Arno Therapeutics Appoints Lawrence A. Kenyon Chief Financial Officer
February 27 2014 - 10:00AM
Arno Therapeutics, Inc. (OTCQB:ARNI), a clinical stage
biopharmaceutical company focused on the development of oncology
therapeutics, today announced that it has expanded its management
team with the appointment of Lawrence A. Kenyon as Chief Financial
Officer. Mr. Kenyon will report to President and Chief Executive
Officer Glenn Mattes, and will direct financial reporting and
controls. During a finance and accounting career spanning 25
years, Mr. Kenyon has spent over a decade leading the financial
function at publicly-traded healthcare companies including several
in the oncology space.
Glenn Mattes, President and Chief Executive Officer of Arno
Therapeutics, said, "Larry has a proven track record of leading the
financial development initiatives at dynamic, clinical-stage
companies in the biotechnology and pharmaceuticals arena, including
a wealth of public company experience. He joins other recent
strategic appointments, including Joseph Bisaha and David Jackson,
both of whom joined the Company earlier this year as VP Clinical
Operations and Project Management and VP Diagnostics, respectively,
to form a leadership team that we believe is more than capable of
taking Arno to the next level of success.
Mr. Mattes continued, "We are confident that Larry will be a key
addition to our team as Arno continues to make significant clinical
strides through active enrollment of patients in our Phase I trial
of onapristone in women with progesterone positive solid tumors and
final preparations to enroll the first patient in our Phase I/II
study of onapristone for the treatment of advanced
castration-resistant prostate cancer. We also continue to make
substantive progress in the development of a companion diagnostic
that will enable us to more effectively identify patients most
likely to benefit from onapristone treatment, which will support
both our near-term clinical initiatives as well as the eventual
commercialization of onapristone as a novel, personalized
therapeutic for the treatment of men's and women's cancers. Larry's
deep expertise in SEC compliance and financial reporting, and
strong relationships with the investment community should prove
invaluable in our ongoing efforts to raise Arno's profile as we
move forward."
Mr. Kenyon joins Arno with 25 years of senior-level finance and
accounting experience. Most recently, he was Interim President and
CEO, CFO and Corporate Secretary at Tamir Biotechnology, Inc. a
publicly-traded developer of oncology and anti-infective
therapeutics, where he led a turnaround, including a successful
recapitalization effort and expedited a proof-of-concept study for
the Company's lead product candidate. Prior to that, he was
Executive Vice President and CFO of NYSE-listed PAR Pharmaceutical
Companies, Inc., a developer of generic and branded specialty
pharmaceuticals, and Executive Vice President, CFO and Corporate
Secretary of Neopharm, Inc. a NASDAQ-listed developer of oncology
therapeutics, where he played an important role in the development
and implementation of the Company's growth strategy through the
formation of strategic partnerships and financing initiatives. In
his career, Kenyon has led negotiations on multiple licensing
initiatives, including a $225 million agreement for Alfacell
Corporation, the predecessor to Tamir Biotechnology, and has
spearheaded capital markets efforts resulting in an aggregate of
nearly $250 million raised. He holds a BBA in Accounting from the
University of Wisconsin-Whitewater, and is a certified public
accountant.
Mr. Kenyon added, "I am thrilled to join Arno at such an
important time in the Company's development. The Company has a
dynamic, highly-capable leadership team and a clearly-defined
clinical path focused on the concurrent, separate Phase I trials
evaluating its lead compound onapristone in progesterone receptor
positive tumors and prostate cancer. I believe that there is
significant potential for growth in the long-term, in conjunction
with the ongoing advancement of onapristone and development of the
companion diagnostic. I am grateful for the opportunity to become
part of Arno's management team and look forward to playing a role
in the Company's future success."
About Onapristone
Onapristone has the potential to be the first approved
anti-progestin for oncology indications and provide
chemotherapy-sparing treatment to cancer patients who express a
specific biomarker, as detected by a companion diagnostic under
development. Onapristone is an oral, anti-progestin hormone blocker
that has been shown in previous clinical trials to have anti-tumor
activity in patients with breast cancer. Onapristone appears to
have a unique ability to block the activation of the progesterone
receptor, which is believed to be a mechanism that may inhibit the
growth of breast, endometrial and other tumors. The activated form
of the progesterone receptor (APR) has the potential to function as
a biomarker of anti-progestin activity.
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 Arno's use and development of,
and the potential effectiveness of, a diagnostic test to identify
patients with APR tumors, as well as Arno's strategy, future
operations, outlook, milestones, future financial position, future
financial results, plans and objectives. Arno 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
successfully develop a diagnostic to identify APR tumors, 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
Lee Roth (investors)
lroth@theruthgroup.com
(646) 536-7012
Kirsten Thomas (media)
kthomas@theruthgroup.com
(646) 536-7014
Arno Therapeutics
Glenn Mattes
gm@arnothera.com
(862) 703-7176
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