WOODBRIDGE, ON, March 10, 2014 /CNW/ - Pivotal Therapeutics Inc. (OTCQX: PVTTF) (CSE: PVO), a specialty pharmaceutical company with a focus on Omega-3 therapies for cardiovascular disease (CVD) and overall health, announced today that James Connolly has been appointed to the Company's Board of Directors, effective immediately. Mr. Connolly brings over 27 years of experience in the pharmaceutical industry to Pivotal, including 23 years in various leadership positions at Wyeth, formerly American Home Products, a $23 billion pharmaceutical and health products company that was acquired by Pfizer in 2009.
During his 23 years at Wyeth, Jim served in a series of leadership roles of increasing responsibility including Executive Vice President and General Manager, Wyeth Vaccines, President, Wyeth Canada, Vice President - Sales and Marketing, Area Business Director, Business Director - Wyeth/Medco joint venture and Finance Director. Under Mr. Connolly's stewardship from 2005-2009, Wyeth's vaccines business grew from $800 million to over $3 billion driven principally with the creation of the first true commercial blockbuster vaccine, Prevnar. During Jim's tenure leading Wyeth Canada, sales more than doubled to over $650 million in less than four years, and all key promoted brands including Effexor XR, Prevnar, Enbrel, Alesse, Premarin and BeneFix achieved the #1 market share position in each of their respective categories.
"We are very pleased to welcome Jim to the Board of Directors of Pivotal Therapeutics," said Dr. George Jackowski, Co-founder and Chairman of Pivotal's Board of Directors. "Jim's wealth of experience in brand establishment, commercialization and growing sales will be invaluable as the Company expands its commercialization team to execute the broader launch of its Medical Food VASCAZEN®.
"I am excited to be joining Pivotal's board of directors and working with the company to help strengthen the overall commercialization efforts," stated Mr. Connolly. "Treating an Omega-3 deficiency with an innovative Medical Food such as VASCAZEN® is a unique approach to this large market and represents a significant opportunity."
Mr. Connolly currently serves as an advisor at Crossover Healthcare Fund, director of Vaxess Technologies and a director at Aeras, a non-profit biotech organization developing vaccines for tuberculosis and other neglected diseases, where he formerly served as CEO until 2013. He holds a B.S. in Business Administration from Washington University, St. Louis, MO.
About Pivotal Therapeutics Inc.
Pivotal Therapeutics is a publicly traded (OTCQX: PVTTF) (CSE: PVO) specialty pharmaceutical company with a focus on cardiovascular disease and overall health. Pivotal Therapeutics' lead product VASCAZEN® is a prescription only Medical Food formulated to meet the dietary Omega-3 deficient needs of patients with cardiovascular disease through elevating Eicosapentaenoic acid (EPA) and Docosahexaenoic acid (DHA) to levels associated with reduced risk of cardiovascular complications. OMAZEN® is a pharmaceutical grade Omega-3 providing over 90% pure Omega-3 in each capsule for the maintenance of good health. OMAZEN® is a patented product available for sale and distribution in Canada.
VASCAZEN® is currently available in the U.S. as a prescription only Medical Food specifically formulated for the dietary management of an Omega-3 deficiency in cardiovascular patients. VASCAZEN® is a >90% pure Omega-3 with a proprietary 6:1 EPA:DHA fatty acid formulation, protected by a series of both U.S. and foreign patents. VASCAZEN® has been clinically shown to correct an Omega-3 deficiency within eight weeks of treatment with positive concomitant effects on the lipid profiles, mainly a 48% reduction of triglycerides and an increase of HDL without negative impact on the LDL-C lipid profile. VASCAZEN®'s results were achieved with a dose of 3 grams of EPA and DHA per day of a prescription grade, high purity Omega-3.
The information contained in this document is as of March 10, 2014. This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Pivotal's actual results to differ materially from those projected in such forward-looking statements. These statements can be identified by the use of words such as "will", "anticipate", "estimate", "expect", "project", "forecast", "intend", "plan", "believe", "project", "potential", and similar expressions with any discussion of future operating or financial performance or events. In particular, factors that could cause actual results to differ materially from those in forward looking statements include the following: Pivotal's inability to obtain additional financing on acceptable terms; growth in costs and expenses; inability to compete with others who provide comparable products; risk that the Company's products will not gain widespread market acceptance; risks relating to the Company's ability to maintain its CSE listing. Forward-looking statements speak only as of the date made and are not guarantees of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this document as a result of new information or future events or developments. CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this information.
SOURCE: Pivotal Therapeutics Inc.
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