PHILADELPHIA--(BUSINESS WIRE)--Neuraptive Therapeutics, Inc. (Neuraptive), a clinical-stage biotechnology company dedicated to developing novel therapeutics and medical products for the treatment of peripheral nerve injuries (PNI), today announced the hiring of Robert (Bob) S. Radie as Chief Executive Officer. Mr. Radie also will serve as Chairman of Neuraptive's Board of Directors.
"We are very pleased to have attracted an experienced and accomplished industry executive to lead Neuraptive," said Ivan Gergel, MD, a partner at New Rhein Healthcare Investors and a member of Neuraptive's Board of Directors. "Having led numerous companies from their development stage through acquisition or commercialization, Bob brings deep knowledge from the pharmaceutical and biotech industries, with significant executive, development, commercial, and deal-making capabilities."
Mr. Radie brings more than three decades of industry experience, working in both public and private pharmaceutical and biotech companies, and across a range of therapeutic areas. He has held senior executive positions in six companies, including serving as Chief Executive Officer of Zyla Life Sciences, Inc. Transmolecular Inc, and Topaz Pharmaceuticals, Inc., which was acquired by Sanofi Pasteur. Mr. Radie also served as Chief Business Officer at Prestwick Pharmaceuticals, Inc., which was sold to Biovail Pharmaceutics, Morphotek, Inc., which was sold to Eisai Co., Ltd., and Senior Vice President of Strategy and Planning at Vicuron Pharmaceuticals, Inc., which was sold to Pfizer.
Mr. Radie currently serves on the board of directors of several companies, including Paratek Pharmaceuticals, Inc. (NASDAQ: PRTK), and Rockwell Medical Technologies Inc. (NASDAQ: RMTI). He also serves as a member of the board of directors of Life Sciences Pennsylvania (LSPA), the Pennsylvania industry advocacy group.
"I am eager to get started with Neuraptive as the company transitions into a clinical-stage organization on the verge of enrolling the first patients in an important Phase 2 trial and having recently received Fast Track designation from the FDA," said Bob Radie. "I look forward to working with the board of directors and the experienced team of executives and employees to bring potentially game-changing technologies to patients who have experienced nerve injuries and to the surgeons who treat them."
The following changes are being made to the board of directors as the company progresses to a clinical-stage organization. Gino DiSciullo, Ph.D., a co-founder of Neuraptive, has stepped down as a director. "We want to thank Gino for his contributions to the company over the last two years," said Ivan Gergel. In the coming months, an additional independent director will be added.
In addition, the New Rhein Investors collectively have indicated their intention to invest at least $3,000,000 in the next Qualified Financing, provided that the terms and conditions of such financing are acceptable to the New Rhein Investors, New Rhein previously invested $7.5M in the company's Series A Financing.
About Neuraptive Therapeutics
Neuraptive is creating innovative novel therapies for nerve repairs to improve clinical outcomes for patients and surgeons who care for them. The company's franchise therapeutic product, NTX-001, has the potential to improve the quality and speed of recovery of nerve sensation and function for eligible patients who have sustained traumatic injuries or who are undergoing reconstructive surgical procedures. Neuraptive is rapidly advancing its pipeline and will leverage its capabilities to transition into a clinical-stage company. Investors include New Rhein Healthcare Investors through its Fund 18 and Ben Franklin Technology Partners. The company is headquartered in Philadelphia, PA, and has offices near Boulder, CO, as well as surgical translational medical facilities at the Colorado University Anschutz Medical Center in Aurora, CO. For more information, see www.neuraptive.com.
About New Rhein Healthcare Investors
New Rhein is a venture capital/early growth stage fund manager whose investment strategy focuses on proven molecules used in new ways, such as new delivery forms and potential new uses and indications. In this way, New Rhein limits science-based risk and concentrates on development and execution. Prior investments have included medicines for Alzheimer's disease, ophthalmic disorders, respiratory disease, and molecular oncology diagnostics. New Rhein's partners, associates, and advisors are knowledgeable former industry executives with solid track records of operational, investment, and transactional experience. New Rhein combines significant deal-making expertise with deep operating experience, allowing it to tailor the right deal for the right situation and work with its portfolio companies to achieve maximum value for their products. For more information, see www.newrhein.com.
Cautionary Note on Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. including, among others, statements we make regarding the time for the commencement of clinical trials. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control.