Arno Therapeutics Adds Steven Rubin, EVP of OPKO Health, Inc., as Board Observer
November 18 2013 - 9:27AM
Arno Therapeutics, Inc. (OTCQB:ARNI), a clinical stage
biopharmaceutical company focused on the development of targeted
oncology therapeutics, today announced that Steven D. Rubin,
Executive Vice President, Administration and Director of OPKO
Health, Inc. (NYSE:OPK) has been designated by OPKO Health as a
non-voting observer to Arno's Board of Directors, effective
immediately.
Mr. Rubin's designation as an observer was made pursuant to an
agreement between Arno and OPKO Health in conjunction with Arno's
October 2013 financing transaction, through which OPKO was granted
the right to designate one individual to serve as an observer to
all meetings of Arno's Board of Directors. Additionally, as
previously disclosed, OPKO has been granted right of first
negotiation, providing exclusive rights to negotiate with Arno
regarding any potential strategic transactions that the Board of
Directors elects to pursue for a period of 45 days.
Glenn Mattes, President & Chief Executive Officer of Arno
Therapeutics, stated, "The OPKO team has repeatedly proven its
ability to identify clinical stage companies with unique offerings
and high growth potential. We are pleased that they have recognized
such potential in Arno, and for the strategic and financial support
provided through their investment and the related agreement. We
believe that Mr. Rubin's experience with other emerging biotechs
and broader knowledge of publicly traded companies will provide
Arno and its shareholders with significant long-term benefits, and
we are excited to have him actively involved with our company as we
continue moving forward with the clinical development of
onapristone."
Steven D. Rubin, Executive Vice President, Administration of
OPKO Health, Inc., added, "Our investment in Arno Therapeutics
along with our agreement to provide support to the Company's Board
of Directors reflects our confidence in the prospects of
onapristone and our view of the Company's longer-term overall
potential. With the Phase I onapristone trial in PR+ women set to
begin later this month and the phase I prostate cancer trial
expected to commence early next year, we recognize that this is an
important time for the Company. I am excited to work with Dr.
Belldegrun, Mr. Mattes and the full Arno Board of Directors on
OPKO's behalf as the Company prepares for anticipated clinical and
regulatory milestones, and we look forward to sharing in Arno's
future success."
Mr. Rubin has served as Executive Vice President, Administration
since May 2007 and as a director of OPKO Health, Inc. (NYSE:OPK)
since February 2007. Mr. Rubin currently serves on the Board of
Directors of Tiger Media, Inc., a multi-platform billboard and
advertising company in China, Kidville, Inc. Non-Invasive
Monitoring Systems, Inc. a medical device company, Tiger X Medical,
Inc. previously an early-stage orthopedic medical device company,
Castle Brands, Inc. a developer and marketer of premium brand
spirits, and Neovasc, Inc. a company developing and marketing
medical specialty vascular devices. Mr. Rubin previously served on
the Board of Directors of Dreams, Inc., a vertically integrated
sports licensing and products company Safestitch Medical, Inc., a
medical device company, and PROLOR Biotech, a development stage
biopharmaceutical company which was acquired by OPKO in August
2013. Prior to OPKO Health, Mr. Rubin was Senior Vice President,
General Counsel and Secretary of IVAX from 2001 to 2006.
About Arno Therapeutics
Arno Therapeutics is a clinical stage biopharmaceutical company
developing innovative products for the treatment of cancer. Arno
has exclusive worldwide rights to develop and market three
innovative anti-cancer product candidates. These compounds are in
clinical or preclinical development as product candidates to treat
hematologic malignancies and solid tumors. For more information
about the company, please visit www.arnothera.com.
Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. These statements are
often, but not always, made through the use of words or phrases
such as "anticipates," "expects," "plans," "believes," "intends,"
and similar words or phrases. These forward-looking statements
include, without limitation, statements regarding the timing,
progress and anticipated results of the clinical development of
onapristone, statements regarding the expected timing of its
planned clinical trials of onapristone, as well as statements
regarding Arno's strategy, future operations, outlook, milestones,
future financial position, future financial results, plans and
objectives. We may not actually achieve these plans, intentions or
expectations and Arno cautions investors not to place undue
reliance on our forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements we make.
Various important factors could cause actual results or events to
differ materially from the forward-looking statements that we make.
Such factors include, among others, risks that the results of
clinical trials will not support our claims or beliefs concerning
the effectiveness of onapristone or any of our other product
candidates, our ability to finance the development of our product
candidates, regulatory risks, and our reliance on third party
researchers and other collaborators. Additional risks are described
in the company's Annual Report on Form 10-K for the year
ended December 31, 2012. Arno is providing this information as
of the date of this press release and does not undertake any
obligation to update any forward-looking statements as a result of
new information, future events or otherwise.
CONTACT: The Ruth Group
Stephanie Carrington (investors)
scarrington@theruthgroup.com
(646) 536-7017
Kirsten Thomas (media)
kthomas@theruthgroup.com
(646) 536-7014
(508) 280-6592 (mobile)
Arno Therapeutics
Glenn Mattes
gm@arnothera.com
(862) 703-7176
Arno Therapeutics (CE) (USOTC:ARNI)
Historical Stock Chart
From May 2024 to Jun 2024
Arno Therapeutics (CE) (USOTC:ARNI)
Historical Stock Chart
From Jun 2023 to Jun 2024