New CEO for Australian Cancer Technology Limited
The Chairman of Australian Cancer Technology (AustCancer) (ASX:ACU), Dr Richard Opara, today announced that the Board of Directors has appointed Dr Leonard Firestone as Chief Executive Officer and Director of the Company.
“The Board is delighted that Dr Firestone, a highly experienced CEO in the US pharmaceutical industry with first-class biotech and financial networks and a successful track record managing growth, has accepted our invitation to become AustCancer’s US-based Chief Executive Officer,” Dr Opara said.
“Dr Firestone’s appointment is effective immediately. Our US growth phase is on track and Dr Firestone’s strong leadership will assist the company to deliver on its Australian and international objectives. Dr Firestone is an outstanding executive with demonstrated strategic vision and financial management skills and is highly respected in international medical and academic communities,” said Dr Opara.
Dr Firestone served as CEO, President, Chief Medical Officer, and Director of Manhattan Pharmaceuticals, Inc (OTC:MHTT.OB, 2003 – 2005), a prescription pharmaceutical development company in New York. He has also been Chief Executive Officer, Chief Medical Officer and Director of Innovative Drug Delivery Systems, Inc., now Intrac, Inc. (OTC:ITRD.OB, 2001 – 2003), as well as Chief Executive Officer and Chair of University Anesthesiology and Critical Care Medicine Foundation, a privately held medical practice management company in Pennsylvania (1996 – 2001).
During the prior two decades, Dr Firestone’s academic career was distinguished by a tenured, Endowed Professorship at the University of Pittsburgh, an Assistant Professorship at Harvard Medical School, a National Institutes of Health (NIH) Postdoctoral Fellowship in pharmacology at Harvard Medical School, and a Clinical Fellowship at Yale School of Medicine. Dr Firestone held a prestigious NIH Principal Investigatorship from 1985 – 2001, and was a permanent member of the NIH’s Division of Research Grants for Surgery, Critical Care, and Anesthesiology. Dr Firestone was awarded the MD degree from Yale and is certified by his (American) medical subspecialty Board.
Dr Firestone said that he was very excited by the prospect of joining AustCancer at such an important time in the company’s development.
“AustCancer has a very promising portfolio of therapeutic oncology products and I am looking forward to working with my colleagues to complete clinical trials, obtain the necessary regulatory approvals and begin marketing and sales as soon as possible,” said Dr Firestone.
Additional Information
Chief Executive Officer remuneration package
Dr. Firestone’s initial contract is for two years with a base salary of US$375,000, this amount being in line with Australian and US remuneration practices. He will further receive additional cash and equity incentives against agreed performance milestones. Dr. Firestone will also receive initial options of 3.7 million with an exercise price equal to yesterday’s 30-day weighted average trading price of the shares of the company. Further options will be granted on the anniversary of his contract equal to 2.5% of the fully-diluted equity of the company. All options are subject to shareholder approval. The Company and Dr Firestone have agreed principal terms allowing him to begin work immediately out of the San Diego office and he will execute a contract on his arrival in Australia on Friday. -0- *T Dr Leonard L Firestone, MD (Summary CV) Education: Harvard Business School 2002 Owner/President Management Program 1983 Diplomate, American Board Anesthesiology Harvard Medical School 1985 Postdoctoral Fellow in Molecular Pharmacology Yale School of Medicine 1980 Anesthesiology Residency and Fellowship Yale School of Medicine 1976 M.D. SUNY at Stony Brook 1972 B. Sci. (Honors) Professional Experience 2003-2005 Chief Executive Officer, President, Chief Medical Officer, and Director, Manhattan Pharmaceuticals, Inc., New York. Leadership role in publicly listed company (MHTT.OB) focused on development of prescription medications for large, underserved patient populations. Experience with “reverse” corporate mergers, SEC filings; Sarbanes-Oxley; stock registrations, comprehensive IR/PR programs. 2001-2003 2001-2004 (Dir) Chief Executive Officer, Chief Medical Officer, and Director, Innovative Drug Delivery Systems, Inc., New York. Leadership role in privately-held, development- stage pharmaceutical company focused on pain products. Experience with corporate development, strategy, and growth; product development and clinical trials; product candidate evaluation and in- licensing; marketing out-licensing; corporate financing via Private Placement and Public Offering mechanisms. IDDS completed a merger with Intrac, Inc. (ITRD.OB) in Dec. 2000. 1996-2001 Chairman and CEO, University Anesthesiology and Critical Care Medicine Foundation, Pittsburgh, PA. Physician practice management 501(c) 3, with 400+ professional employees (physicians, resident physicians, nurses), and 100 staff employees. Annual revenue = $200M from 27 clinical sites. 1996-2001 Chairman, Board of Trustees, UACCM Foundation. Fiduciary responsibility for more than $300 million in corporate employee pension funds. 1996-2001 Endowed Chair and University Professor, University of Pittsburgh. Department of Anesthesiology and Critical Care Medicine. 1996-1998 Anesthesiologist-in-Chief, Presbyterian University Hospital, Pittsburgh, PA. 1988-1996 Chief of Cardiac Anesthesia, Presbyterian University Hospital, Pittsburgh, PA. 1987-1996 Vice Chairman for Research and Associate Professor, University of Pittsburgh. Department of Anesthesiology and Critical Care Medicine. 1985-1987 Assistant Professor of Anaesthesia, Harvard Medical School. Massachusetts General Hospital *T
About Australian Cancer Technology (www.austcancer.com.au)
Australian Cancer Technology (AustCancer) is an international biotechnology company developing a broad oncology-related product portfolio. The company has acquired the North American marketing rights for RP101, a promising pancreatic cancer drug currently in Phase II clinical studies. AustCancer’s Pentrys(TM) anti-cancer vaccine is being evaluated in prostate cancer patients in Phase IIb clinical studies and the company is advancing immune enhancing adjuvants in three Phase I and II cancer trials. The company also markets revisys(TM), a branded line of medical nutritionals designed for people with special needs, including those undergoing cancer treatments. AustCancer is traded on the Australian Stock Exchange (ASX) under the symbol ACU. The company has established a Level 1 ADR stock program in the U.S. trading under the symbol AUCJY and also is listed on the Xetra exchange, the electronic trading system of the Frankfurt Stock Exchange, trading under the symbol CBS.
Forward-Looking Statements
Statements contained in this press release that are not historical information are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause Australian Cancer Technology’s (“company”) actual results to differ materially from those projected or implied. Such potential risks and uncertainties relate, but are not limited, to the results of clinical trials, product demand and market acceptance, the impact of competitive products and pricing, effectiveness and pace of current and future product development, and regulatory approval. More detailed information on these and additional factors that could affect the company’s operating and financial results are described in the company’s annual reports filed or to be filed with the Australian Stock Exchange. The company urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the company faces. The historical results achieved by the company are not necessarily indicative of its future prospects. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.