Fortress Biotech Announces Appointment of Lucy Lu, MD, as President and Chief Executive Officer of Subsidiary Avenue Therapeu...
July 03 2017 - 7:00AM
Fortress Biotech, Inc. (NASDAQ:FBIO) (“Fortress”), a
biopharmaceutical company dedicated to acquiring, developing and
commercializing novel pharmaceutical and biotechnology products,
announced that Lucy Lu, MD, has been named President and Chief
Executive Officer of its Fortress subsidiary Avenue Therapeutics,
Inc. (NASDAQ:ATXI) (“Avenue”). Dr. Lu has served as interim Chief
Executive Officer of Avenue since inception. Fortress also
announced that Ms. Robyn Hunter has been appointed Chief Financial
Officer of Fortress, a role formerly held by Dr. Lu.
Dr. Lindsay A. Rosenwald, Fortress’ Chairman,
President and Chief Executive Officer, said, “Lucy has been
essential in building Avenue, and we are thrilled to announce her
official appointment as Chief Executive Officer. Lucy’s financial
and drug development expertise uniquely qualifies her to lead
Avenue, which completed a successful $38 million IPO last week and
plans to initiate a Phase 3 clinical trial this year for its lead
therapy IV Tramadol in the management of postoperative pain. In
addition, we are excited to announce that Robyn will assume the
role of Chief Financial Officer of Fortress. Robyn was previously
Vice President and Corporate Controller of Fortress, where she has
been instrumental in the implementation of our financial and
operational strategy. I look forward to working with Robyn and Lucy
in these new roles.”
Ms. Robyn Hunter has more than 30 years of
financial and operational experience across many industries. She
served as Fortress’ Vice President and Corporate Controller since
June 2011, where she executed financial and operational processes,
procedures and policies in support of the Company’s growth
strategy. Prior to Fortress, Ms. Hunter was Senior Vice President
and Chief Financial Officer of Schochet Associates, and served as
Corporate Controller for Indevus Pharmaceuticals. Earlier in her
career, she held leadership positions ranging from Accounting
Manager to Vice President and Treasurer at The Stackpole
Corporation. Ms. Hunter holds a B.A. in economics from Union
College in Schenectady, New York.
About Avenue TherapeuticsAvenue
is a New York-based, specialty pharmaceutical company focused on
the development and commercialization of an intravenous formulation
of tramadol HCl (“IV Tramadol”) for the management of moderate to
moderately severe postoperative pain. Avenue Therapeutics completed
pharmacokinetics and End-of-Phase 2 studies for IV Tramadol in
2016, and plans to initiate a Phase 3 development program of IV
Tramadol this year.
About Fortress BiotechFortress Biotech, Inc.
(“Fortress”) is a biopharmaceutical company dedicated to acquiring,
developing and commercializing novel pharmaceutical and
biotechnology products. Fortress develops and commercializes
products both within Fortress and through certain subsidiary
companies, also known as Fortress Companies. In addition to its
internal development programs, Fortress leverages its
biopharmaceutical business expertise and drug development
capabilities and provides funding and management services to help
the Fortress Companies achieve their goals. Fortress and the
Fortress Companies may seek licensing arrangements, acquisitions,
partnerships, joint ventures and/or public and private financings
to accelerate and provide additional funding to support their
research and development programs. For more information, visit
www.fortressbiotech.com.
Forward-Looking StatementsThis press release may
contain “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements include, but are
not limited to, any statements relating to our growth strategy and
product development programs and any other statements that are not
historical facts. Forward-looking statements are based on
management’s current expectations and are subject to risks and
uncertainties that could negatively affect our business, operating
results, financial condition and stock price. Factors that could
cause actual results to differ materially from those currently
anticipated include: risks relating to our growth strategy; our
dependence on third-party suppliers; risks relating to the results
of research and development activities; uncertainties relating to
preclinical and clinical testing; risks relating to the timing of
starting and completing clinical trials; our ability to obtain,
perform under and maintain financing and strategic agreements and
relationships; our ability to attract, integrate and retain key
personnel; the early stage of products under development; our need
for substantial additional funds; patent and intellectual property
matters; competition; as well as other risks described in our SEC
filings. We expressly disclaim any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in our
expectations or any changes in events, conditions or circumstances
on which any such statement is based, except as required by
law.
Contacts:
Fortress Biotech, Inc.
Jaclyn Jaffe
(781) 652‐4500
ir@fortressbiotech.com
Fortress Biotech Media Relations
Laura Bagby
6 Degrees
(312) 448-8098
lbagby@6degreespr.com
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