Diffusion Pharmaceuticals Inc. (Nasdaq: DFFN), a
cutting-edge biotechnology company developing new treatments for
life-threatening medical conditions by improving the body’s ability
to bring oxygen to the areas where it’s needed most, announced
today that it has appointed William (“Bill”) Hornung to the
position of Chief Financial Officer. Mr. Hornung previously served
as Chief Business Officer at the Company, in which capacity he had
overseen the company’s business development and investor relations
strategies. During his tenure as Chief Business Officer, Diffusion
raised $12 million in an underwritten public offering, began
enrolling patients in a Phase 3 study for GBM brain cancer; and,
most recently, received FDA approval to enroll patients in an
ambulance-based Phase 2 clinical trial testing its lead drug, trans
sodium crocetinate (TSC), for the treatment of acute stroke.
“Bill has been an essential part of the
Diffusion team for some time now, and I’ve seen first-hand that he
has the knowledge, experience, and leadership skills to help our
company thrive,” said David Kalergis,
Chairman and CEO of Diffusion. “As we look to the future,
we believe elevating Bill to the position of Chief Financial
Officer is an important step in our company’s trajectory as we
continue to grow and build a world-class team.”
“I’m excited to keep working with the David and
the rest of Diffusion’s talented staff and scientists in this new
capacity as we seek to strengthen the Company, pursue new strategic
relationships, and develop new treatments for stroke, cancer, and
other difficult-to-treat medical conditions,” said Mr.
Hornung. “I’ve spent my career working at the intersection
of business and clinical innovation. In this new role, I look
forward to continuing that effort as part of Diffusion’s leadership
team.”
An executive with extensive experience in the
pharmaceutical and life-science research industries, Mr. Hornung
brings over 20 years of industry insight to his new role as
Diffusion’s Chief Financial Officer. He brings a particular
expertise in small, innovative, publicly-traded companies with
origins in university research communities.
Mr. Hornung formerly served in a variety of
roles over the course of 12 years at PTC Therapeutics, Inc.,
rising from the position of Accounting Manager to Vice President of
Finance. In his role as Vice President, Mr. Hornung oversaw PTC’s
IPO process in which PTC became a publicly traded company while
raising more than $140 million.
Prior to his time at PTC Therapeutics, Mr.
Hornung was responsible for strategic planning and operations for
the United Kingdom-based European headquarters of The Lipsome
Company, during which time it was acquired by Elan Pharmaceuticals
for approximately $400 million. The former Chief Financial Officer
at Contravir Pharmaceuticals, Mr. Hornung began his career on the
business side of clinical research – responsible for financial
stewardship and project management of The Hardaradt Group, an
emerging clinical research organization which has since been
acquired by Quintiles.
Mr. Hornung holds a Bachelor of Science in
Accounting from the William Paterson State University of New
Jersey. He lives in Virginia with his wife, Kristin.
About Diffusion Pharmaceuticals
Inc.
Diffusion Pharmaceuticals Inc. is an innovative
biotechnology company developing new treatments that improve the
body’s ability to bring oxygen to the areas where it’s needed most
—offering new hope for the treatment of life-threatening medical
conditions.
Diffusion’s lead drug, Trans Sodium Crocinate
(TSC), was originally developed in conjunction with the Office of
Naval Research, which was seeking a way to treat hemorrhagic shock
caused by massive blood loss on the battlefield.
Evolutions in research have led to Diffusion’s
focus today: Fueling Life by taking on some of medicine’s most
intractable and difficult-to-treat diseases, including stroke, GBM
brain cancer, pancreatic cancer, and brain metastases. In each of
these diseases, hypoxia – when essential tissue in your body is
deprived of oxygen – has proved to be a significant obstacle for
medical providers and the target for TSC’s novel mechanism.
In 2018, the Company began enrolling patients in
its Phase 3 INTACT program, using TSC to target inoperable GBM
brain cancer. Its in-ambulance Phase 2 acute stroke protocol was
granted FDA clearance to proceed in September, 2018.
Additional pre-clinical data supports the potential use of TSC as a
treatment for other conditions where hypoxia plays a major role,
such as myocardial infarction, respiratory diseases such as COPD,
peripheral artery disease, and neurodegenerative conditions such as
Alzheimer’s and Parkinson’s.
In addition, RES-529, the Company’s
PI3K/AKT/mTOR pathway inhibitor that dissociates the mTORC1 and
mTORC2 complexes, is in the preclinical testing phase for GBM.
Diffusion is headquartered in Charlottesville,
Virginia—a hub of advancement in the life science and
biopharmaceutical industries and is led by CEO David Kalergis, a
30-year industry veteran and company co-founder.
Forward-Looking Statements
To the extent any statements made in this news
release deal with information that is not historical, these are
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, statements about the company's plans, objectives,
expectations and intentions with respect to future operations
and products, the potential of the company's technology and product
candidates, the anticipated timing of future clinical trials, and
other statements that are not historical in nature, particularly
those that utilize terminology such as "would," "will," "plans,"
"possibility," "potential," "future," "expects," "anticipates,"
"believes," "intends," "continue," "expects," other words of
similar meaning, derivations of such words and the use of future
dates. Forward-looking statements by their nature address matters
that are, to different degrees, uncertain. Uncertainties and risks
may cause the company's actual results to be materially different
than those expressed in or implied by such forward-looking
statements. Particular uncertainties and risks include: general
business and economic conditions; the company's need for and
ability to obtain additional financing or partnering arrangement;
the difficulty of developing pharmaceutical products, obtaining
regulatory and other approvals and achieving market acceptance; and
the various risk factors (many of which are beyond Diffusion’s
control) as described under the heading “Risk Factors” in
Diffusion’s filings with the United States Securities and Exchange
Commission. All forward-looking statements in this news release
speak only as of the date of this news release and are based on
management's current beliefs and expectations. Diffusion undertakes
no obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Contact:
Rob
Corradi rob@penpublicaffairs.com410-212-5483
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