Xanodyne Announces New President/CEO and Completes $38 Million Equity Financing
04 Junio 2009 - 6:05AM
PR Newswire (US)
NEWPORT, Ky., June 4 /PRNewswire/ -- Xanodyne Pharmaceuticals, Inc.
is pleased to announce that Michael J. Valentino has been named to
the position of President and Chief Executive Officer and continues
as a member of the Company's Board of Directors. In addition to Mr.
Valentino's announcement, Xanodyne completed an equity financing of
$38 million led by MPM Capital. Current investors' participation
also included; AIG Investments' sponsored funds, Aisling Capital,
Blue Chip Venture Company, Essex Woodlands Health Ventures,
HealthCare Ventures, LLC, and Union Springs. Mr. Valentino most
recently served as President and CEO, Adams Respiratory
Therapeutics (NASDAQ:ARXT) and has over 30 years of experience in
the healthcare industry, including a broad range of critical
leadership positions at major pharmaceutical companies including
Alpharma, Novartis AG, Pharmacia/Upjohn and Warner Lambert. Mr.
Valentino successfully transformed Adams into a fully integrated
specialty pharmaceutical company. In addition, under his leadership
Adams completed its initial public offering in July 2005, which was
ranked by The Wall Street Journal as the No. 1 Health Care IPO in
2005. In January 2008, he successfully led the sale of the company
to Reckitt Benckiser for $2.3B. Mr. Valentino said, "I look forward
to working closely with the Xanodyne management team to bring two
exciting pipeline assets to the US marketplace within the next
12-18 months. Our efforts will be focused on aggressively executing
our commercialization plans for Zipsor(TM) (diclofenac potassium -
acute pain) and XP12B (tranexamic acid - heavy menstrual bleeding).
The closing of our financing demonstrates the continued commitment
of our investor group to complete the NDA process and execute the
launch plans for these two important new products." Rolf Classon,
Chairman of the Board said, "The Board is excited about the
achievement of these important milestones for Xanodyne. Mike brings
major pharmaceutical and commercial experience to the team while
the financing brings the critical resources needed for the
launches. Xanodyne is now in a position to expand its current
commercial product portfolio with an emerging pipeline to generate
near term growth." About Xanodyne Xanodyne Pharmaceuticals, Inc.,
which commenced operations in 2001, is an integrated specialty
pharmaceutical company with both development and commercial
capabilities focused on women's healthcare and pain management.
Xanodyne markets a portfolio of revenue generating products
consisting of FDA approved pharmaceuticals and a line of prenatal
vitamins. Additionally, Xanodyne is advancing a late stage pipeline
of product candidates targeted at significant potential markets in
Xanodyne's focus areas. DATASOURCE: Xanodyne Pharmaceuticals, Inc.
CONTACT: Daniel W. Docherty, VP Marketing of Xanodyne
Pharmaceuticals, Inc., +1-859-342-2096 Web Site:
http://xanodyne.com/
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