AltheRx Pharmaceuticals Raises $15 Million, Names Jim Bennethum Chief Executive Officer and Appoints a New Board of Directors

  AltheRx Pharmaceuticals Raises $15 Million, Names Jim Bennethum Chief
  Executive Officer and Appoints a New Board of Directors

  - AltheRx completes a $15 million financing led by Becker Ventures, LLC -

   - New management and Board comprised of experienced executives from the
         pharmaceutical, biotech, technology and financial sectors -

- Company poised to enter Phase III program with lead candidate solabegron for
                 the treatment of overactive bladder (OAB) -

Business Wire

EXTON, Pa. -- May 2, 2013

AltheRx Pharmaceuticals, a privately-held clinical development company, today
announced a restructuring that includes a $15 million financing, the
appointment of Jim Bennethum as Chief Executive Officer (CEO), and the
appointment of a new Board of Directors.

Jim Bennethum CEO, AltheRx Pharmaceuticals (Photo: AltheRx Pharmaceuticals)

Jim Bennethum CEO, AltheRx Pharmaceuticals (Photo: AltheRx Pharmaceuticals)

Effective immediately, Mr. Bennethum joins AltheRx as CEO from Becker
Ventures, LLC where he serves as an Executive Vice President. He has
previously spent more than twenty years in senior leadership roles at Johnson
Controls, Inc. and brings proven global operational and business development
experience to AltheRx.

“Jim’s deep expertise in global business development, complex business
operations and successful ventures make him an excellent leader for AltheRx in
this important time of opportunity for the company,” said Eliot Ohlstein,
AltheRx Co-founder, Chief Scientific Officer and Head of R&D. “We are
energized after achieving a number of critical milestones that have allowed us
to expand our organization and move our lead candidate toward large Phase III
clinical trials.”

With more than twenty eight years of automotive systems development and
manufacturing experience, Jim Bennethum has recently made an emerging impact
in the Health Care / Pharma industry. Jim's past experience includes key
positions in leading automotive companies (Johnson Controls, Becker Group,
Textron, The Woodbridge Group and Key Plastics). Jim also serves as a Board
Member for the Karmanos Cancer Institute in South East Michigan. He earned a
BS in Technology Management from Eastern Michigan University.

With new leadership and new funding, AltheRx will continue to focus on
advancing its lead candidate solabegron into Phase III trials. Solabegron is a
novel beta3-adrenoceptor agonist with high affinity and selectivity that is in
development for the treatment of overactive bladder (OAB). Data on solabegron
is being presented this weekend at the American Urological Association Annual
Meeting.

AltheRx Names New Board of Directors; Former CEO of AstraZeneca North America
Joins Board

The newly formed Board of Directors for AltheRx has vast experience
establishing, funding and leading successful companies. Charles E. Becker,
Chairman of Becker Ventures, LLC will serve as Chairman of the Board. Mr.
Becker was the Chief Executive Officer and co-owner of Becker Group, Inc., a
global automotive interior components supplier sold to Johnson Controls, Inc.

Jeffrey O’Donnell, Managing Director of BioStar Ventures, will serve as Vice
Chair of the Board. Bringing exceptional operational, transaction and
leadership experience, Mr. O’Donnell is also currently the Executive Chairman
of the Board of Trice Orthopedics, Inc. and previously led six healthcare
companies.

Anthony Zook joins the Board with extensive global pharmaceutical industry
experience. Mr. Zook previously served as an Executive Vice President of
Commercial Operations of AstraZeneca, Chief Executive Officer of AstraZeneca
North America, Executive Vice President of Global Marketing of AstraZeneca,
and President of MedImmune Inc.

“We are especially pleased to form a new Board of Directors,” said new CEO Jim
Bennethum. “Charles Becker and Jeff O’Donnell bring extensive business and
transactional expertise while Anthony Zook brings unparalleled pharmaceutical
industry insight. These board changes will ensure our programs address the
needs of patients, payers and care givers.”

“Solabegron is a promising beta3-adrenoceptor agonist that has the potential
to help more than 35 million Americans who suffer from overactive bladder,”
said Anthony Zook, Board director. “I am pleased to be joining the Board and
lending my insights to help propel this program forward.”

AltheRx management also serving as Directors include Jim Bennethum, Chief
Executive Officer, Eliot H. Ohlstein, Ph.D., Co-founder, Chief Scientific
Officer and Head of R&D, and Raymond E. Stevens, Co-founder and Vice-President
of Operations.

“Today, AltheRx is very well-positioned to achieve its business and clinical
development goals,” concluded Bennethum. “We have assembled an experienced
management team and prestigious Board advisors, and are advancing a late
stage, medical breakthrough for the treatment of overactive bladder.”

About AltheRx Pharmaceuticals

Formed in 2010, AltheRx Pharmaceuticals is a privately held development
company whose business model is to advance projects through clinical
development and create partnerships with biopharmaceutical companies for
commercialization. The Company’s first product, solabegron, is a highly
selective and potent beta3-adrenoceptor agonist in development for the
reduction of symptoms of overactive bladder.

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Contact:

Company Contact:
AltheRx Pharmaceuticals
Jim Bennethum, 313-344-7669
jim@altherx.com
or
Media Contact:
Sam Brown Inc.
Mike Beyer, 773-463-4211
beyer@sambrown.com
 
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