CARY, N.C., Aug. 21 /PRNewswire/ -- Cornerstone BioPharma Holdings, Inc., a specialty pharmaceutical company focused on developing and commercializing prescription medications for respiratory disorders, today announced that David Price will join the company as its executive vice president, finance, and chief financial officer.
Craig Collard, Cornerstone's president and chief executive officer, noted that in addition to traditional financial duties, Price "will be invaluable in helping guide Cornerstone's transition into a publicly traded company." Announced in May 2008, Cornerstone's merger with the publicly held Critical Therapeutics, Inc. is targeted to close in the fourth quarter of 2008. "We're pleased to have David's talent and efforts supporting our executive team as well as our new stockholders."
Price brings more than 20 years of international experience with leading accounting and investment banking firms, including PricewaterhouseCoopers, Bear Stearns, and Jefferies & Company. He is currently serving as a managing director with Jefferies and leads its Pharmaceutical Services division. In this role, Price has provided investment banking advice to various specialty pharmaceutical companies, including Cornerstone, and has been Jefferies' lead representative in connection with Cornerstone's proposed merger with Critical Therapeutics. Price holds an honours degree in Accounting and Financial Management from Lancaster University, Lancaster, United Kingdom, and is a Qualified Chartered Accountant in England and Wales.
"I am delighted to join Craig and his team who have built an excellent specialty pharmaceuticals business," said Price. "The upcoming merger with Critical Therapeutics adds a further exciting element to Cornerstone's opportunities, and I am looking forward to working with my new colleagues to take the combined company to the next level."
Price will begin working at Cornerstone on September 8, 2008.
ABOUT CORNERSTONE BIOPHARMA HOLDINGS, INC.
Cornerstone BioPharma Holdings, Inc., located in Cary, N.C., is a specialty pharmaceutical company focused on acquiring, developing and commercializing prescription products for the respiratory market. Cornerstone currently promotes four marketed products in the United States to respiratory-focused physicians and key retail pharmacies with its specialty sales force. Cornerstone's commercial strategy is to acquire non-promoted or underperforming branded pharmaceutical products and then maximize their potential value by promoting the products using its sales and marketing capabilities and applying various product life cycle management techniques. Cornerstone's product development pipeline consists of three line extensions of one of its currently marketed products and three other product candidates for the respiratory market. Cornerstone also generates revenue from the sale of six marketed product lines that include products that it does not promote.
CONTACT: Tiffany Ahlers of Cornerstone BioPharma Holdings, Inc.,