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Arrowhead Research Corporation (NASDAQ: ARWR), a nanomedicine company with development programs in oncology, obesity, and regenerative medicine, today announced that it has appointed Brendan P. Rae, Ph.D., J.D., to the position of Chief Business Officer, effective November 1, 2011. In this role, Dr. Rae will lead the Company's licensing and business development efforts with a focus on establishing corporate partnerships and strategic alliances worldwide.
In addition to practicing patent law, Dr. Rae has worked as a licensing and business development professional in the pharmaceutical and biotechnology industries over the last 15 years. In this capacity, he has successfully sourced new products, led due diligence and commercial evaluation teams, and negotiated and executed agreements in the US, Europe and Far East. Most recently, Dr. Rae was the Chief Business Officer of Vivaldi Biosciences Inc., an influenza vaccine development company headquartered in New York City. Prior to that, he served, from 2005 to 2010, as Senior Vice President, Licensing and Business Development at VIA Pharmaceuticals, Inc., a biotechnology company focused on the development of therapies for the treatment of cardiovascular disease. Dr. Rae's pharmaceutical licensing experience was gained at Hoffman-La Roche Ltd., where he directed the company's in-licensing and out-licensing activities from 1996 to 2003, and at Purdue Pharma L.P. Dr. Rae practiced patent law at the firm of Amster, Rothstein & Ebenstein, LLP.
"Establishing this role is a key element in our strategy to build long-term value for our shareholders through a combination of in-house R&D and strategic partnership agreements," said Dr. Christopher Anzalone, President and Chief Executive Officer of Arrowhead. "Brendan's in-depth knowledge of and expertise in business development for biotechnology and pharmaceuticals companies will serve the Company well as we work to advance and partner our drug candidates. On behalf of our management and Board, I welcome Brendan to our team."
Dr. Rae added, "Arrowhead has established a comprehensive and advanced portfolio of leading RNAi technology and IP, which firmly positions the Company as a likely candidate for large industry partnerships. I am excited to join the Arrowhead team and look forward to playing an active role in helping the Company build on its success."
Dr. Rae obtained his Bachelor of Science degree in Microbiology from Glasgow University, and was awarded a Ph.D. by the Institute of Virology in Glasgow, Scotland. He was a Postdoctoral Fellow at the Roche Institute of Molecular Biology. Dr. Rae has served as an Adjunct Assistant Professor, Department of Microbiology and Immunology, at the New York Medical College since 1989, and a Visiting Professor in the School of Host Infection and Immunity at Liverpool University since 2008. Dr. Rae earned his Juris Doctor degree from Seton Hall Law School in Newark, New Jersey.
About Arrowhead Research Corporation
Arrowhead Research Corporation (NASDAQ: ARWR) is a nanomedicine company developing innovative therapies at the interface of biology and nanoengineering to cure disease and improve human health. Arrowhead addresses its target markets through focused subsidiaries, which include: Calando Pharmaceuticals, a leader in delivering small RNAs for gene silencing; Ablaris Therapeutics, an anti-obesity therapeutics company; and Nanotope, a regenerative medicine company.
For more information please visit http://www.arrowheadresearch.com, or follow us on Twitter @ArrowRes. To be added to the Company's email list to receive news directly, please send an email to .
As an inducement to his entering into employment with the Company, Dr. Rae was awarded an "inducement" option under the NASDAQ Marketplace Rules. The option entitles Dr. Rae to purchase, outside of the Company's stockholder approved equity incentive plans, an aggregate of up to 175,000 shares of the Company's common stock at an exercise price per share equal to the last reported closing price of the Company's common stock on the date of grant. The option vests and becomes exercisable over a period of four years from the date of grant.
Safe Harbor Statement under the Private Securities Litigation Reform Act:
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the future success of our scientific studies, our ability to successfully develop drug candidates, the timing for starting and completing clinical trials, rapid technological change in our markets, and the enforcement of our intellectual property rights. Arrowhead Research Corporation's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q discuss some of the important risk factors that may affect our business, results of operations and financial condition. We assume no obligation to update or revise forward-looking statements to reflect new events or circumstances.
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