Chelsea Therapeutics Announces Joseph G. Oliveto Named President and Chief
Executive Officer, Director
CHARLOTTE, N.C., Jan. 27, 2014 (GLOBE NEWSWIRE) -- Chelsea Therapeutics
International, Ltd. (Nasdaq:CHTP) today announced that Joseph G. Oliveto has
been named President and Chief Executive Officer and a member of the Company's
Board of Directors, effective January 22, 2014. Mr. Oliveto had served as the
Company's Interim President and Chief Executive Officer since July 2012.
Joseph G. Oliveto
Joseph G. Oliveto,
President and Chief
A photo accompanying this release is available at
"Joe has demonstrated thoughtful and steadfast leadership through a demanding
period for Chelsea, resulting in important progress for the Company and its
lead drug candidate, Northera™," said Michael Weiser, M.D., Ph.D., Chairman of
the Board. "The Board of Directors looks forward to his continued
contributions as we work toward delivering a new treatment option to patients
with neurogenic orthostatic hypotension."
Mr. Oliveto commented: "There exists a significant unmet need in nOH, a
debilitating disorder which often severely limits a person's ability to
perform even the most routine daily activities.Chelsea is committed to
improving the lives of these patients, an effort which remains central to me
in these new roles."
Mr. Oliveto joined Chelsea Therapeutics in June 2008, as Vice President of
Operations. Prior to joining Chelsea, Mr. Oliveto held progressively senior
operating roles at Hoffmann-La Roche across the areas of drug development,
manufacturing, global business and business development. During his tenure,
he played an integral part in the success of multiple NDA approvals, developed
comprehensive launch programs, including those for both Pegasys® and Copegus®,
and closed multiple licensing agreements.
About Symptomatic nOH
It is estimated that nearly 300,000 patients suffer from chronic symptomatic
nOH in the U.S. and EU combined. Symptomatic nOH is a chronic disorder that is
caused by an underlying neurogenic disorder, such as Parkinson's disease,
multiple system atrophy or pure autonomic failure. Symptoms of nOH include
dizziness, lightheadedness, blurred vision, fatigue, poor concentration, and
fainting episodes when a person assumes a standing position. These symptoms
often severely limit a person's ability to perform routine daily activities
that require standing or walking for both shortor long periods of time.
NORTHERA™ (droxidopa), the lead investigational agent in Chelsea Therapeutics'
pipeline, is currently under FDA review for the treatment of symptomatic
neurogenic orthostatic hypotension (nOH) in patients with primary autonomic
failure — an indication that includes a significant number of patients with
Parkinson's disease, multiple system atrophy (MSA) and pure autonomic failure
(PAF). Droxidopa is a synthetic catecholamine that is directly converted to
norepinephrine (NE) via decarboxylation, resulting in increased levels of NE
in the nervous system, both centrally and peripherally.
Droxidopa, developed by and licensed from Dainippon Sumitomo Pharma Co., Ltd.
(DSP), initially received Japanese approval in 1989 for the treatment of
frozen gait and dizziness on standing associated with Parkinson's Disease and
for the treatment of orthostatic hypotension, syncope or dizziness on standing
associated with Shy-Drager syndrome and Familial Amyloidotic Polyneuropathy.
In 2000, Droxidopa received expanded marketing approval to include prevention
of vertigo, dizziness and weakness associated with orthostatic hypotension in
About Chelsea Therapeutics
Chelsea Therapeutics (Nasdaq:CHTP) is a biopharmaceutical development company
that acquires and develops innovative products for the treatment of a variety
of human diseases, including central nervous system disorders. Chelsea
acquired global development and commercialization rights to droxidopa
(L-DOPS), or NORTHERA, from Dainippon Sumitomo Pharma Co., Ltd. in 2006,
excluding Japan, Korea, China and Taiwan. For more information about the
Company, visit www.chelseatherapeutics.com.
This press release contains forward-looking statements regarding future events
including our intention to pursue the development of NORTHERA. These
statements are subject to risks and uncertainties that could cause the actual
events or results to differ materially. These include reliance on key
personnel and our ability to attract and/or retain key personnel; the risk
that FDA will not agree that our clinical trial results demonstrate the safety
and effectiveness of droxidopa; the risk that the FDA will not accept our
proposal regarding any trial or other data to support a new drug application;
the risk that the FDA will not approve the resubmitted NDA; the risk that our
resources will not be sufficient to conduct any study of Northera that will be
acceptable to the FDA; the risk that we cannot complete Study 401 or any other
additional study for Northera without the need for additional capital; the
risks and costs of drug development and that such development may take longer
or be more expensive than anticipated; our need to raise additional operating
capital in the future; our reliance on our lead drug candidate droxidopa; the
risk that we will not be able to obtain regulatory approvals of droxidopa or
our other drug candidates for additional indications; the risk of volatility
in our stock price, related litigation, and analyst coverage of our stock;
reliance on collaborations and licenses; intellectual property risks; our
history of losses; competition; market acceptance for our products if any are
approved for marketing.
The photo is also available via AP PhotoExpress.
617-374-8800, Ext. 104
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