Edge Therapeutics, Inc. (Nasdaq:EDGE), a clinical-stage
biotechnology company developing novel hospital-based therapies in
the management of acute, life-threatening conditions, today
announced the appointment of Daniel Brennan to the newly created
position of Chief Operating Officer, effective immediately. Mr.
Brennan will be responsible for the pre-commercial planning and
market development activities including the health economic
assessment of the company’s lead product candidate EG-1962,
business development activities, and general corporate operations
within the company. Mr. Brennan will report to Edge’s President and
Chief Executive Officer, Brian Leuthner.
“Dan is a proven and respected leader who has overseen corporate
growth and strategic development in the biopharmaceutical
industry,” said Mr. Leuthner. “Dan’s extensive commercial
background with orphan, central nervous system (CNS), and hospital
products will be critical as we continue to advance our ongoing
Phase 3 NEWTON 2 study, begin pre-commercial planning in
anticipation of potential regulatory approval and commercialization
of EG-1962, and evaluate growth opportunities to expand our product
pipeline.”
Mr. Brennan joins Edge with about 20 years of senior-level
management, commercial and business development experience in the
biopharmaceutical industry. Most recently, Mr. Brennan served as
Chief Operating Officer and Executive Vice President of Insys
Therapeutics, Inc. since November 2015, where he was responsible
for all commercial and general operating activities, including
rebuilding Insys’ commercial leadership team and practices.
Previously, Mr. Brennan held multiple leadership positions at
Lundbeck, Inc., including serving as Vice President and Group
General Manager of the Neurology Business Unit and U.S. Business
Development Group, where he led the launch of four specialty orphan
products, and achieved substantial growth in annual sales from $60
million in 2009 to $550 million in 2014.
Prior to Lundbeck, Mr. Brennan served at Abbott Laboratories,
where he led sales and product launch preparation for the company’s
acute care hospital product pharmaceutical group. Mr. Brennan also
brings sales, marketing and new product development expertise from
his decade of service at Eli Lilly and Company.
“My experience with hospital-based therapies, CNS therapies and
multiple orphan drugs, along with my commercial launch and business
development expertise, will complement the strong foundation
already in place at Edge,” said Mr. Brennan. “I look forward to
working with the Edge leadership team to assist in developing the
pre-commercialization strategies for EG-1962 and contribute to
helping drive Edge’s future growth.”
Mr. Brennan received a B.A. from the University of Notre Dame
and an M.B.A. degree, with distinction, from the Kellogg Graduate
School of Business at Northwestern University.
Inducement Grant under NASDAQ Listing Rule
5635(c)(4)
In connection with Mr. Brennan’s new employment, the
Compensation Committee of Edge’s Board of Directors has approved
the grant of non-qualified stock options to Mr. Brennan, who will
receive options to purchase 150,000 shares of Edge’s common
stock. The effective date of the grant is November 1, 2016
and the exercise price for such stock options will be equal to the
closing price of Edge’s common stock on such date, as reported by
NASDAQ. The grant was made as an inducement material to Mr.
Brennan’s acceptance of employment with Edge, in accordance with
NASDAQ Listing Rule 5635(c)(4).
The options have a 10-year term and will vest over a period of
four years, with 25 percent vesting on October 17, 2017, which is
one year following Mr. Brennan’s date of hire, and the remaining 75
percent vesting in approximately equal monthly increments over the
succeeding thirty-six months, subject to Mr. Brennan’s continuous
employment with Edge through each applicable vesting date. In
addition, the options are subject to acceleration or forfeiture
upon the occurrence of certain events as set forth in Mr. Brennan’s
option and employment agreements.
About Edge Therapeutics, Inc.
Edge Therapeutics, Inc. is a clinical-stage biotechnology
company that discovers, develops and seeks to commercialize novel,
hospital-based therapies capable of transforming treatment
paradigms for the management of acute, life-threatening
neurological conditions. EG-1962, Edge’s lead product candidate,
has the potential to fundamentally improve patient outcomes and
transform the management of aneurysmal subarachnoid hemorrhage,
which is bleeding around the brain due to a ruptured brain
aneurysm. Edge is evaluating EG-1962 in two clinical studies: the
pivotal Phase 3 NEWTON 2 study of EG-1962 delivered via external
ventricular drain, and a study of direct intracisternal
administration of EG-1962. For additional information about Edge,
please visit www.edgetherapeutics.com.
Forward-Looking Statements
This press release and any statements of representatives of Edge
Therapeutics, Inc. related thereto that are not historical in
nature contain, or may contain, among other things, certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may include, without limitation, statements with respect
to Edge’s plans, objectives, projections, expectations and
intentions and other statements identified by words such as
"projects," "may," "will," "could," "would," "should," "believes,"
"expects," "anticipates," "estimates," “seeks,” "intends," "plans,"
"potential" or similar expressions, including statements with
respect to Edge’s ability to advance its portfolio of therapies
through development and towards commercialization and the potential
effects of its products. These statements are based upon the
current beliefs and expectations of Edge’s management and are
subject to significant risks and uncertainties. Actual results may
differ significantly from those set forth in the forward-looking
statements. These forward-looking statements involve certain risks
and uncertainties that are subject to change based on various risk
factors (many of which are beyond Edge's control) as described
under the heading "Risk Factors" in Edge’s filings with the United
States Securities and Exchange Commission.
Investor Contact:
Gregory Gin
Edge Therapeutics, Inc.
Tel: 1-800-208 EDGE (3343)
Email: ir@edgetherapeutics.com
Media Contact:
Laura Bagby
6 Degrees
Tel: 312-448-8098
Email: lbagby@6degreespr.com
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