Research Triangle Park, NC – February 6, 2004– NOBEX, a drug development company specializing in drug delivery, announced today that Russell M. Savre has recently accepted the position of Vice President of Finance and Administration. Mr. Savre replaces the former CFO for Nobex, Chuck Osborne, who resigned to become the CFO of Scynexis as previously announced. Mr. Savre will be responsible for financial, administrative, facilities, and IT functions at Nobex. Mr. Savre was recently Senior Vice President and Chief Financial Officer of A.M. Pappas & Associates and brings 30 years of operational, managerial, and financial experience to the Company.
“NOBEX has reached a critical point in the Company’s history. With a clinical stage pipeline consisting of ORATONIN? an oral modified salmon calcitonin with analgesic properties, APAZA? for inflammatory bowel disease, and an oral modified insulin product for diabetes, we have the opportunity to advance these products through the clinic and make a significant impact on the way these diseases are currently treated,” stated Mr. Savre.
“NOBEX has an established and well-validated base of drug delivery technologies that are protected by a sizeable patent estate. I am excited to be joining the NOBEX team and look forward to lending my experience to the organization,” added Mr. Savre.
“Russ is an experienced executive with significant knowledge of the biopharmaceutical industry. We are excited to have Russ join our team and we look forward to his contributions and leadership as we execute our strategy going forward,” added Dr. Price.
Simultaneously, NOBEX announced today a business alliance with Fulcrum Pharma Developments, a public UK company that offers a unique strategic drug development service that has been shown to reduce both development costs and times. Fulcrum leverages the expertise and experience of its seasoned drug development staff to provide customized programs that are designed to lead to early proof of concept, efficient registration and ideal positioning for rapid market. Fulcrum possesses global capabilities through its operating companies in the EU, Japan and the US. The US headquarters are in RTP.
The alliance between Fulcrum and NOBEX developed from discussions between Dr. Gordana Kosutic, Vice President, Clinical and Regulatory Affairs at NOBEX, and Fulcrum. Dr. Kosutic will resign her Nobex position to join Fulcrum where she will manage the relationship with NOBEX. In that role, she will continue to manage several aspects of Nobex drug development programs to maximize resources and expertise for NOBEX through the services of Fulcrum.
“NOBEX has made significant progress in advancing its clinical pipeline. With three products in FDA clinical trials, NOBEX now needs access to a regulatory and clinical team with the expertise and resources that a smaller size company simply cannot afford to build internally,” stated Dr. Kosutic. “In my new role as Vice President of Clinical Research for Fulcrum Pharma Developments, I will continue to manage NOBEX’s clinical trials, while simultaneously accessing the comprehensive resources that will be necessary to successfully navigate the clinical trial process and bring these promising candidates to a point of significant value creation,” added Dr. Kosutic.
“Gordana made tremendous contributions during her tenure with NOBEX. In her new role with Fulcrum, she will have significantly more resources to draw upon, thereby enabling her to have an even greater impact in managing the clinical and regulatory approval process for our advancing drug pipeline,” stated Christopher H. Price, Ph.D., President & CEO of NOBEX.
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