indications that have significant unmet needs.
Safe Harbor for Forward-Looking Statements
Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the prospects or potential for BA058-SC, BA058-TD and other product candidates, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Radius or its management, may identify forward-looking statements. Radius cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the failure by Radius to secure and maintain relationships with collaborators; risks relating to clinical trials; risks relating to the commercialization, if any, of Radius' proposed product candidates (such as marketing, regulatory, patent, product liability, supply, competition, and other risks); dependence on the efforts of third parties; dependence on intellectual property; and risks that Radius may lack the financial resources and access to capital to fund our operations. Further information on the factors and risks that could affect Radius' business, financial condition and results of operations are contained in Radius' filings with the U.S. Securities and Exchange Commission, which are available at . The forward-looking statements represent Radius' estimate as of the date hereof only, and Radius specifically disclaims any duty or obligation to update forward-looking statements.
Contact
Nick Harvey
Chief Financial Officer
617-551-4700
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Datum: 14.11.2013 - 19:27 Uhr
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