September 12, 2012 -- CytoDyn Inc. (the "Company") (CYDY), a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses, today announced the appointment of Dr. Nader Pourhassan as the company's new interim Chief Executive Officer and Dr. Richard Trauger as its new Chief Scientific Officer.
Dr. Pourhassan brings over 20 years of advanced engineering and mathematics expertise as well as strong business acumen, to his new role. Prior to his new position as CEO, Dr. Pourhassan served as the Company's Managing Director of Business Development, and before that, as its Chief Operating Officer. He received his Bachelor of Science degree from Utah State University in 1985, his Master of Science degree from Brigham Young University in 1990, and his Ph.D. in Mechanical Engineering from the University of Utah in 1998. He succeeds former President and CEO Kenneth J. Van Ness.
"The Board unanimously voted on Monday to promote Dr. Nader Pourhassan to interim CEO, effective immediately. Through his leadership and the CytoDyn team's hard work, we believe that CytoDyn can become a global leader in the fight against HIV/AIDS," said Gregory A. Gould, Chairman of the Board of CytoDyn.
The appointment of Dr. Pourhassan to CEO follows the recent promotion of Dr. Richard Trauger from Managing Director of Science to Chief Scientific Officer on August 23, 2012. Dr. Trauger has over 20 years of experience in the HIV/AIDS space, working as head of the immunology research group for the Immune Response Corporation's Remune program and as the Senior Director of Cancer and Infectious Disease for Hollis-Eden Pharmaceuticals. He received his Ph.D. from the University of South Carolina School of Medicine in 1986 in biomedical science, specializing in retrovirology.
"Both Dr. Trauger and I are very excited about the future of CytoDyn and are focused on moving the company forward. With the potential acquisition of PRO-140, we believe that CytoDyn will be well-positioned as the next leader in the development of monoclonal antibody therapy for the treatment and prevention of HIV/AIDS," said Dr. Pourhassan.
The Company is a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses and other antibody applications. The Company's proprietary drug candidate Cytolin(R) is a monoclonal antibody that binds to CD11a, a cellular antigen that is a component of the cellular adhesion molecule LFA-1. The Company intends to explore the clinical development of Cytolin(R) for persons infected with the Human Immunodeficiency Virus ("HIV") to determine if it could perturb the natural course of HIV infection. The Company recently completed a humanized antibody construct of Cytolin(R), filed a provisional patent for its use, and manufacturing discussions are underway. In addition, the Company is exploring the possible application of its existing proprietary monoclonal antibody for the treatment of Feline Immunodeficiency Virus ("FIV"), a retroviral infection in cats. The Company recently filed for a provisional patent for the use of these antibodies as well as selected small molecule antagonists and agonists for the treatment of FIV, and filed an application for registration of the trademark CytoFeline, intended for use in conjunction with veterinary preparations for the treatment of FIV. For more information about Cytolin(R), CytoFeline(TM) and the Company please go to www.cytodyn.com.
This press release includes forward-looking statements and includes forward-looking information within the meaning of United States securities laws. These statements and this information represent the Company's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the Company's control. These factors could cause actual results to differ materially from such forward-looking statements or forward-looking information. The words "believe," "estimate," "expect," "intend," "attempt," "anticipate," "foresee," "plan," and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.
Caitlin Carroll, Vice President
The Trout Group
Brian Korb, Senior Vice President