A.P. Pharma Appoints Barry Quart and Stephen Davis to Its Board of Directors
A.P. Pharma, Inc. (OTCBB: APPA.OB), a specialty pharmaceutical company, today announced the appointment of Barry D. Quart, Pharm.D., and Stephen R. Davis, to its board of directors. Both Dr. Quart and Mr. Davis are members of the executive management team of Ardea Biosciences, which recently was acquired by AstraZeneca (NYSE: AZN) for $1.26 billion. Their appointments bring the number of A.P. Pharma board members to six.
“Barry and Steve bring deep industry experience and impressive track records to A.P. Pharma's board at a pivotal time in the Company's development,” said John B. Whelan, A.P. Pharma's president and chief executive officer. “Gaining access to Barry's significant drug development and regulatory experience will be invaluable as we seek FDA approval for our lead product candidate, APF530, for the prevention of chemotherapy-induced nausea and vomiting. Furthermore, Steve's proven business acumen will be instrumental as we prepare for the potential commercialization of APF530 and look to maximize the value of both this asset and our Biochronomer™ drug delivery platform.”
Dr. Quart has been president, chief executive officer and a director of Ardea Biosciences, a biopharmaceutical company, since its founding in December 2006. Previously, he was with Pfizer (NYSE: PFE) as senior vice president, Pfizer Global Research and Development and the director of Pfizer's La Jolla Laboratories, where he was responsible for approximately 1,000 employees and an annual budget of almost $300 million. Prior to Pfizer's acquisition of the Warner-Lambert Company, Dr. Quart was president of research and development at Agouron Pharmaceuticals, Inc., a division of the Warner-Lambert Company. Dr. Quart had joined Agouron in 1993 and was instrumental in the development and registration of nelfinavir (Viracept®), which went from the lab bench to new drug application approval in 38 months. Dr. Quart received his Pharm.D. from University of California, San Francisco.
Mr. Davis has been executive vice president and chief operating officer of Ardea Biosciences since April 2010. Prior to joining Ardea, Mr. Davis served as president, chief executive officer and a director of Neurogen Corporation, which was acquired by Ligand Pharmaceuticals (NASDAQ: LGND) in December 2009. Prior to his appointment as chief executive officer of Neurogen, Mr. Davis served as its executive vice president and chief operating officer and in several other executive roles. While at Neurogen, Mr. Davis completed numerous collaborations with global pharmaceutical companies. Prior to Neurogen, Mr. Davis practiced as a corporate and securities attorney with Milbank, Tweed, Hadley & McCloy LLP. Previously, he practiced as a Certified Public Accountant with Arthur Andersen & Co. Mr. Davis received his B.S. in Accounting from Southern Nazarene University and his J.D. from Vanderbilt University.
A.P. Pharma's lead product, APF530, is in development for the prevention of both acute-onset and delayed-onset chemotherapy-induced nausea and vomiting (CINV). APF530 contains the 5-HT3 receptor antagonist, granisetron, formulated in the Company's proprietary Biochronomer™ drug delivery system, which allows therapeutic drug levels to be maintained for five days with a single subcutaneous injection. Intravenous and oral formulations containing granisetron are approved for the prevention of acute-onset CINV, but not delayed-onset CINV. Granisetron was selected because it is widely prescribed by physicians based on a well-established record of safety and efficacy.
About A.P. Pharma
A.P. Pharma is a specialty pharmaceutical company developing products using its proprietary Biochronomer™ polymer-based drug delivery technology. The Company's primary focus is on its lead product, APF530, for the prevention of CINV. A.P. Pharma received a Complete Response Letter on the APF530 NDA and is targeting the resubmission of the NDA for mid-2012. The Company has additional research and development programs that utilize its bioerodible, injectable and implantable delivery systems. For further information, please visit the Company's web site at www.appharma.com.
This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including uncertainties associated with capital resources and liquidity, timely development and regulatory approval of product candidates, satisfactory completion of clinical studies, progress in research and development programs, launch and acceptance of new products and other risks and uncertainties identified in the Company's filings with the Securities and Exchange Commission. We caution investors that forward-looking statements reflect our analysis only on their stated date. We do not intend to update them except as required by law.
Investor Relations Contact:
Office Phone: 646-597-6979
John B. Whelan, President and Chief Executive Officer
Office Phone: 650-366-2626