TIDMMEDG TIDMMEDU
RNS Number : 9757J
Medgenics Inc
14 August 2012
Press Release 14 August 2012
Medgenics Appoints Dr. Marvin Garovoy as Chief Medical
Officer
Brings 16 years of drug development experience with
biotechnology leaders including Genentech
Medgenics, Inc. (NYSE MKT: MDGN and AIM: MEDU, MEDG), the
developer of Biopump(TM), a novel technology for the sustained
production and delivery of therapeutic proteins in patients using
their own tissue, is pleased to announce the appointment of Marvin
Garovoy, M.D. as Chief Medical Officer. Dr. Garovoy is a transplant
nephrologist, biotechnology executive and former university
professor with experience in all stages of clinical
development.
"While serving as Acting Chief Medical Officer since January
2012, Dr. Garovoy has helped Medgenics achieve a number of
important clinical and corporate milestones," stated Andrew L.
Pearlman, Ph.D., President and Chief Executive Officer of
Medgenics. "Dr. Garovoy's vast experience and skillset will be a
considerable asset as we initiate several new clinical trials
through the end of 2012 in the U.S. and Israel, and leverage our
Biopump platform technology as we explore the expansion of our
development portfolio into new indications."
For the past 16 years Dr. Garovoy has been a biotechnology and
pharmaceutical industry executive and consultant, having held a
variety of positions including Chief Medical Officer at drug
development companies working on biologics and small molecule
drugs. He has led or been involved with the clinical development
and U.S. Food and Drug Administration (FDA)submissions and
approvals at a number of companies including Genentech, Inc., XOMA
Corporation, Hyperion Therapeutics, Inc, Arriva Pharmaceuticals,
Inc,, Peregrine Pharmaceuticals, Inc. and BioMarin Pharmaceutical
Inc. He was lead physician on the development of an anti-adhesion
monoclonal antibody (Raptiva) in Phase I and Phase II clinical
studies at XOMA and in collaboration with Genentech on Phase III
clinical studies to FDA approval.
Dr. Garovoy has particular expertise in inflammatory and
immunologically mediated diseases including nephrology (kidney
transplantation), cardiovascular (heart
transplantation),respiratory (asthma, lung transplantation),
endocrinology (diabetes),gastrointestinal (inflammatory bowel
disease),dermatology (psoriasis, atopic dermatitis),rheumatology
(rheumatoid arthritis, systemic lupus) and metabolic diseases.
Dr. Garovoy was a Professor of Surgery, Medicine and Laboratory
Medicine at the University of California, San Francisco as well as
an Assistant Professor of Medicine at Harvard Medical School. In
addition, Dr. Garovoy has served as a Major and a transplant
nephrologist in the United States Air Force. He is widely published
having authored 178 peer-reviewed papers, 45 chapters and two
books. Dr. Garovoy has five issued patents.
"In the seven months I've served as Acting Chief Medical
Officer, my conviction that Medgenics offers a completely new
paradigm for the sustained production and delivery of protein
therapies has increased. The Biopump technology holds promise to
improve the healthcare of millions of people and could be truly
transformative for patients, their physicians and payers. I am
excited to be a part of the Medgenics team and look forward to
working toward bringing these treatments to market," commented Dr.
Garovoy.
About Medgenics
Medgenics is developing and commercializing Biopump(TM), a
proprietary tissue-based platform technology for the sustained
production and delivery of therapeutic proteins using the patient's
own skin biopsy for the treatment of a range of chronic diseases
including anemia, hepatitis, and hemophilia, among others.
Medgenics believes this approach has multiple benefits compared
with current treatments, which include regular and costly
injections of therapeutic proteins.
Medgenics has three long-acting protein therapy products in
development based on this technology:
-- EPODURE(TM) to produce and deliver erythropoietin for many
months from a single administration, which has demonstrated
elevation and stabilization of hemoglobin levels in anemic patients
for periods of six months to more than 36 months in a Phase I/II
dose-ranging trial in Israel and has launched a Phase IIa trial in
dialysis patients in Israel. An Investigational New Drug
application has been cleared by the FDA to initiate a Phase IIb
study to evaluate the safety and efficacy of EPODURE in the
treatment of anemia in dialysis patients in the U.S.
-- INFRADURE(TM) for sustained production and delivery of
interferon-alpha for use in the treatment of hepatitis is awaiting
final approval of the Israeli Ministry of Health of two Phase I/II
trials in Israel in hepatitis C, slated to commence Q3 2012; and
which received Orphan Drug Designation from the FDA for the
treatment of hepatitis D.
-- HEMODURE(TM) for sustained production and delivery of
clotting Factor VIII therapy for the sustained prophylactic
treatment of hemophilia is in development.
Medgenics is focused on the development and manufacturing of its
innovative Biopumps, aiming to bring them to market via strategic
partnerships with major pharmaceutical and/or medical device
companies.
In addition to treatments for anemia, hepatitis and hemophilia,
Medgenics plans to develop and/or out-license a pipeline of future
Biopump products targeting the large and rapidly growing global
protein therapy market, which is forecast to reach $132 billion in
2013. Other potential applications for Biopumps include multiple
sclerosis, arthritis, pediatric growth hormone deficiency, obesity
and diabetes.
Forward-looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and as that term is defined
in the Private Securities Litigation Reform Act of 1995, which
include all statements other than statements of historical fact,
including (without limitation) those regarding the Company's
financial position, its development and business strategy, its
product candidates and the plans and objectives of management for
future operations. The Company intends that such forward-looking
statements be subject to the safe harbors created by such laws.
Forward-looking statements are sometimes identified by their use of
the terms and phrases such as "estimate," "project," "intend, "
"forecast," "anticipate," "plan," "planning, "expect," "believe,"
"will," "will likely," "should," "could," "would," "may" or the
negative of such terms and other comparable terminology. All such
forward-looking statements are based on current expectations and
are subject to risks and uncertainties. Should any of these risks
or uncertainties materialize, or should any of the Company's
assumptions prove incorrect, actual results may differ materially
from those included within these forward-looking statements.
Accordingly, no undue reliance should be placed on these
forward-looking statements, which speak only as of the date made.
The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based.
As a result of these factors, the events described in the
forward-looking statements contained in this release may not
occur.
For further information, contact:
Medgenics, Inc. Phone: +972 4 902 8900
Dr. Andrew L. Pearlman
Andrew.pearlman@medgenics.com
LHA Phone: 212-838-3777
Anne Marie Fields
afields@lhai.com
Abchurch Communications Phone: +44 207 398 7719
Adam Michael
Joanne Shears
Jamie Hooper
jamie.hooper@abchurch-group.com
Nomura Code Securities (NOMAD & Phone: +44 207 776 1200
Joint Broker)
Jonathan Senior / Giles Balleny
SVS Securities plc (Joint Broker) Phone: +44 207 638 5600
Alex Mattey
Ian Callaway
@yahoofinance on Twitter, become a fan on Facebook
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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