Chelsea Therapeutics Announces Joseph G. Oliveto Named President and Chief Executive Officer, Director
January 27 2014 - 7:00AM
Chelsea Therapeutics International, Ltd. (Nasdaq:CHTP) today
announced that Joseph G. Oliveto has been named President and Chief
Executive Officer and a member of the Company's Board of Directors,
effective January 22, 2014. Mr. Oliveto had served as the Company's
Interim President and Chief Executive Officer since July 2012.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=23223
"Joe has demonstrated thoughtful and steadfast leadership
through a demanding period for Chelsea, resulting in important
progress for the Company and its lead drug candidate, Northera™,"
said Michael Weiser, M.D., Ph.D., Chairman of the Board. "The Board
of Directors looks forward to his continued contributions as we
work toward delivering a new treatment option to patients with
neurogenic orthostatic hypotension."
Mr. Oliveto commented: "There exists a significant unmet need in
nOH, a debilitating disorder which often severely limits a person's
ability to perform even the most routine daily
activities. Chelsea is committed to improving the lives of
these patients, an effort which remains central to me in these new
roles."
Mr. Oliveto joined Chelsea Therapeutics in June 2008, as Vice
President of Operations. Prior to joining Chelsea, Mr.
Oliveto held progressively senior operating roles at Hoffmann-La
Roche across the areas of drug development, manufacturing, global
business and business development. During his tenure, he
played an integral part in the success of multiple NDA approvals,
developed comprehensive launch programs, including those for both
Pegasys® and Copegus®, and closed multiple licensing
agreements.
About Symptomatic nOH
It is estimated that nearly 300,000 patients suffer from chronic
symptomatic nOH in the U.S. and EU combined. Symptomatic nOH is a
chronic disorder that is caused by an underlying neurogenic
disorder, such as Parkinson's disease, multiple system atrophy or
pure autonomic failure. Symptoms of nOH include dizziness,
lightheadedness, blurred vision, fatigue, poor concentration, and
fainting episodes when a person assumes a standing position. These
symptoms often severely limit a person's ability to perform routine
daily activities that require standing or walking for both
short or long periods of time.
About Northera
NORTHERA™ (droxidopa), the lead investigational agent in Chelsea
Therapeutics' pipeline, is currently under FDA review for the
treatment of symptomatic neurogenic orthostatic hypotension (nOH)
in patients with primary autonomic failure — an indication that
includes a significant number of patients with Parkinson's disease,
multiple system atrophy (MSA) and pure autonomic failure (PAF).
Droxidopa is a synthetic catecholamine that is directly converted
to norepinephrine (NE) via decarboxylation, resulting in increased
levels of NE in the nervous system, both centrally and
peripherally.
Droxidopa, developed by and licensed from Dainippon Sumitomo
Pharma Co., Ltd. (DSP), initially received Japanese approval in
1989 for the treatment of frozen gait and dizziness on standing
associated with Parkinson's Disease and for the treatment of
orthostatic hypotension, syncope or dizziness on standing
associated with Shy-Drager syndrome and Familial Amyloidotic
Polyneuropathy. In 2000, Droxidopa received expanded marketing
approval to include prevention of vertigo, dizziness and weakness
associated with orthostatic hypotension in hemodialysis
patients.
About Chelsea Therapeutics
Chelsea Therapeutics (Nasdaq:CHTP) is a biopharmaceutical
development company that acquires and develops innovative products
for the treatment of a variety of human diseases, including central
nervous system disorders. Chelsea acquired global development and
commercialization rights to droxidopa (L-DOPS), or NORTHERA, from
Dainippon Sumitomo Pharma Co., Ltd. in 2006, excluding Japan,
Korea, China and Taiwan. For more information about the Company,
visit www.chelseatherapeutics.com.
This press release contains forward-looking statements regarding
future events including our intention to pursue the development of
NORTHERA. These statements are subject to risks and uncertainties
that could cause the actual events or results to differ materially.
These include reliance on key personnel and our ability to attract
and/or retain key personnel; the risk that FDA will not agree that
our clinical trial results demonstrate the safety and effectiveness
of droxidopa; the risk that the FDA will not accept our proposal
regarding any trial or other data to support a new drug
application; the risk that the FDA will not approve the resubmitted
NDA; the risk that our resources will not be sufficient to conduct
any study of Northera that will be acceptable to the FDA; the risk
that we cannot complete Study 401 or any other additional study for
Northera without the need for additional capital; the risks and
costs of drug development and that such development may take longer
or be more expensive than anticipated; our need to raise additional
operating capital in the future; our reliance on our lead drug
candidate droxidopa; the risk that we will not be able to obtain
regulatory approvals of droxidopa or our other drug candidates for
additional indications; the risk of volatility in our stock price,
related litigation, and analyst coverage of our stock; reliance on
collaborations and licenses; intellectual property risks; our
history of losses; competition; market acceptance for our products
if any are approved for marketing.
The photo is also available via AP PhotoExpress.
CONTACT: Media:
David Connolly
LaVoie Group
617-374-8800, Ext. 104
dconnolly@lavoiegroup.com
Investors:
Susan Kim
Argot Partners
212-600-1902
susan@argotpartners.com
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