REMEDY PHARMACEUTICALS ANNOUNCES APPOINTMENT OF CHIEF FINANCIAL OFFICER
Key appointment expands the company’s executive team as it prepares for a Phase 3 severe stroke study after releasing exciting Phase 2 results; and eyes going public.
NEW YORK, October 14, 2015 — Remedy Pharmaceuticals, a clinical stage pharmaceutical company focused on the development and commercialization of a revolutionary, breakthrough drug, CIRARA™, for treating acute central nervous system conditions — where there are inadequate or no approved existing therapies — announced today the appointment of Richard I. Steinhart as Chief Financial Officer effective immediately.
Richard I. Steinhart is a veteran of the biotechnology and medical device industries, with nearly 30 years of experience. Richard has served in a variety of roles including Venture Capital Investor, Board Member, Operating Executive and Investment Banker. Previously he was employed by MELA Sciences, Inc. (NASDAQ:MELA) as the Company’s Senior Vice President, Finance and Chief Financial Officer, Treasurer and Secretary. Mr. Steinhart was responsible for all of the company’s financial matters and was instrumental in raising more than $130M in a variety of equity and debt instruments. Prior to joining MELA, Richard was a Managing Director of Forest Street Capital/SAE Ventures, a boutique investment banking, venture capital, and management consulting firm focused on healthcare and technology companies. Prior to that, he was Vice President and Chief Financial Officer of Emisphere Technologies, Inc. Richard’s other experience includes seven years at CW Group, Inc., one of the country’s first venture capital firms focused exclusively on medical technology and biopharmaceutical companies, where he was a General Partner and Chief Financial Officer. He began his career at Price Waterhouse, now known as PricewaterhouseCoopers. He holds B.B.A. and M.B.A degrees from Pace University and is a Certified Public Accountant (inactive).
"We are extremely pleased to welcome Rich to the Remedy executive team," notes Sven Jacobson, CEO of Remedy. “This is an exciting stage in our company's history and his strong health care background and track record helping organizations grow their businesses makes him ideal for our organization."
“I am very excited about joining the Company and partnering with Sven and the entire Remedy team,” says Mr. Steinhart. “I am pleased to have the opportunity to assist in the process of bringing the life-saving drug CIRARA™ to market as well as building sustainable value for all of our stakeholders.”
CIRARA is a patented, high affinity inhibitor of Sur1-Trpm4 channels, which were discovered by the University of Maryland neurosurgeon, J. Marc Simard, M.D., Ph.D. to play a crucial role in swelling and hemorrhage following stroke, traumatic brain injury, spinal cord injury and other CNS conditions. CIRARA is suitable for intravenous delivery at the bedside or even in an ambulance. CIRARA uses Remedy’s proprietary, patented MPD™ technology to enable optimal drug delivery to the injured area.
Last Friday the Company announced results from a U.S.-based Phase 2 randomized double blind, placebo-controlled, multi-center trial in severe stroke patients administered CIRARA®, a revolutionary intravenous drug for acute central nervous system conditions.
Key initial findings from the 90-day follow up include:
- Mortality in the CIRARA group was reduced by 53% vs. placebo.
- There were no deaths in patients treated with CIRARA less than 8 hours from onset of stroke. In contrast, half the placebo subjects treated in less than 8 hours died.
- 29% more CIRARA-treated subjects had 0-4 modified Rankin Scale (mRS) — a standard measure of functional outcome -- vs. placebo patients.
- In subjects dosed <8 hours, 75% of CIRARA patients had 90-day mRS of 0-4 and 63% had a 90-day mRS of 0-3 vs. 25% for both mRS of 0-3 and 0-4 in the placebo group.
- Midline shift, a long established indicator of brain swelling, was halved in the CIRARA group vs. placebo.
- There were no safety issues.
Remedy intends to move quickly to consultation with FDA in regards the design and implementation of a Phase 3 study. The company is currently engaged in discussions with investment bankers about an initial public offering.
ABOUT REMEDY PHARMACEUTICALS
Remedy Pharmaceuticals, Inc. is a privately-held, clinical stage pharmaceutical company focused on bringing life saving treatment to millions of people affected by acute central nervous system conditions -- including stroke and traumatic brain injury as well as other ischemic injuries and neurological disorders such as subarachnoid hemorrhage and spinal cord injury. For more information, please visit: www.remedypharmaceuticals.com
Contact: Sven Jacobson
212-586-2226 x 225