BioTime Appoints Cavan Redmond to Its Board of Directors
February 22 2018 - 7:00AM
Business Wire
- Former CEO of WebMD, former
General Manager of Wyeth Biopharma and Group President of
Pfizer
- 30 Years of Executive Management and
Corporate Strategy Experience in Biopharma
BioTime, Inc. (NYSE American: BTX), a late-stage, clinical
biotechnology company developing and commercializing products
addressing degenerative diseases, announced the appointment
of Cavan Redmond as an independent member of the Board of
Directors of BioTime. Mr. Redmond will be the Chairman of the newly
created Corporate Development Committee.
This committee was formed to advise the Board of Directors and
management of BioTime regarding strategic partnership
opportunities, mergers and acquisitions, and corporate structures
to deliver long-term value to the Company’s stakeholders.
Additionally, the committee will advise the corporation’s executive
management needs as BioTime continues to simplify its operations,
unlock value and prepares to become a commercial stage
organization.
“I believe BioTime’s Renevia and OpRegen programs have the
potential to offer paradigm-changing treatment options for
patients. I am excited to join the BioTime board to help guide the
leadership team during this transformational period in the
company’s evolution,” said Cavan Redmond.
Previously, Mr. Redmond held the position of Chief Executive
Officer and member of the Board at WebMD Health Corp., where
he streamlined operations to position the company for growth. Prior
to that, Mr. Redmond served as Group President at Pfizer,
Inc., where he was responsible for integrating and building a
diverse business portfolio following the company’s merger with
Wyeth. During his tenure at Pfizer, he was also responsible for
Pfizer’s Corporate strategy. Additionally, Mr. Redmond held various
positions at Wyeth including the 1st General Manager of Wyeth
Biopharma, which he grew to become the 4th largest biotechnology
company prior to the Pfizer acquisition. He also has significant
consumer healthcare business experience overseeing both Wyeth
Consumer Healthcare and Pfizer Consumer Healthcare. Mr. Redmond
holds a BA from the University of Maryland and a Master
of Administrative Sciences from Johns Hopkins University,
which in 2012 honored him with a Distinguished Alumnus Award.
“We are excited and looking forward to adding Cavan’s experience
and energy to our Board,” said Adi Mohanty, Co-Chief Executive
Officer of BioTime. “Cavan’s experience and skills will be
invaluable to BioTime as we accelerate our transformation. This is
an important period for BioTime as we prepare to submit Renevia for
CE mark and begin enrollment of OpRegen cohort 4 later this quarter
with important data readouts throughout this year.”
About BioTime, Inc.
BioTime is a late stage clinical biotechnology company
focused on developing and commercializing products addressing
degenerative diseases. Its clinical programs are based on two
platform technologies: cell replacement and cell/drug delivery.
With its cell replacement platform, BioTime is creating new cells
and tissues with its proprietary pluripotent cell technologies.
These cells and tissues are developed to replace those that are
either rendered dysfunctional or lost due to degenerative diseases.
BioTime’s cell/drug delivery programs are based upon its
proprietary HyStem® cell and drug delivery matrix technology.
HyStem® was designed to provide for the transfer, retention,
engraftment and metabolic support of cellular replacement therapy.
BioTime’s lead cell delivery clinical program, Renevia®, which
consists of our proprietary HyStem® cell-transplantation delivery
matrix combined with the patient's own adipose progenitor cells
(Fat), met its primary endpoint in an EU pivotal clinical trial for
the treatment of facial lipoatrophy in HIV patients in 2017.
Submission for approval of Renevia® in the EU is expected to
be early 2018, with possible approval in 2018. There were no device
related serious adverse events reported to date. Our lead cell
replacement clinical program, OpRegen®, which is a retinal pigment
epithelium transplant therapy, is in a Phase I/IIa multicenter
trial for the treatment of dry age-related macular degeneration,
the leading cause of blindness in developing countries. There were
no related serious adverse events reported to
date. BioTime also has significant equity holdings in two
publicly traded companies, Asterias Biotherapeutics,
Inc. (NYSE American: AST) and OncoCyte Corporation (NYSE
American: OCX), and a private company, AgeX Therapeutics,
Inc.
BioTime common stock is traded on the NYSE American and
TASE under the symbol BTX. For more information, please
visit www.biotime.com or connect with the company
on Twitter, LinkedIn, Facebook, YouTube,
and Google+.
To receive ongoing BioTime corporate communications,
please click on the following link to join the Company’s email
alert list: http://news.biotime.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180222005524/en/
Investor Contact:BioTimeDavid Nakasone,
510-871-4188Dnakasone@biotime.comorMedia Contact:JQA
Partners, Inc.Jules Abraham,
917-885-7378jabraham@jqapartners.com
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