Pier Pharmaceuticals Names Peter Letendre as Chief Executive Officer, President and Director

LOUISVILLE, Colo., Dec. 17, 2010 /PRNewswire/ -- Pier Pharmaceuticals Inc.(formerly known as Steady Sleep Rx Co.), a clinical stage biopharmaceutical company focused on the treatment of sleep related breathing disorders (SRBDs), announced today the appointment of Peter W. Letendre, Pharm.D. as its CEO & President and his election to the Board of Directors.

As CEO and President, Dr. Letendre will be responsible for spearheading the clinical, regulatory, IP and strategic direction of the company. Based on data from a pilot proof of concept (POC) study in patients with obstructive sleep apnea (OSA), Dr. Letendre's initial efforts will be to raise additional capital to continue the clinical development of its lead compound, PP-001 for the treatment of OSA.

"Pete brings a wealth of successful experience across all aspects of the pharmaceutical business," said Ken Cohen, Chairman of the Board of Pier.  "The Board is confident he'll be an outstanding and effective leader as we move forward in the development of our sleep apnea drug candidate and the growth of the company."  

Dr. Letendre is an accomplished pharmaceutical industry executive and leader with over 21 years of a proven track record in commercialization, business strategy and management in both large and developing pharmaceutical and biopharmaceutical companies. Prior to joining Pier Pharmaceuticals, Pete was the President and Founder of Greyhound Pharmaceutical Consulting, Chief Commercial Officer at Replidyne, Inc. and Divisional Vice-President and General Manager of the hypertension and infectious disease franchises at Abbott Laboratories. Before joining Abbott Laboratories in 2002, Pete spent twelve years at SmithKline Beecham/GSK in commercial roles of increasing responsibility and scope in the therapeutic areas of psychiatry, neurology, infectious disease and endocrinology/diabetes. Under Pete's leadership and strategic direction, three of the franchises Pete was responsible for in his career eclipsed $1 Billion in sales.  Pete is also the co-founder of LiquiForm Pharmaceuticals and Calor Therapeutics. In addition to his broad-based experience in the pharmaceutical industry, Pete also enjoyed a distinguished career as a clinician, academician, researcher and educator prior to entering the pharmaceutical industry in 1990.  Pete holds a Bachelor of Science (BS) degree in pharmacy and a Doctor of Pharmacy degree (Pharm.D.) both from the Massachusetts College of Pharmacy and Allied Health Sciences.

"I am thrilled to be given the opportunity to lead Pier Pharmaceuticals as we further develop our lead asset for the treatment of obstructive sleep apnea, a medical condition estimated to occur in 18-20 million Americans.  OSA is associated with significant morbidity for which there is no currently approved pharmacologic option" said Dr. Letendre. "I strongly believe that an effective pharmacologic option for treating OSA will be an exceedingly important addition to the armamentarium of practicing physicians faced with managing this complex syndrome on a daily basis."

About Pier Pharmaceuticals

Pier Pharmaceuticals (formerly known as Steady Sleep Rx Co.) is a venture-backed clinical stage biopharmaceutical company founded in 2007 which is focused on the development and commercialization of products to treat sleep related breathing disorders, notably obstructive sleep apnea with its lead compound in development, PP-001. Institutional investors include IllinoisVENTURES and Origin Ventures. For more information about the company, its management and Board of Directors, please visit www.pierpharmaceuticals.com.

SOURCE Pier Pharmaceuticals