OrthoLogic Announces Management Update
06 Avril 2006 - 4:00PM
PR Newswire (US)
TEMPE, Ariz., April 6 /PRNewswire-FirstCall/ -- OrthoLogic Corp.
(NASDAQ:OLGC) today announced the resignation of James M. Pusey, MD
as President and CEO. Dr. Pusey has decided to pursue other
opportunities. John M. Holliman, III, a director of OrthoLogic
since September 1987 and Chairman of the Board of Directors since
August 1997, will assume the title of Executive Chairman and will
lead the Company's business and corporate strategic activities.
Randolph C. Steer, MD, Ph.D. has been named President of
OrthoLogic, directing the Company's strategy and operations in all
clinical development and regulatory areas. Dr. Steer has been an
independent pharmaceutical, biotechnology and medical devices
consultant since 1989, and has provided consulting services to
OrthoLogic since 2002. He has a broad scientific, medical and
business background, including extensive experience in
pre-clinical, clinical and regulatory affairs, having held key
management positions in leading corporations and having served as
an advisor to many companies in the United States and abroad. In
addition, he serves as an active member of the board of directors
of public and private corporations. Dr. Steer has also advised
numerous venture capital firms, investment banks and independent
investors on the commercial development of drugs, biologics,
diagnostics and medical devices. He has served as Associate
Director of Medical Affairs at Marion Laboratories; Medical
Director at Ciba Consumer Pharmaceuticals (Ciba-Geigy Corporation);
Vice President, Senior Vice President and Member of the Executive
Committee at Physicians World Communications Group; Chairman,
President and Chief Executive Officer of Advanced Therapeutics
Communications International, a global drug regulatory group, and
Chairman and Chief Executive Officer of Vicus.com, Inc. He is a
member of the Board of Directors of several companies, including
Techne Corporation and BioCryst Pharmaceuticals. Dr. Steer received
his MD degree from the Mayo Medical School and his Ph.D. from the
University of Minnesota, where he also completed a residency and
subspecialty fellowship in clinical and chemical pathology. He is a
Fellow of the American College of Clinical Pharmacology. About
OrthoLogic OrthoLogic is a biotechnology company committed to
developing a pipeline of novel peptides and other molecules aimed
at helping patients with under-served conditions. The Company is
focused on the development and commercialization of two product
platforms: Chrysalin(R) (TP508) and AZX100. Chrysalin, the
Company's novel synthetic peptide, is being studied in two lead
indications, both of which represent areas of significant unmet
medical need -- fracture repair and diabetic foot ulcer healing.
Based on the Company's pioneering scientific research of the
natural healing cascade, OrthoLogic has become a leading company
focused on tissue and bone repair. The Company owns exclusive
worldwide rights to Chrysalin. AZX100 is a novel pre-clinical
24-amino acid peptide, the first of a new class of compounds in the
field of smooth muscle relaxation called Intracellular Actin
Relaxing Molecules, or ICARMs(TM). AZX100 is currently being
evaluated for medically and commercially significant applications,
such as the treatment of vasospasm associated with subarachnoid
hemorrhage, the prevention of keloid scarring and the treatment of
asthma. OrthoLogic has an exclusive worldwide license to AZX100.
OrthoLogic's corporate headquarters are in Tempe, Arizona. For more
information, please visit the Company's Web site:
http://www.orthologic.com/. Statements in this press release or
otherwise attributable to OrthoLogic regarding our business that
are not historical facts are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, which include the timing and
acceptability of FDA filings and the efficacy and marketability of
potential products, involve risks and uncertainties that could
cause actual results to differ materially from predicted results.
These risks include: delays in obtaining or inability to obtain
FDA, institutional review board or other regulatory approvals of
preclinical or clinical testing; unfavorable outcomes in our
preclinical and clinical testing; the development by others of
competing technologies and therapeutics that may have greater
efficacy or lower cost; delays in obtaining or inability to obtain
FDA or other necessary regulatory approval of our products; our
inability to successfully and cost effectively develop or outsource
manufacturing and marketing of any products we are able to bring to
market; changes in FDA or other regulations that affect our ability
to obtain regulatory approval of our products, increase our
manufacturing costs or limit our ability to market our products;
our possible need for additional capital in the future to fund the
continued development of our product candidates; and other factors
discussed in our Form 10-K for the fiscal year ended December 31,
2005, and other documents we file with the Securities and Exchange
Commission. DATASOURCE: OrthoLogic Corp. CONTACT: investors,
Melanie Friedman of Stern Investor Relations, Inc.,
+1-212-362-1200, , for OrthoLogic Corp. Web site:
http://www.orthologic.com/
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