Wilmington-based aaiPharma Inc.’s board has named Dr. Philip Tabbiner president and chief operating officer of the company.
The company also named David Hurley president of NeoSan, the company’s commercialization business unit, previously headed by Dr. Tabbiner.
Dr. Tabbiner is a veteran of the pharmaceutical industry whose career has included executive positions at Bayer Corporation, Chiron Corporation, and DuPont Merck Pharmaceuticals. Dr. Tabbiner assumes direction of several key areas of aaiPharma, including: NeoSan Pharmaceuticals, the Company’s product commercialization business unit; and aaiResearch, the licensing and product development unit of the company.
During his tenure as president of NeoSan, Dr. Tabbiner built the division from its initial launch as a start-up organization to a revenue-generating business unit that currently markets three pharmaceutical product lines with combined annual sales of more than $60 million. In the 2001 fourth quarter alone, pharmaceutical product sales represented 35 percent of total aaiPharma revenues, versus 11% in the year-ago period.
Hurley, who succeeds Dr. Tabbiner as president of NeoSan Pharmaceuticals, had a distinguished career leading several major pharmaceutical companies. Prior to joining aaiPharma, Hurley served as chief executive officer of HealthNexis, a healthcare technology. Prior to HealthNexis, Hurley was president and CEO of Geneva Pharmaceuticals, Inc. and President and CEO of Novartis Nutrition.
Frederick D. Sancilio remains chairman and CEO of aaiPharma.
AaiPharma acquires, enhances and markets branded drug products, often increasing their commercial life cycle with its proprietary drug delivery technologies.
Pozen Inc. misses analysts estimates
Pozen Inc., based in Chapel Hill, reported 2001 annual net losses of $21.7 million or 78 cents a share, 7 cents higher than consensus analysts estimates, according to Zack’s Investment Research. Pozen is developing several experimental treatments for migraine headache.
Pozen’s net loss attributable to common stockholders was $21.7 million, or 78 cents a common share, for 2001 compared with $22.4 million, or $2.17 a common share, for 2000. Analysts had estimated the company would lose 71 cents a share.
MT 100, Pozen’s lead product candidate, is an oral, first-line treatment for migraine pain. Pozen has completed all planned Phase III clinical trials for MT 100, which consistently demonstrated its effectiveness.
In a conference call Thursday, Pozen chairman, president and chief executive officer, John R. Plachetka said the MT 100 has completed all five of its clinical trials, performing well in each. It also completed tests in mice to show the drug does not cause cancer.
Plachetka said that if the U.S. Food and Drug Administration agrees, the company could submit a new drug application, the first step to market, by the middle of this year and begin commercializing the product in 2003. If the FDA requires further data that could be delayed until 2004 he said.
Plachetka said Pozen believes it has sufficient cash to fund the development of its current product candidate portfolio. “At December 31, 2001, we had $74.0 million in cash and cash equivalents. For the first quarter of 2002, we expect our operating expenses will be in the range of $6.5 million to $7.5 million, depending upon when we start various trials.”
The company has three drugs to treat migraine in various stages of clinical trials. The market for the drugs is estimated at $2.6 billion a year.
Triangle discloses $75 million loss
Triangle Pharmaceuticals, whose founder and CEO, Dr. Dave Barry, died on Jan. 29, said Thursday it lost $75,926,000, or $1.40 per share, in 2001. A conference call is set for 11:30 a.m. Friday to discuss the news.
The loss is down considerably from 2000 ($109,525,000) or $2.87 per share. Triangle cut its work force and made other adjustments last fall in order to reduce its losses.
Revenues for 2001 were $5.8 million, down from $7.3 million the previous year.
The company’s stock closed at $4.35 Thursday, up 20 cents or nearly five percent.
Paradigm’s Ryals to confirm fourth-quarter loss
Dr. John Ryals, CEO and president of Paradigm Genetics, plans to announce the company’s comfort with analysts’ consensus estimates for 2001 fourth-quarter loss of 13 cents per share at a conference in New York next week.
The company will release final 2001 fourth quarter and year-end results on February 27.
Paradigm (Nasdaq: PDGM) will make a presentation to analysts and portfolio managers at the Wall Street Analyst Forum’s Institutional Investor Conference in New York City on Feb. 14. Ryals will give an overview of the company and its metabolomics technology platform, MetaVantage(TM).
Tripath revenues up 21 percent
TriPath Imaging, Inc. (Nasdaq: TPTH) reported revenues of $6.3 million for the fourth quarter of 2001, a 21 percent increase from the prior quarter.
TriPath develops, manufactures, markets and sells proprietary products to improve cancer detection, diagnosis, and treatment selection. Its AutoCyte PREP and AutoPAP systems offer alternatives to conventional PAP tests.
TriPath reported a net loss of 20 cents a share for the quarter as compared with a loss of 21 cents a share in the fourth quarter of 2000.
The company said the $1 million increase in revenue for the quarter came primarily from sales of disposables and reagents.
Total revenues for the quarter were approximately 30 percent lower than the $9 million recorded in the fourth quarter of 2000 due to a 71 percent decrease in AutoPap related sales. Domestic reagent and disposable sales increased nearly 100 percent as compared to the fourth quarter of 2000.
For the year ending Dec. 31, 2001, the company reported revenues of $27 million. It lost 61 cents a share as compared with a net loss of 60 cents a share in 2000.
Domestic sales of reagents and disposables increased 150 percent from the prior year. The rate of placement of PREP systems increased approximately 42 percent.
Total sales for the year declined 17 percent due to a 52 percent decrease in AutoPap related sales.
TriPath Oncology, AmeriPath to develop skin cancer test
TriPath’s wholly owned subsidiary, TriPath Oncology, said Thursday it has agreed to collaborate with Rivera, Fla.-based AmeriPath Inc. (Nasdaq:PATH) on developing a gene expression test for the most deadly form of skin cancer, malignant melanoma.
TriPath Oncology was established in July 2001 to manage the TriPath’s development and commercialization efforts in connection with agreements with BD (Becton, Dickinson and Company, NSE:BDX) to develop and commercialize molecular diagnostics and pharmacogenomic tests for cancer.
AmeriPath is a national provider of cancer diagnostics, genomics, and related information services.
Compiled by Allan Maurer