MAHWAH, N.J., Aug. 7, 2015 /PRNewswire/ -- PAION, Inc., a wholly owned subsidiary of PAION AG, today announced the appointment of Timothy E. Morris to the non executive Board of PAION, Inc. where he will also serve as a financial advisor to the company. Tim Morris has 31 years of professional finance and accounting experience, 20 of those years spent in the role of Chief Financial Officer, predominantly with biopharmaceutical companies. Tim Morris will advise PAION Inc. on the financing of the company's growing U.S. activities and in preparing for the upcoming commercialisation of Remimazolam.
"The board of directors joins me in welcoming Tim to this new position," said Dr. Wolfgang Sohngen, M.D., Ph.D., Chief Executive Officer of PAION AG. "With his experience in transitioning a development-stage company to commercial capability, his expertise in structuring and valuing transactions and his extensive relationships within the investment community, Tim will be invaluable to PAION as it develops Remimazolam for procedural sedation in the U.S. and regards the funding of the commercialization of the drug as an attractive option."
Tim Morris commented: "PAION and Remimazolam represent a great opportunity and I am honored to join the company's board at this important time as it transitions to a commercial-stage company."
Greg Papaz, President and Chief Executive Officer of PAION, Inc., added: "Tim has extensive fundraising experience and raised over $900 million in equity and convertible securities. As a Certified Public Accountant and Chief Financial Officer of a publicly traded company, he is qualified as an Audit Committee Financial Expert under Sarbanes-Oxley, NASDAQ, NYSE regulations and I am confident he will help us achieve our goals in the U.S."
Tim Morris joined AcelRx Pharmaceuticals Inc., a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of acute and breakthrough pain, in 2014 and currently serves as its Chief Financial Officer and head of business development. Prior to AcelRx he served as a Chief Financial Officer, Senior Vice President finance and global corporate development of VIVUS, Inc., from November 2004 to December 2013, overseeing finance, corporate development, IT, human resources, legal and investor relations functions. Prior to VIVUS, Tim Morris was Chief Financial Officer, Senior Vice President finance, manufacturing and administration from September 2001 to November 2004, and was a member of the Office of the President from August 2004 to November 2004 for Questcor Pharmaceuticals, Inc. Tim Morris graduated cum laude with a bachelor of science in business with emphasis in accounting from California State University, Chico, and is a Certified Public Accountant.
Remimazolam is an innovative ultra-short-acting general sedative/anesthetic. As a result of its short duration of action and good controllability, it has the potential for an improved efficacy and safety profile for patients, which is an important feature in procedural sedation for the users in this indication. Remimazolam's rapid offset is a consequence of its metabolism by tissue esterase enzymes which metabolize the compound into an inactive metabolite. In addition a favorable cardiovascular stability could be shown in the indication general anesthesia, which amongst others was reflected in a reduced need to counteract blood pressure drops with blood pressure stabilizing drugs like norepinephrine.
Remimazolam has potential in three indications:
- Procedural sedation (Lead indication US)
- General anesthesia (Lead indication EU, Japan)
- ICU sedation (Phase II Japan)
Remimazolam is available for licensing outside China, Russia (CIS) Turkey, MENA Region, South Korea and Canada, where the compound is partnered with Yichang Humanwell, R-Pharm, TR-Pharm, Hana Pharm and Pendopharm.
About PAION AG
PAION AG is a publicly-listed Specialty Pharma Company headquartered in Aachen, Germany with further sites in Cambridge, UK and New Jersey, US. The company has a track record of developing hospital-based treatments for which there is substantial unmet medical need. PAION's strategy is to participate in the commercialization of Remimazolam and extend its business with a focus on anesthesia/critical care products. Remimazolam is the building block for its future marketing activities.
For more information please visit www.paion.com
This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG's management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the Company's assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments.
SOURCE PAION, Inc.