– SWEDEN, Göteborg / USA, PA – Cortendo AB (OSE:CORT) a global biopharmaceutical company focused on orphan endocrine disorders, today announced changes to the Company’s board of directors proposed by the company’s nomination committee. John H. Johnson has been nominated to serve as chairman and Richard Kollender to serve as a director. Both nominations are subject to approval by the Extraordinary General Meeting of Shareholders in Cortendo, scheduled to be held on March 17, 2015.
John H. Johnson has more than 30 years of biopharmaceutical industry experience, including multiple chief executive officer and executive management roles at leading global organizations, including Johnson & Johnson, Eli Lilly & Company, ImClone and Pfizer, Inc. He also has extensive board experience in the biopharmaceutical industry and currently serves as a member of the board of directors of Cempra Pharmaceuticals, Inc., Histogenics Corporation, Portola Pharmaceuticals, Inc., and Sucampo Pharmaceuticals, Inc. He previously served as chairman of Dendreon Corporation and Tranzyme Pharma and also served as a member of the board of directors of several prominent industry organizations such as Pharmaceutical Research and Manufacturers of America (PhRMA), the Health Section Governing Board of Biotechnology Industry Organizations (BIO), and BioNJ.
Richard Kollender, who is trained as a certified public accountant, has significant biopharmaceutical experience in executive management, venture capital and as a director on public and private company boards. Currently he is the chairman of Rapid Micro Biosystems and a director for Celator Pharmaceuticals and Tarsa Therapeutics. His prior board experience includes Insmed, Nupathe, Corridor Pharmaceuticals, Precision Therapeutics, TargetRx and Transport Pharmaceuticals. In addition, he serves on the board of directors of PACT (Greater Philadelphia Alliance for Capital and Technologies), on the public policy committee for Pennsylvania Bio, and is an adjunct faculty member at Lehigh University.
“We look forward to welcoming John and Rich to the board, as their substantial and collective expertise in the global pharmaceutical and biotechnology industry will prove invaluable as we continue to execute our growth strategy in 2015 and beyond,” said Matthew Pauls, president and chief executive officer of Cortendo.
These nominations come as H. Joseph Reiser, Ph.D., who served as chairman of the board and previously as the company’s president and chief executive officer from 2011 to 2014, and Ernest Eichenberg, who served as a director, are stepping down from the board.
“We are grateful to Joe and Ernie for their years of service to Cortendo. They both have had an important role transforming Cortendo to what it is today.” said Eigil Spetalen, director of Cortendo.
Dr. Reiser said, “We remain committed to supporting Cortendo and confident in the team’s ability to execute on its strategy.”
About Cortendo AB
Cortendo AB is a global biopharmaceutical company incorporated in Sweden and based in the United States. The Company’s strategic focus is to be the global leader in commercializing innovative medicines for orphan endocrine disorders. Cortendo is leading the way in the field of cortisol inhibition through the investigational drug, COR-003 (levoketoconazole), currently being studied in the global Phase 3 SONICS trial for the treatment of Cushing’s syndrome. COR-003 (levoketoconazole) has received orphan designation from both the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA). The Company’s intent is to independently commercialize its Orphan/Endocrine assets in key global markets and partner non-strategic product opportunities, such as diabetes, at relevant development stages.
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