BV3 & BV4 Portfolio Company Xanodyne Announces New President/CEO and Completes $38 million equity financing
Daniel W. Docherty, VP Marketing
Xanodyne Pharmaceuticals, Inc.
FOR IMMEDIATE RELEASE
Xanodyne Announces New President/CEO and Completes $38 million equity financing
Newport, KY --- June 4, 2009 --- Xanodyne Pharmaceuticals, Inc. is pleased to announce that Michael J. Valentino has been named to the position of President and Chief Executive Officer and continues as a member of the Company's Board of Directors. In addition to Mr. Valentino's announcement, Xanodyne completed an equity financing of $38 million led by MPM Capital. Current investors' participation also included; AIG Investments' sponsored funds, Aisling Capital, Blue Chip Venture Company, Essex Woodlands Health Ventures, HealthCare Ventures, LLC, and Union Springs.
Mr. Valentino most recently served as President and CEO, Adams Respiratory Therapeutics (ARXT: NASDAQ) and has over 30 years of experience in the healthcare industry, including a broad range of critical leadership positions at major pharmaceutical companies including Alpharma, Novartis AG, Pharmacia/Upjohn and Warner Lambert. Mr. Valentino successfully transformed Adams into a fully integrated specialty pharmaceutical company. In addition, under his leadership Adams completed its initial public offering in July 2005, which was ranked by The Wall Street Journal as the No. 1 Health Care IPO in 2005. In January 2008, he successfully led the sale of the company to Reckitt Benckiser for $2.3B.
Mr. Valentino said, "I look forward to working closely with the Xanodyne management team to bring two exciting pipeline assets to the US marketplace within the next 12-18 months. Our efforts will be focused on aggressively executing our commercialization plans for ZipsorTM (diclofenac potassium - acute pain) and XP12B (tranexamic acid - heavy menstrual bleeding). The closing of our financing demonstrates the continued commitment of our investor group to complete the NDA process and execute the launch plans for these two important new products."
Rolf Classon, Chairman of the Board said, "The Board is excited about the achievement of these important milestones for Xanodyne. Mike brings major pharmaceutical and commercial experience to the team while the financing brings the critical resources needed for the launches. Xanodyne is now in a position to expand its current commercial product portfolio with an emerging pipeline to generate near term growth."
Xanodyne Pharmaceuticals, Inc., which commenced operations in 2001, is an integrated specialty pharmaceutical company with both development and commercial capabilities focused on women's healthcare and pain management. Xanodyne markets a portfolio of revenue generating products consisting of FDA approved pharmaceuticals and a line of prenatal vitamins. Additionally, Xanodyne is advancing a late stage pipeline of product candidates targeted at significant potential markets in Xanodyne's focus areas.