Allos Therapeutics Appoints James V. Caruso as Chief Commercial Officer
June 05 2006 - 7:07PM
PR Newswire (US)
WESTMINSTER, Colo., June 5 /PRNewswire-FirstCall/ -- Allos
Therapeutics, Inc. (NASDAQ:ALTH) today announced the appointment of
James V. Caruso as Executive Vice President, Chief Commercial
Officer. In this newly created role, Mr. Caruso will oversee the
Company's business development, sales and marketing functions. "Jim
has a proven track record of leadership and achievement in the
pharmaceutical industry," said Paul L. Berns, President and CEO.
"He has successfully led organizational efforts to launch new
pharmaceutical products in various therapeutic categories. His
experience in new product planning and commercialization will
further support the Company's future strategic growth plans. We
believe Jim will have a significant impact on the strategic
development of our product portfolio and that his expertise and
leadership will help us to build a world-class commercial
organization." "I am pleased to accept this position and apply my
industry experience to this exciting opportunity," said Mr. Caruso.
"I see many parallels between the Company's pipeline and the
products I have worked on in the past, both in terms of their
potential to address unmet medical need as well as the opportunity
to market specialty biopharmaceuticals to a targeted physician and
patient audience." Mr. Caruso brings over 18 years of senior-level
commercial operating experience to Allos. Previously, he served as
Senior Vice President, Sales and Marketing at Bone Care
International, where he led the commercial introduction of the
company's primary product and was responsible for building and
managing the company's sales, marketing, training, government
affairs, corporate development and new product planning efforts.
Prior to joining Bone Care, Mr. Caruso held senior management
positions at Novartis, BASF Pharma and Bristol-Myers Squibb
Company. Mr. Caruso earned his Bachelor of Science degree in
Finance from the University of Nevada. About Allos Therapeutics,
Inc. Allos Therapeutics, Inc. (NASDAQ:ALTH) is a biopharmaceutical
company focused on developing and commercializing innovative small
molecule therapeutics for the treatment of cancer. The Company's
lead product candidate, EFAPROXYN(TM) (efaproxiral), is a synthetic
small molecule designed to sensitize hypoxic, or oxygen-deprived,
tumor tissue during radiation therapy. EFAPROXYN is currently being
evaluated as an adjunct to whole brain radiation therapy in a
pivotal Phase 3 trial in women with brain metastases originating
from breast cancer. The Company's other product candidates are: PDX
(pralatrexate), a small molecule chemotherapeutic agent (DHFR
inhibitor) currently under investigation in patients with non-small
cell lung cancer and Non-Hodgkin's lymphoma; and RH1, a small
molecule chemotherapeutic agent bioactivated by the enzyme
DT-diaphorase currently under evaluation in patients with advanced
solid tumors. For more information, please visit the Company's web
site at: http://www.allos.com/. NASDAQ Notice In connection with
the commencement of Mr. Caruso's employment, on June 5, 2006, the
Company granted Mr. Caruso 110,000 shares of restricted stock and
options to purchase 350,000 shares of common stock under the
Company's 2006 Inducement Award Plan. Mr. Caruso's restricted stock
vests over a four-year period, with 25% of the restricted stock
vesting on each of the first four anniversaries of the date of
grant. Mr. Caruso's options have an exercise price of $3.13 per
share, which equals the closing sale price of a share of the
Company's common stock on the date of grant, and are non-qualified
options for tax purposes. The options have a ten year term, and
vest over a four year period, with 25% of such options vesting one
year after the date of grant, and the remaining 75% of such options
vesting in equal monthly installments thereafter over the next
three years. Any unvested portions of the restricted stock and
options will be forfeited upon the termination of Mr. Caruso's
employment with the Company, except if the Company (or any
surviving or acquiring corporation) terminates Mr. Caruso's
employment without cause or if he resigns for good reason within
one month prior to or thirteen months following a change in control
of the Company, in which case the restricted stock and options will
vest in full. The restricted stock and options were approved by the
Compensation Committee of the Company's Board of Directors, and
were granted without stockholder approval pursuant to NASD
Marketplace Rule 4350(i)(1)(A)(iv). Safe Harbor Statement This
press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
include statements relating to Mr. Caruso's potential impact on the
future growth and success of the Company; the potential safety,
efficacy and marketability of the Company's product candidates; and
other statements that are other than statements of historical
facts. In some cases, you can identify forward-looking statements
by terminology such as "may," "will," "should," "expects,"
"intends," "plans," anticipates," "believes," "estimates,"
"predicts," "projects," "potential," "continue," and other similar
terminology or the negative of these terms, but their absence does
not mean that a particular statement is not forward- looking. Such
forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that may cause actual
results to differ materially from those anticipated by the
forward-looking statements. These risks and uncertainties include,
among others, that the Company's product candidates are in various
stages of development and may never be fully developed in a manner
suitable for commercialization. If the Company is unable to
develop, receive approval for, or successfully commercialize any of
its product candidates, it will be unable to generate meaningful
revenue from product sales and may never become profitable.
Additional information concerning these and other factors that may
cause actual results to differ materially from those anticipated in
the forward-looking statements is contained in the "Risk Factors"
section of the Company's Annual Report on Form 10-K for the year
ended December 31, 2005 and in the Company's other periodic reports
and filings with the Securities and Exchange Commission. The
Company cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. All
forward-looking statements are based on information currently
available to the Company on the date hereof, and the Company
undertakes no obligation to revise or update these forward-looking
statements to reflect events or circumstances after the date of
this presentation, except as required by law. Note: EFAPROXYN(TM)
and the Allos logo are trademarks of Allos Therapeutics, Inc.
DATASOURCE: Allos Therapeutics, Inc. CONTACT: Jennifer Neiman,
Manager, Corporate Communications of Allos Therapeutics,
+1-720-540-5227, Web site: http://www.allos.com/
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