WIXOM, Mich. , June 22,
2022 /PRNewswire/ -- Rockwell Medical, Inc. (Nasdaq:
RMTI), a biopharmaceutical company dedicated to transforming the
treatment of iron deficiency and anemia management, today announced
that the Board of Directors has appointed Mark Strobeck, Ph.D., as President and Chief
Executive Officer, effective July 1,
2022. Dr. Strobeck will also join the Company's Board of
Directors. Russell Ellison, M.D.,
M.Sc., will be stepping down as President and Chief Executive
Officer and as a member of the Company's Board of Directors
effective June 30, 2022.
"We are excited to have Mark join Rockwell as our new President
and Chief Executive Officer" said Robert S.
Radie, Chairman of the Board of Directors of Rockwell
Medical. "Mark's scientific, operational, and business experience
along with his successful track record align well with Rockwell's
goal to develop and commercialize transformative treatments for
iron deficiency in multiple disease states. On behalf of the Board
of Directors, we thank Dr. Russell
Ellison for his contributions to Rockwell over the last 2
years and wish him well in the future."
"I am incredibly excited to join Rockwell and grateful for the
support of Rockwell's Board in entrusting me to lead the next phase
of Rockwell's development," said Dr. Strobeck. "I am impressed with
Rockwell's proprietary drug technology and excited to drive forward
its development toward the potential treatment of iron deficiency
in the home infusion setting, and longer term in acute heart
failure. Additionally, as one of the largest suppliers of life
saving concentrates for dialysis patients in the U.S., Rockwell has
a unique opportunity, working with distributors and customers, to
grow and develop this critical business. The company has made
significant progress and I look forward to working with Rockwell's
Board of Directors and the talented Rockwell team to build upon
this momentum."
Mark Strobeck, Ph.D. brings 20+
years of operating, business development, capital raising and
investing experience in life sciences for both private and public
biotechnology companies. Prior to joining Rockwell Medical, Mark
was a Managing Partner at Aquilo Partners, a life science
investment banking firm specializing in mergers and acquisitions
and strategic partnering transactions. Mark was Chief Operating
Officer at Zyla Lifesciences (acquired by Assertio Therapeutics),
President and CEO of Corridor Pharmaceuticals (acquired by
AstraZeneca), and Chief Business Officer of Topaz Pharmaceuticals
(acquired by Sanofi Pasteur). He also served as Chief Business
Officer of Trevena, Inc. and Vice President of Business Development
at GlaxoSmithKline (GSK) where he was responsible for numerous
transactions including GSK's +$1B agreement with Chemocentryx.
Earlier in his career, he worked at two venture capital firms, SR
One (GSK's formally wholly owned venture capital firm) and EuclidSR
Partners making investments in drug discovery and drug development
companies.
Mark received a doctorate in biophysics and pharmacology from
the University of Cincinnati and
completed his post-doctoral fellowship at the University of Pennsylvania. He also received a BS
from St. Lawrence University.
Notice of Issuance of Inducement
Grants
Rockwell also announced the grant of an inducement award to Dr.
Strobeck as an inducement material to Dr. Strobeck's employment
pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. In
connection with his commencement of employment, Dr. Strobeck was
granted an inducement award consisting of a stock option to
purchase up to 400,000 shares of Rockwell common stock, which vests
25% on the first four anniversaries of the grant date. The exercise
price of the stock option will equal the closing price of the
Company's common stock on July 1, 2022, the date of the grant.
About Rockwell Medical
Rockwell Medical is a commercial-stage biopharmaceutical
company developing and commercializing its next-generation
parenteral iron technology platform, Ferric Pyrophosphate Citrate
(FPC), which has the potential to lead transformative treatments
for iron deficiency in multiple disease states, reduce healthcare
costs and improve patients' lives. The Company has two FDA-approved
therapies indicated for patients undergoing hemodialysis, which are
the first two products developed from the FPC
platform. Rockwell Medical is also advancing its FPC
platform by developing FPC for the treatment of iron deficiency
anemia in patients outside of dialysis, who are receiving
intravenous medications in the home infusion setting. In
addition, Rockwell Medical is one of two major suppliers
of life-saving hemodialysis concentrate products to kidney dialysis
clinics in the United States.
For more information, visit www.RockwellMed.com.
Forward-Looking
Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as, "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue," "could,"
"can," "would," "develop," "plan," "potential," "predict,"
"forecast," "project," "intend," "look forward to," "remain
confident" or the negative of these terms, and similar expressions,
or statements regarding intent, belief, or current expectations,
are forward looking statements. There can be no assurance
that Rockwell Medical will be able to maintain timing for
planned clinical trials and regulatory filings or achieve planned
cost savings to operate its concentrates business profitability.
While Rockwell Medical believes these forward-looking
statements are reasonable, undue reliance should not be placed on
any such forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are based upon current estimates and assumptions and are
subject to various risks and uncertainties (including, without
limitation, those set forth in Rockwell
Medical's SEC filings), many of which are beyond our
control and subject to change. Actual results could be materially
different. Risks and uncertainties include, but are not limited to
those risks more fully discussed in the "Risk Factors" section of
our Annual Report on Form 10-K for the year ended December 31,
2021, as such description may be amended or updated in any future
reports we file with the SEC. Rockwell
Medical expressly disclaims any obligation to update our
forward-looking statements, except as may be required by law.
SOURCE Rockwell Medical, Inc.