STOCKHOLM--(BUSINESS WIRE)--Strongbridge Biopharma plc, formerly known as Cortendo plc, (the “Company”), announced today that Matthew Pauls, president and chief executive officer of Strongbridge Biopharma plc, has been appointed to the Company’s Board of Directors. Mr. Pauls’s appointment as a director is effective immediately. The Company also announced that Eigil Stray Spetalen, who has served as a director and previously as chairman of Cortendo AB, has elected to step down from the Cortendo AB Board of Directors.
“We are pleased to welcome Matt to Strongbridge Biopharma’s Board of Directors. Given his experience, Matt will be an invaluable addition to the Board going forward,” said John H. Johnson, chairman of the Board of Directors. “On behalf of the Board of Directors, we also want to thank Eigil for his many contributions to Cortendo AB over the years and wish him well in all of his future endeavors,” Johnson added.
Mr. Pauls has served as president and chief executive officer of Cortendo AB since August 2014. Prior to joining Cortendo AB, Mr. Pauls was chief commercial officer of Insmed, Inc., responsible for the development of the global commercial strategy and technical operations for an inhaled therapy for rare lung diseases. Prior to Insmed, Mr. Pauls served as senior vice president, head of global commercial operations at Shire Pharmaceuticals and also held senior positions at Bristol-Myers Squibb in brand management and payor marketing, and at Johnson & Johnson in various U.S. and global commercial roles. Mr. Pauls is a volunteer board member of the Pennington School in Pennington, New Jersey, and the Boys & Girls Clubs of Philadelphia. Mr. Pauls holds B.S. and M.B.A. degrees from Central Michigan University and a J.D. from Michigan State University College of Law.
“I am delighted to join Strongbridge Biopharma’s Board of Directors and look forward to working closely with the Board and our management team as we build a biopharmaceutical company focused on the development, in-licensing, acquisition and eventual commercialization of complementary product candidates across multiple franchises that target rare diseases,” said Pauls.
About Strongbridge Biopharma
Following the settlement of its exchange offer to acquire any and all issued ordinary shares of Cortendo AB, Strongbridge Biopharma will become the new parent company of the Cortendo group. The group’s strategic focus is to build a biopharmaceutical company focused on the development, in-licensing, acquisition and eventual commercialization of complementary product candidates across multiple franchises that target rare diseases. The group’s lead product candidate, COR-003 (levoketoconazole), is a cortisol inhibitor that is currently being studied in the global Phase 3 trial for the treatment of endogenous Cushing’s syndrome. COR-003 has received orphan designation from both the European Medicines Agency and the U.S. Food and Drug Administration. The group recently expanded its rare endocrine disease franchise with the completion of transactions for two Phase 2 product candidates: COR-004, a novel second-generation antisense compound, which is in clinical development for acromegaly and designed to block the synthesis of growth hormone receptor (GHr) thereby reducing levels of insulin-like growth factor-1 (IGF-1) in the blood; and COR-005, a next-generation somatostatin analog (SSA) with a unique receptor affinity profile, being investigated for the treatment of acromegaly, with potential additional applications in Cushing’s disease and neuroendocrine tumors. The group's intent is to independently commercialize its rare endocrine assets in key global markets.
Strongbridge Biopharma Forward Looking Statements
This press release contains forward-looking statements concerning Strongbridge Biopharma that involve a number of risks and uncertainties. All statements other than statements of historical facts included in this press release, including, without limitation, statements regarding Strongbridge Biopharma’s strategy, anticipated investments, financial position, outcomes of product development efforts and objectives of management for future operations, may be deemed to be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Strongbridge Biopharma’s actual results, performance or achievements or industry results to be materially different from those contemplated, projected, forecasted, estimated or budgeted, whether expressed or implied, by these forward-looking statements. Given these risks and uncertainties, investors should not place any undue reliance on forward-looking statements as a prediction of actual results. None of these forward-looking statements constitutes a guarantee of the future occurrence of such facts and data or of actual results. These statements are based on data, assumptions and estimates that Strongbridge Biopharma believes are reasonable. The forward-looking statements contained in this document are made only as of the date hereof. Strongbridge Biopharma expressly disclaims any obligation or undertaking to release publicly any updates of any forward-looking statements contained in this press release to reflect any change in its actual results, assumptions, expectations or any change in events, factors, conditions or circumstances on which any forward-looking statement contained in this press release is based.
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