Capnia Appoints David O'Toole as Chief Financial Officer
REDWOOD CITY, Calif., July 9, 2014
REDWOOD CITY, Calif., July 9, 2014 /PRNewswire/ --Capnia, Inc., a privately
held maker of diagnostic devices that detect analytes in exhaled breath, today
announced the appointment of David O'Toole as Chief Financial Officer, a
significant expansion of the executive management. He will be responsible for
all aspects of financial management for the Company. Mr. O'Toole reports to
Anish Bhatnagar, M.D., Chief Executive Officer.
"David O'Toole brings a strong track record of financial and managerial
expertise in the Life Sciences and medical diagnostics space. I am confident
David will be invaluable as we commercialize our CoSense™ diagnostic device in
the second half of this year and advance toward commercialization of future
diagnostic products based on our Sensalyze™ technology," stated Dr. Bhatnagar.
"I look forward to working with David to ensure that Capnia is financially
strong, with the resources necessary to ensure the successful execution of our
Prior to joining Capnia, Mr. O'Toole served as Chief Financial Officer at
Codexis, Inc. from 2012 to 2014, Response Genetics, Inc. from 2010 to 2012,
and Abraxis BioScience, Inc. from 2008 to 2009. During his time at these
companies, he managed the finance, treasury, and accounting departments, and
was also responsible for investor relations and commercial operations. Mr.
O'Toole has successfully completed a number of equity financings, implemented
Sarbanes-Oxley 404 compliance, financial planning and analysis programs, and a
new ERP system, as well as successfully expanded commercial activities in the
US, Europe, and China.
Prior to his Chief Financial Officer experience, David spent 16 years with the
accounting firm of Deloitte & Touche LLP, including 12 years as a partner,
where he provided international business, operational, and tax advice to
medium and large multinational companies. His time with Deloitte also included
two years in Paris, France. David's practice focused on life science and
biotechnology companies during his last eight years at Deloitte. He led a
large team of cross-functional partners and managers providing consulting
services to life science companies. David started his career with eight years
at the accounting firm Arthur Andersen, with two of those years in their
Tokyo, Japan offices.
Mr. O'Toole holds a Bachelor of Science degree in accounting from the
University of Arizona. He is a Certified Public Accountant (Active) in
"I am thrilled to join Capnia at this exciting time in the Company's growth
and look forward to working with Dr. Bhatnagar, the entire management team,
and the Board to drive the Company's future success and enhance value for our
CoSense aids in the diagnosis of hemolysis, a dangerous condition in which red
blood cells degrade rapidly. Hemolysis, when it occurs in neonates, can lead
to long-term developmental disability. CoSense is 510(k) cleared for sale in
the U.S., and holds a CE Mark approval for sale in the E.U. Capnia anticipates
commercializing CoSense in the second half of 2014.
Capnia's proprietary Sensalyze technology provides a novel platform for
non-invasive breath monitoring. It overcomes a significant problem in
available breath diagnostics - they require breath control and cooperation,
and are therefore not useful in babies, young children, or unconscious adults.
The Sensalyze technology combines hardware, sensors, and software to allow
precise breath sampling in all age groups. Capnia's pipeline of future
products includes devices for diagnosing asthma in infants and children,
monitoring blood carbon dioxide concentration in neonates, and detecting
malabsorption in infants with colic.
About Capnia, Inc.
Capnia, Inc., a privately held company headquartered in Redwood City,
California, develops diagnostics based on its proprietary Sensalyze™
technology for precision metering of gas flow.
This communication contains forward-looking statements that are subject to
many risks and uncertainties. Forward-looking statements include statements
regarding our intentions, beliefs, projections, outlook, analyses or current
expectations concerning, among other things, our ongoing and planned product
development and clinical trials; the timing of, and our ability to make,
regulatory filings and obtain and maintain regulatory approvals for our
product candidates; our intellectual property position; the degree of clinical
utility of our products, particularly in specific patient populations; our
ability to develop commercial functions; expectations regarding product launch
and revenue; our results of operations, cash needs, and spending of the
proceeds from this offering; financial condition, liquidity, prospects, growth
and strategies; the industry in which we operate; and the trends that may
affect the industry or us.
We may use terms such as "believes," "estimates," "anticipates," "expects,"
"plans," "intends," "may," "could," "might," "will," "should," "approximately"
or other words that convey uncertainty of future events or outcomes to
identify these forward-looking statements. Although we believe that we have a
reasonable basis for each forward-looking statement contained herein, we
caution you that forward-looking statements are not guarantees of future
performance and that our actual results of operations, financial condition and
liquidity, and the development of the industry in which we operate may differ
materially from the forward-looking statements contained in this presentation.
As a result of these factors, we cannot assure you that the forward-looking
statements in this presentation will prove to be accurate.
Capnia has filed a registration statement for an offering of securities on SEC
Form S-1, which you can access at http://edgar.sec.gov. You should also read
carefully the factors described in the "Risk Factors" section, and other parts
of any offering prospectus we may in the future distribute, in order to better
understand the risks and uncertainties inherent in our business and underlying
any forward-looking statements.
Vice President, Corporate Development
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SOURCE Capnia, Inc.
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