JERUSALEM, May 3, 2017 /PRNewswire/ --
Intec Pharma Ltd. (Nasdaq: NTEC, TASE: NTEC), a clinical stage
biopharmaceutical company focused on developing drugs based on its
proprietary Accordion Pill™ platform technology, announces that
Zeev Weiss, Chief Executive Officer
and a Director of the Company, is resigning from both positions
effective immediately to pursue other professional opportunities.
Mr. Weiss will serve as a clinical and business development
consultant to Intec Pharma. The Company's Board of Directors have
appointed Giora Carni, a Director
since 2006 and Chief Executive Officer of Intec Pharma from 2006 to
2014, as Interim Chief Executive Officer while a search for a new
Chief Executive Officer has been initiated.
"On behalf of the Intec Pharma Board of Directors and staff, I
would like to thank Zeev for his extraordinary service to our
company. Intec Pharma made considerable progress under his
leadership, including a successful U.S. initial public offering,
the initiation and significant advancement of the global Phase III
ACCORDANCE trial of AP-CD/LD for the treatment for Parkinson's
disease symptoms in advanced Parkinson's disease patients, as well
as the Company's entry into the medical cannabinoids market with
the initiation of a Phase 1 study of AP-CBD/THC. We are also
grateful to Zeev for the strong team he helped assemble to drive
Intec's growth and success, and we look forward to his continued
participation as a consultant," commented John W. Kozarich, Ph.D., Chairman of the Board
of Intech Pharma. "We are confident in Giora's stewardship as
Interim CEO given his in-depth knowledge of the Company and his
more than 35 years of experience in the global pharmaceutical
industry, including eight years as Intec Pharma's CEO."
"It has been a real pleasure to lead Intec Pharma and I am proud
of all we accomplished. I am thankful for the opportunity to have
worked with a world-class team of professionals who are passionate
about advancing the Accordion Pill platform technology to improve
patient outcomes. I believe that the Company has reached the
point that it will benefit from U.S.-based leadership. I intend to
remain actively involved as a consultant as needed by the Company,
notwithstanding my other activities," said Mr. Weiss.
"We thank Zeev for taking a leadership role in the decision to
transition to U.S. leadership as we are progressing our Phase III
program of AP-CD/LD in Parkinson's disease and are becoming a more
global biopharmaceutical company focused on preparing for
commercialization and further expanding collaborations with our
Accordion Pill platform technology," said Mr. Carni. "I look
forward to working closely with Intec's executive team and Board to
ensure the continued success of our clinical programs and the
achievement of our corporate goals."
About Intec Pharma Ltd.
Intec Pharma Ltd. is a clinical-stage biopharmaceutical company
focused on developing drugs based on its proprietary Accordion Pill
platform technology. The Company's Accordion Pill is an oral drug
delivery system that is designed to improve the efficacy and safety
of existing drugs and drugs in development by utilizing an
efficient gastric retention and specific release mechanism. The
Company's product pipeline includes four product candidates in
clinical trial stages: Accordion Pill Carbidopa/Levodopa, or
AP-CD/LD, which is being developed for the treatment of Parkinson's
disease symptoms in advanced Parkinson's disease patients;
Accordion Pill Zaleplon, or AP-ZP, which is being developed for the
treatment of insomnia, including sleep induction and the
improvement of sleep maintenance; an Accordion Pill that is being
developed for the prevention and treatment of gastroduodenal and
small bowel Nonsteroidal Anti-Inflammatory Drug (NSAID)-induced
ulcers; and AP-CBD/THC, an Accordion Pill with the two primary
cannabinoids contained in Cannabis sativa, cannabidiol (CBD)
and tetrahydrocannabinol (THC), which is being developed for
various indications including low back neuropathic pain and
fibromyalgia.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements about the
Company's expectations, beliefs and intentions. Forward-looking
statements can be identified by the use of forward-looking words
such as "believe", "expect", "intend", "plan", "may", "should",
"could", "might", "seek", "target", "will", "project", "forecast",
"continue" or "anticipate" or their negatives or variations of
these words or other comparable words or by the fact that these
statements do not relate strictly to historical matters. These
forward-looking statements are based on assumptions and assessments
made in light of management's experience and perception of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate. Forward-looking
statements in this press release are made as of the date of this
press release, and the company undertakes no duty to update or
revise any such statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties, many of which are outside of the company's control.
Important factors that could cause actual results, developments and
business decisions to differ materially from forward-looking
statements are described in the sections titled "Risk Factors" in
the company's filings with the Securities and Exchange Commission,
and include the following: the company's ability to develop and
commercialize its product candidates and obtain additional
financing necessary therefor; the length, cost and uncertain
results of the company's clinical trials; including uncertainty
regarding the Company's ability to enroll the required number of
patients therein; the potential of adverse side effects, other
safety risks, or legal prohibitions on the use of certain products
in certain jurisdictions that could preclude the approval of the
company's drug candidates; the availability of reimbursement from
government authorities and health insurance companies for the
company's products; the impact of product liability lawsuits; and
the influence of extensive and costly government regulation.
Contacts:
Giora Carni
Interim Chief Executive Officer
Intec Pharma
+972-(2)586-4657
Giora@intecpharma.com
Anne Marie Fields
Senior Vice President
LHA
+1-212-838-3777
afields@lhai.com
SOURCE Intec Pharma Ltd.