TNI BioTech, Inc. Announces Death of Senior Vice President and Chief Medical
Officer, Dr. Ronald Herberman
BETHESDA, Md., June 3, 2013
BETHESDA, Md., June 3, 2013 /PRNewswire/ --TNI BioTech, Inc. (OTCQB: TNIB)
announced today that Dr. Ronald Herberman, the Company's Senior Vice President
and Chief Medical Officer, unexpectedly passed away over the weekend.
The board of directors issued the following statement: "We are shocked and
greatly saddened by the passing of Dr. Ronald Herberman. He was a visionary
leader, a devoted father to his children, and a good friend. The company's
directors and employees, as well as many of the people he worked with and
mentored over the years, mourn his loss. We extend our sympathies to his
family, particularly his wife and children, who meant the world to him.
The board of directors, while searching for a new chief medical officer, has
appointed an interim team to continue with the development of our drug
therapies and clinical trials programs. While TNI BioTech will feel the loss
of Dr. Herberman, management and medical staff are deeply committed to
continuing his vision and therapies. Dr. Herberman leaves behind a highly
qualified and capable staff and team.
TNI BioTech expects to fill the chief medical officer position with one of
many qualified candidates that have been under consideration for other key
positions in the company. Until then, the medical team will be led by Dr.
Joseph Fortunak, a strategic advisor to TNI BioTech. Dr. Fortunak brings
decades of biotech experience, which include formerly serving as the director
and head of global chemical development at Abbott Laboratories. Dr. Fortunak
will be joined by Dr. Angus Dalgleish, a member of TNI BioTech's medical
advisory board and chair of the Oncology Department at St. George's University
of London. The team will also include Dr. Nick Plotnikoff, non-executive
chairman, the company's president, Dr. Eugene Youkilis, and Ms. Annie Foster,
the vice president of clinical and regulatory affairs.
While we plan to expedite the process of hiring a new chief medical officer,
we feel our current team, along with the company's strategic consulting
agreement with the Weinberg Group and Howard University, who have worked with
us on trial protocols and FDA submissions, will help ensure that our drug
development programs continue without any changes to timelines. Consequently,
TNI BioTech does not expect to delay our scheduled meetings with the FDA, and
will proceed with our current schedule for Stage II and Stage III trials for
Crohn's disease and pancreatic cancer."
Noreen Griffin, CEO of TNI BioTech commented, "The passing of Dr. Herberman
will require a focused effort by our entire TNI BioTech team. The company is
comfortable that our team will successfully manage this transition. One of our
goals now is to complete the work of Dr. Herberman and TNI BioTech. The
success of the company in the coming years will be due in great part to the
work he performed for us this past year."
About TNI BioTech, Inc.
TNI BioTech, Inc. is a biotech company with the goal of benefitting patients
with chronic and often life-threatening diseases through the activation and
rebalancing of the body's immune system, using a patented immunotherapy.
Their products, technologies, and patents are designed to harness the power of
the immune system to improve the treatment of cancer, chronic infections such
as HIV/AIDS, and autoimmune diseases and, such as Crohn's disease, other types
of inflammatory bowel disease, and multiple sclerosis.
TNI BioTech's most advanced clinical programs involve immunotherapy with
methionine-enkephalin (MENK) or low dose naltrexone (LDN), which both work by
triggering opioid receptors on immune cells, leading to an activation and
expansion of various cells of the immune system.
Their proprietary technology, therapies, and patents are planned to treat a
wide range of cancers. Their most advanced clinical programs involve
immunotherapy that works by augmenting the number and functions of both T
cells and natural killer (NK) cells in patients with deficient immune
responses associated with advanced cancer or HIV/AIDS and by rebalancing the
immune responses in patients with autoimmune diseases, including Crohn's
disease and multiple sclerosis (MS).
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release includes
various "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, which represent the Company's expectations or beliefs
concerning future events. Statements containing expressions such as
"believes," "anticipates," "intends," or "expects," used in the Company's
press releases and in Disclosure Statements and Reports filed with the Over
The Counter Markets through the OTC Disclosure and News Service are intended
to identify forward-looking statements. All forward-looking statements involve
risks and uncertainties. Although the Company believes its expectations are
based upon reasonable assumptions within the bounds of its knowledge of its
business and operations, there can be no assurances that actual results will
not differ materially from expected results. The Company cautions that these
and similar statements included in this report are further qualified by
important factors that could cause actual results to differ materially from
those in the forward-looking statements. Readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as of the date
thereof. The Company undertakes no obligation to publicly release any
revisions to such forward-looking statements to reflect events or
circumstances after the date hereof.
See http://www.tnibiotech.com for more information.
Contact: Global Investment Media
SOURCE TNI BioTech, Inc.
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