Technologies, Inc. ("Senesco" or the "Company") (OTCQB: SNTI)
announced the appointment of Ronald A. Martell as chief executive
officer at the 2014 BIO International Convention in San Diego. Martell
will be replacing acting CEO, Vaughn V. Smider, M.D., Ph.D. Smider will
remain chief scientific officer and a member of the board of directors.
"With the combined assets and investor support in the new company, we
have an opportunity to build a sustainable enterprise," said Martell.
"Senesco is uniquely positioned with a product in the clinic and a
proprietary antibody platform technology that has the potential to yield
multiple additional clinical products or partnering opportunities.
Additionally, we will look to be opportunistic to acquire clinical stage
assets to continue to build our portfolio and enable our strategy."
Senesco acquired Fabrus in May 2014 to create a biologics company with
multiple novel drug candidates as well as the underlying enabling
technologies able to generate a sustainable pipeline of first and
best-in-class experimental therapeutics. The company is using its
proprietary technology and breadth of expertise in antibody therapeutics
to generate drug candidates targeting difficult target classes like
multispanning transmembrane receptors.
"Ronald's deep leadership experience in the biotech industry will
position our newly merged company for significant growth in the future,"
stated Senesco board member, Phillip Frost, M.D.
Added Harlan Waksal, M.D., chairman of the board: "The board implemented
a process to identify an optimal candidate to lead the strategic
direction of the combined company and Ronald's background, vision and
experience in building innovative organizations stood out."
For more than 25 years, Martell has led successful companies in the
biotech industry. Most recently he was president and CEO of NeurogesX
and sold the company assets to Acorda Therapeutics. Prior to NeurogesX
he was chief executive officer of Poniard Pharmaceuticals. Before
joining Poniard, Martell served as senior vice president of commercial
operations at ImClone Systems. He built ImClone Systems' commercial
operations and field sales force to arket and commercialize Erbitux®
with partners Bristol-Myers Squibb and Merck KGaA. Prior to joining
ImClone Systems, Martell worked for 10 years at Genentech in a variety
of positions, the last of which was group manager, oncology products. At
Genentech, he was responsible for the launch of Herceptin® for
metastatic HER-2 positive breast cancer and Rituxan® for non-Hodgkin's
lymphoma. Martell began his career at Roche Pharmaceuticals.
Senesco Technologies is a clinical-stage biotech company specializing in
cancer therapeutics and immunological diseases driven by a unique
combination of gene regulation and antibody therapeutics. Its
proprietary gene regulation technology has demonstrated the ability to
eliminate cancer cells and protect healthy cells from premature death.
The antibody approach is a novel discovery paradigm with the proven
capability to identify functional therapeutic monoclonal antibodies
against challenging cell surface targets that previously have been
highly resistant to therapeutic antibody discovery. The Company is
currently in a Phase 1b/2a trial with a product candidate that is
designed to treat B-cell cancers, which include multiple myeloma,
chronic lymphocytic leukemia, and non-Hodgkin's B-cell lymphomas. The
Company has several antibodies in its preclinical pipeline. The first to
move forward is a potentially first/best in class candidate antibody
that targets an ion channel important in autoimmunity and inflammation.
For more information, please visit Senesco.com
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Certain statements included in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Actual results could differ materially from such
statements expressed or implied herein as a result of a variety of
factors, including, but not limited to: the Company's ability to
integrate the Fabrus science and operations; the Company's ability to
continue as a going concern; the Company's ability to recruit patients
for its clinical trial; the ability of the Company to consummate
additional financings; the development of the Company's gene and
antibody technology; the approval of the Company's patent applications;
the current uncertainty in the patent landscape surrounding small
inhibitory RNA and the Company's ability to successfully defend its
intellectual property or obtain the necessary licenses at a cost
acceptable to the Company, if at all; the successful implementation of
the Company's research and development programs and collaborations; the
success of the Company's license agreements; the acceptance by the
market of the Company's products; the timing and success of the
Company's preliminary studies, preclinical research and clinical trials;
competition and the timing of projects and trends in future operating
performance; and the quotation of the Company's common stock on an
over-the-counter securities market, as well as other factors expressed
from time to time in the Company's periodic filings with the Securities
and Exchange Commission (the "SEC"). As a result, this press release
should be read in conjunction with the Company's periodic filings with
the SEC. The forward-looking statements contained herein are made only
as of the date of this press release, and the Company undertakes no
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.
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