Cara Therapeutics Announces CEO Transition
November 03 2021 - 8:00AM
Cara Therapeutics, Inc. (Nasdaq: CARA), a biopharmaceutical
company focused on developing and commercializing new chemical
entities designed to alleviate pruritus by selectively targeting
peripheral kappa opioid receptors, today announced that Christopher
Posner, a current member of the Company’s Board of Directors, has
been appointed President and Chief Executive Officer, effective
November 9, 2021. Mr. Posner succeeds Dr. Derek Chalmers, who will
transition to a Senior Advisor role.
Mr. Posner joins the Company from LEO Pharma,
Inc., the US affiliate of LEO Pharma A/S, a global leader in
medical dermatology, where he was President and CEO. While at LEO,
Mr. Posner was responsible for a portfolio of innovative medical
dermatology products in atopic dermatitis, psoriasis, and rosacea.
Mr. Posner has more than 23 years of global pharmaceutical
management, sales and product launch experience involving products
such as Xeljanz® and Enbrel®.
“Cara Therapeutics is at a transformative time
in its growth and development as it prepares to launch KORSUVA™
injection, the first and only therapy approved by the FDA for the
treatment of pruritus associated with chronic kidney disease in
adults undergoing hemodialysis,” said Mr. Posner. “I am excited to
join Cara at this pivotal stage, as we prepare to commercialize
KORSUVA injection and continue to develop oral KORSUVA as a broad
antipruritic therapy for medical conditions with significant unmet
needs, including atopic dermatitis.”
“On behalf of the Cara board, I would like to
thank Derek for all of his invaluable contributions to Cara from
founding the Company through to FDA approval of the Company’s lead
product, KORSUVA injection,” said Martin Vogelbaum, Lead
Independent Director of Cara Therapeutics. “I would also like to
congratulate Chris on his appointment as President and CEO. We
believe his successful track record in commercial operations,
product management and dermatology product development will help
enable Cara to execute a successful commercial launch of KORSUVA
injection as well as achieve the Company’s overall strategic
objective to become the leader in the treatment of itch-dominant
medical conditions such as atopic dermatitis.”
“It has been a privilege to have led Cara for
the last 17 years from an early-stage research company to a
commercial-stage organization and I would like to thank the entire
Cara team for all it has accomplished over this time,” said Dr.
Chalmers. “We have successfully developed a first-in-class
breakthrough drug which has the potential to fundamentally change
the treatment of pruritus. As KORSUVA injection moves toward
commercial launch, now is the right time to make this transition.
Having worked closely with Chris since he joined Cara as a board
member, I am confident in his ability to successfully lead the
Company through its next phase of development and look forward to
working with Chris and the Cara leadership to ensure a smooth
transition.”
Prior to joining LEO, Mr. Posner was the Head of
Worldwide Commercial Operations at R-Pharma-US, LLC, a specialty
pharmaceutical company focused on oncology and chronic immune
disorders. Previously, Mr. Posner held roles of increasing
responsibility in senior management positions in commercial and
marketing operations at Bristol-Myers Squibb Company, Pfizer Inc.,
Wyeth Pharmaceuticals, Inc., and Endo Pharmaceuticals plc. Mr.
Posner holds an M.B.A. from the Fuqua School of Business at Duke
University and a B.A. in economics from Villanova University.
About Cara Therapeutics
Cara Therapeutics is a clinical-stage
biopharmaceutical company focused on developing and commercializing
new chemical entities designed to alleviate pruritus by selectively
targeting peripheral kappa opioid receptors, or KORs. Cara is
developing a novel and proprietary class of product candidates, led
by KORSUVA™ (CR845/difelikefalin), a first-in-class KOR agonist
that targets the body’s peripheral nervous system, as well as
certain immune cells. KORSUVA Injection was approved by the U.S.
Food and Drug Administration (FDA) for the treatment of
moderate-to-severe pruritus associated with chronic kidney disease
(CKD-aP) in adults undergoing hemodialysis on August 23, 2021. Oral
KORSUVA has completed Phase 2 trials for the treatment of pruritus
in patients with CKD and atopic dermatitis and is currently in
Phase 2 trials in primary biliary cholangitis and notalgia
paresthetica patients with moderate-to-severe pruritus.
Forward-looking Statements
Statements contained in this press release
regarding matters that are not historical facts are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Examples of these
forward-looking statements include statements concerning the launch
of the KORSUVA™ Injection and its potential to change the treatment
for pruritus, including for the treatment of moderate-to-severe
pruritus in hemodialysis patients; commercialization of IV KORSUVA;
the future development of Oral KORSUVA as a broad antipruritic
therapy for medical conditions with significant unmet needs,
including atopic dermatitis; the potential for Oral KORSUVA to
treat these patients; and Cara Therapeutic’s strategic objective to
become the leader in the treatment of itch-dominant medical
conditions. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Risks are
described more fully in Cara Therapeutics’ filings with the
Securities and Exchange Commission, including the "Risk Factors"
section of Cara Therapeutic’s Annual Report on Form 10-K for the
year ended December 31, 2020 and its other documents subsequently
filed with or furnished to the Securities and Exchange Commission.
All forward-looking statements contained in this press release
speak only as of the date on which they were made. Except to the
extent required by law, Cara Therapeutics undertakes no obligation
to update such statements to reflect events that occur or
circumstances that exist after the date on which they were
made.
MEDIA CONTACT:Annie Spinetta6
Degrees973-768-2170aspinetta@6degreespr.com
INVESTOR CONTACT:Janhavi MohiteStern IR,
Inc.212-362-1200janhavi.mohite@SternIR.com
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