9/1/2009 11:48:59 AM
VERNON HILLS, Ill.--(BUSINESS WIRE)--Applied NeuroSolutions, Inc. (OTCBB: APSN) (www.AppliedNeuroSolutions.com), a biotechnology company focused on the development of products for the early diagnosis and treatment of Alzheimer’s disease (“AD”), today announced the appointment of Craig S. Taylor, Ph.D. as its President, CEO and a member of its Board of Directors, replacing Ellen R. Hoffing who announced her intent to remain as Chairman and step down as President and CEO on August 6, 2009.
Dr. Taylor is an accomplished healthcare executive with a broad range of leadership experience including the following areas: diagnostic and drug development, alliance management, licensing and project management. Prior to his tenure at Adams Street Partners, LLC where he was Partner, Direct Venture Capital Investments, Dr. Taylor served as Associate Director of Business development for G.D. Searle (now part of Pfizer). Prior to joining Searle in a business capacity, he served as a Senior Research Biochemist, Project Manager at Abbott Laboratories (NYSE: ABT) in the Diagnostic Division. Dr. Taylor’s career has blended his scientific and business experience, building from his formal education, having earned both a Ph.D. at Georgetown University, School of Medicine and an MBA from the University of Chicago, Booth School of Business.
Commenting on the appointment, Ellen Hoffing, APNS Chairman of the Board said, “We are pleased to welcome Craig to APNS and are confident that he has the technical and business skill sets to lead APNS through our next stage of serum diagnostic development and pharmaceutical partnering. His hands on background in diagnostics, licensing and project management, directed at developing and commercializing both diagnostic and pharmaceutical products, should be extremely valuable as we continue advancing our serum diagnostic program, and the related licensing and partnership arrangements, towards commercial success.
In reaction to his new role Craig added, “I am excited to be joining APNS with its promising portfolio of innovative technologies focused on improving the lives of people suffering from Alzheimer's disease. I look forward to working with Eli Lilly and Company on our drug development collaboration and to continue advancing the Company’s serum diagnostic development program to commercialization."
About Applied NeuroSolutions:
Applied NeuroSolutions, Inc. (OTC BB:APSN - News) is developing diagnostics and therapeutics to detect and treat Alzheimer's disease (AD) building on discoveries originating from the Albert Einstein College of Medicine. Applied NeuroSolutions is in a collaboration with Eli Lilly and Company to develop novel therapeutic compounds to treat the progression of AD. For its diagnostic pipeline, Applied NeuroSolutions is focused on both serum and cerebrospinal fluid (CSF) tests to detect AD at a very early stage. The CSF based P-Tau 231 test now being offered for use in clinical trials can effectively differentiate AD patients from those with other neurological diseases that have similar symptoms. There is currently no FDA approved diagnostic test to detect AD. Alzheimer's disease currently afflicts over five million Americans, and the world market for AD therapy is currently estimated to be nearly 30 million patients. For more information, visit www.AppliedNeuroSolutions.com.
This press release contains forward-looking statements. Applied NeuroSolutions wishes to caution the readers of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, the risks associated with new product development and commercialization, clinical trials, intellectual property, regulatory approvals, potential competitive offerings, and access to capital. For further information, please visit the company's website at www.AppliedNeuroSolutions.com, and review the company's filings with the Securities and Exchange Commission.