RALEIGH, N.C., June 24, 2019 /PRNewswire/ -- Midatech Pharma US, Inc., an oncology supportive care specialty pharmaceutical company dedicated to helping patients manage cancer symptoms and treatment-related side effects, announced today that it has formally changed its name to Fortovia Therapeutics, Inc. (Fortovia or the "Company"). The name change announcement follows the Company's acquisition by Kanwa Holdings, LP, an affiliate of Barings LLC ("Barings"), one of the world's leading financial services firms. The name change demonstrates Fortovia's continued commitment to empowering cancer patients by providing them with the supportive care products and associated support services to strengthen their journey towards actively living with their disease.
To further show commitment to their patients and the growth opportunities of Fortovia, the Company has made two strategic executive hires to strengthen its leadership team. Peter Melnyk has joined the Fortovia team as its Chief Executive Officer, bringing over 25+ years of oncology experience, and Ernest De Paolantonio has joined the Company as its Chief Financial Officer.
Prior to Fortovia, Mr. Melnyk served as Chief Commercial Officer of Novocure Inc., with overall responsibility for directing global sales and marketing efforts and the global launch of Optune®. Mr. Melnyk was previously Senior Vice President for global sales and marketing at OSI Pharmaceuticals, Inc., where he led the global commercialization efforts and the launch of Tarceva. Mr. Melnyk was also previously Executive Director of Oncology at Pharmacia/Pfizer Inc. and a Director of Oncology at Bristol-Myers Squibb. Mr. Melnyk started his career with Leo Laboratories and Burroughs-Welcome in Canada. Mr. Melnyk holds a B.Sc. and M.Sc. from McGill University.
Mr. De Paolantonio previously served as Chief Financial Officer of BioDelivery Sciences International, a publicly traded pharmaceutical company with three-marketed specialty branded products. At BDSI, Mr. De Paolantonio led the finance organization and was responsible for the supply chain function. He has a strong track record of working with both public and private pharmaceutical companies that have experienced rapid growth. Mr. De Paolantonio received his B.A. from Lycoming College; his MBA in Finance from Saint Joseph's University and is also a C.P.A.
Michael Baumstein, Fortovia's Chairman of the Board, stated, "We are incredibly excited about the opportunities for growth and additional investment in oncology and oncology-related therapies. We are also very pleased to announce the new leadership at Fortovia and are confident that we have an excellent team with the experience and vision to successfully lead the organization forward."
Mr. Melnyk commented, "I'm extremely excited about the Fortovia opportunity and the mission to support cancer patients as they continue on their treatment journey. We believe that oncology supportive care is an underserved market with high, unmet needs and opportunities for new therapies to improve patient's lives. I am joining a team that is committed to making Fortovia the first name in oncology supportive care."
Mr. De Paolantonio stated, "Fortovia has the right people and the right backing to change the oncology supportive care landscape. By working together with patients and healthcare providers, our passion to transform treatment paradigms will result in demonstrable and durable improvements in patient outcomes."
Fortovia currently markets several products in the U.S. for supportive care including Zuplenz® (ondansetron) oral soluble film, Oravig® (miconazole) oral buccal tablet, and Gelclair® bioadherent oral gel.
Gelclair® is a registered trademark of Helsinn Healthcare SA, Switzerland
About Fortovia Therapeutics, Inc.
Fortovia Therapeutics, Inc. is an oncology supportive care pharmaceutical and medical device company headquartered in Raleigh, North Carolina. Fortovia's mission is to become the leader in oncology supportive care by advancing best-in-class treatments and comprehensive support of patients with cancer to empower them to effectively manage disease symptoms and treatment-related side effects in order to live active and fulfilling lives. Learn more at www.fortovia.com.
Barings is a $317+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific. For more information, visit www.barings.com.
Kanwa Holdings, LP is a limited partnership owned by funds managed by Barings LLC or its affiliates.
* As of March 31, 2019
SOURCE Midatech Pharma US, Inc.