Naurex Names Dr. Norbert G. Riedel President and Chief Executive Officer

EVANSTON, Ill., Jan. 8, 2014 /PRNewswire/ -- Naurex Inc. today announced that Norbert G. Riedel, Ph.D., has been named president and chief executive officer effective January 1, 2014. Naurex's founding chief executive officer Derek Small will continue as a director of the company. 

Naurex is a biopharmaceutical company developing therapies to treat diseases of the central nervous system based on the company's proprietary platform for discovering novel compounds that act at the NMDA receptor to modulate neuronal plasticity. Its lead molecule, GLYX-13, has shown rapid-acting antidepressant activity with excellent safety in a single-dose Phase 2a clinical trial in subjects who had failed treatment with existing agents, producing statistically significant reductions in depression scores within 24 hours that lasted several days. GLYX-13 is currently in a Phase 2b repeat dose study as adjunctive therapy for major depressive disorder. Naurex's 2nd-generation antidepressant, NRX-1074, is in Phase 1 clinical studies.

"Norbert's deep knowledge of the global pharmaceutical industry spans general management, strategy and investor relations as well as R&D and new product commercialization," said Bill Gantz, executive chairman of Naurex.  "We are delighted that he is taking the helm at this important time for the company. His track record in successfully managing the development and commercialization of both pharmaceutical and biotechnology products will be invaluable as Naurex moves to the next stage. We also want to acknowledge the seminal role Derek Small has played as founding CEO in growing Naurex from a start-up to a recognized neuropharmaceutical innovator with two rapid-acting antidepressant candidates in clinical trials and a promising earlier-stage pipeline. We look forward to Derek's continuing contributions as a Naurex director."

"Naurex is applying its novel technology platform to develop therapies for disorders of the central nervous system and has advanced innovative molecules into clinical development in depression," said Dr. Riedel. "As a Naurex director, I have come to appreciate the transformational potential and breadth of applications of the company's technology platform aimed at modulating neuronal plasticity through molecules acting at the NMDA receptor."

Dr. Riedel continued, "I am impressed by the skill and commitment of our management and staff and consider it a privilege to lead this team as we strive to bring our rapid-acting antidepressants to the millions of patients in need of new options as expeditiously as possible. I want to thank Derek Small for his outstanding work in advancing the company to this stage and look forward to continue working with Derek as a director of our distinguished board."

After 15 years of service, Dr. Riedel recently retired from Baxter International, a diversified healthcare company, as corporate vice president and chief science and innovation officer. Earlier in his tenure, Dr. Riedel was president and general manager of the recombinant proteins unit and vice president of research and development for Baxter's Bioscience business. Previously, Dr. Riedel was head of worldwide biotechnology and core research functions at Hoechst Marion Roussel, now Sanofi. He also held a number of scientific management positions at Hoechst-Marion Roussel and Hoechst. Dr. Riedel serves on the boards of Jazz Pharmaceuticals, Ariad Pharmaceuticals and the Illinois Biotechnology Industry Organization. Dr. Riedel is a member of the Austrian Academy of Sciences and was appointed by Governor Pat Quinn to serve on the Illinois Innovation Council. He is an adjunct professor of biochemistry and medicine at Boston University School of Medicine and adjunct professor of medicine at Northwestern University's Feinberg School of Medicine. Dr. Riedel received a Diploma and Ph.D. from the University of Frankfurt and was a postdoctoral fellow at Harvard University and a visiting professor at the Massachusetts Institute of Technology.

About Naurex
Naurex is a clinical-stage biopharmaceutical company developing products to treat diseases of the central nervous system (CNS). The company's lead compound, GLYX-13, has shown promising rapid-acting antidepressant activity with excellent safety and no psychcomimetic side effects in a Phase 2a clinical trial. GLYX-13 is currently in a Phase 2b repeat dose study as adjunctive therapy for major depressive disorder. Naurex's 2^nd-generation antidepressant is in Phase 1 clinical trials. Naurex's proprietary platform is focused on discovering novel compounds that act at the NMDA receptor to modulate neuronal plasticity and hold therapeutic potential for a number of CNS indications. For more information, visit www.naurex.com.

Contacts:
Naurex Inc.
Ashish Khanna
Vice President, Corporate Development
T: 847-871-0377
[email protected]

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SOURCE Naurex Inc.