WARRINGTON, Pa., July 20, 2020 /PRNewswire/ -- Windtree Therapeutics, Inc. (NasdaqCM: WINT), a biotechnology and medical device company focused on developing drug product candidates and medical device technologies to address acute cardiovascular and pulmonary diseases, today announced John Hamill has been appointed Senior Vice President, Chief Financial Officer. In this role, Mr. Hamill will help accelerate key initiatives to advance the Company's business, financial planning, and shareholder value.
"We are delighted to have John join the Windtree team. He brings to us broad industry experience, having served as a seasoned financial executive and in a variety of senior roles for publicly traded companies," said Craig Fraser, chief executive officer of Windtree. "Throughout his career, John has demonstrated strong leadership to drive performance and has achieved many significant accomplishments. John's deep and practical industry experience combined with a high level of personal engagement will be a tremendous asset as we execute our strategy."
Mr. Hamill commented, "I am very pleased to join Windtree, with its multiple late-stage assets and programs that aim to address unmet needs in significant cardiovascular and respiratory markets. It's an exciting time for the company and I look forward to being part of a talented team focused on building value."
John joins Windtree with over 30 years of financial leadership experience in the pharmaceutical, biopharmaceutical, and clinical research sectors. He brings broad-based experience in financial, administrative, information technology, and facility functions, in addition to his success in completing IPO and follow-on offerings for several pharmaceutical companies. He most recently provided consulting services to various life science companies, headed up finance at Trevena, Inc., where he was instrumental in successfully raising equity; NephroGenex, Inc., where he actively led the IPO and subsequent financial restructuring and sale of the company; Savient Pharmaceuticals, where he led a sale process resulting in $120 million in proceeds; and PharmaNet where he successfully completed its sale for approximately $250 million, which then became known as PharmaNet Development Group, where he directed financial and administrative operations for the company. John received a B.S. degree in Accounting and Business and Computer Science from DeSales University and is a certified public accountant.
In connection with Mr. Hamill's appointment, the Board of Directors of Windtree granted him a stock option to purchase 211,000 shares of Windtree's common stock. The exercise price of the stock option will be the closing price of Windtree's common stock on the Nasdaq Capital Market on the date of grant, July 20, 2020.
The stock option is being granted to Mr. Hamill as an inducement material to him accepting employment with Windtree and is being granted outside of the Windtree Therapeutics, Inc.'s 2011 Long-Term Incentive Plan, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option will vest in three equal installments over three years beginning on the first anniversary of the grant date. The vesting of shares underlying the stock option is subject to Mr. Hamill's continued service with Windtree through each such applicable vesting date.
John Hamill is replacing Windtree's former CFO, John Tattory who is leaving to pursue other opportunities. In his former role, John Tattory led the Company's finance and accounting team, executing several successful fund-raising and business development transactions as well as the recent achievement of the Company's Nasdaq listing. The Company thanks John for his service and wishes him future success.
About Windtree Therapeutics Windtree Therapeutics, Inc. is a clinical-stage, biopharmaceutical and medical device company focused on the development of novel therapeutics intended to address significant unmet medical needs in important acute care markets. Windtree has three lead clinical development programs spanning respiratory and cardiovascular disease states, including istaroxime, a novel, dual-acting agent being developed to improve cardiac function in patients with acute heart failure and cardiogenic shock; AEROSURF®, an innovative combination drug/device product candidate that is designed to deliver the Company's proprietary synthetic, peptide-containing surfactant noninvasively to premature infants with respiratory distress syndrome (RDS); and rostafuroxin, a novel precision drug product being developed to target hypertensive patients with certain genetic profiles in the important group of patients with resistant hypertension. Windtree also has multiple pre-clinical programs, including potential heart failure therapies delivered orally that are based on SERCA2a mechanism of action.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company may, in some cases, use terms such as "predicts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are based on information available to the Company as of the date of this press release and are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the Company's current expectations. Examples of such risks and uncertainties include: risks and uncertainties associated with the ongoing economic and social consequences of the COVID-19 pandemic, including any adverse impact on the Company's clinical trials or disruption in supply chain; the success and advancement of the clinical development programs for istaroxime, AEROSURF® and the Company's other product candidates; the Company's ability to secure significant additional capital as and when needed; the Company's ability to access the debt or equity markets; the Company's ability to manage costs and execute on its operational and budget plans; the results, cost and timing of the Company's clinical development programs, including any delays to such clinical trials relating to enrollment or site initiation; risks related to technology transfers to contract manufacturers and manufacturing development activities; delays encountered by the Company, contract manufacturers or suppliers in manufacturing drug products, drug substances, aerosol delivery systems (ADS) and other materials on a timely basis and in sufficient amounts; risks relating to rigorous regulatory requirements, including that: (i) the FDA or other regulatory authorities may not agree with the Company on matters raised during regulatory reviews, may require significant additional activities, or may not accept or may withhold or delay consideration of applications, or may not approve or may limit approval of the Company's product candidates, and (ii) changes in the national or international political and regulatory environment may make it more difficult to gain regulatory approvals and risks related to the Company's efforts to maintain and protect the patents and licenses related to its product candidates; risks related to the size and growth potential of the markets for the Company's product candidates, and the Company's ability to service those markets; the Company's ability to develop sales and marketing capabilities, whether alone or with potential future collaborators; and the rate and degree of market acceptance of the Company's product candidates, if approved. These and other risks are described in the Company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements that the Company makes in this press release speak only as of the date of this press release. The Company assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.