VERNON HILLS, Ill.--(BUSINESS WIRE)--Aug. 29, 2006--Applied NeuroSolutions, Inc. (OTCBB:APNS - News; www.appliedneurosolutions.com), a biopharmaceutical company developing novel therapeutic targets for the treatment of, and diagnostics for the detection of, Alzheimer’s disease (AD), today announced the appointment of former Baxter Healthcare Corporation (NYSE:BAX - News) and American Pharmaceutical Partners (now called Abraxis BioScience)(NasdaqGS:ABBI) executive Ellen R. Hoffing as its President and CEO and a member of its Board of Directors, replacing John DeBernardis, Ph.D. who announced his intent to step down as CEO on July 19, 2006.
Ms. Hoffing is an accomplished healthcare executive with a broad range of leadership experience in the following areas: strategic planning, global operations, marketing, finance and business development. Prior to her tenure at American Pharmaceutical Partners, where she was Vice President, Strategic Planning, Ms. Hoffing served as Vice President, Renal Pharmaceuticals at Baxter Healthcare. In her 17 years at the Searle division of Monsanto, Ms. Hoffing took on roles of increasing responsibility, including Vice President, Global Analytics, where she was a key contributor in the market preparation and global launch of blockbuster drugs such as Celebrex®.
Although Dr. DeBernardis is stepping down as President, CEO and a member of the board he will remain with the Company as a senior advisor to Ms. Hoffing and will focus on the development of therapeutics to treat AD with Dr. Peter Davies, the Company’s founding scientist.
Commenting on the appointment, Robert S. Vaters, APNS Chairman of the Board said, “We are pleased to welcome Ellen to APNS and are confident that she has the skill set to lead APNS through our next stage of development. Her strong background in commercializing major pharma and healthcare products from the pre-clinical stage to global launch should be extremely valuable as we pursue significant licensing and partnership arrangements.”
In reaction to her new role Ellen added “It is a thrilling time to be joining the company as it is well positioned to make important contributions to address the needs of Alzheimer’s patients and their families. I look forward to helping maximize the potential of APNS’s unique technology in this large and growing market.”
About Applied NeuroSolutions
Applied NeuroSolutions, Inc. (OTCBB:APNS - News) is developing novel therapeutic targets for the treatment of, and diagnostics for the detection of, Alzheimer’s disease. The company’s technology is based on discoveries originating from the Albert Einstein College of Medicine. Applied NeuroSolutions has developed a cerebrospinal fluid (CSF) test to detect early-stage Alzheimer’s disease with an 85%-95% accuracy in more than 3,500 patient samples. There are approximately 2 million new patients annually worldwide who are candidates for an AD CSF diagnostic test, according to the research firm Datamonitor. The company is also developing a blood serum-based screening test, as well as novel therapeutic targets for treatment of AD. Alzheimer’s disease currently afflicts over 4 million Americans, and the market for AD therapy is expected to grow to 21 million patients by 2010 in the seven major pharmaceutical markets (USA, France, Germany, Italy, Spain, U.K. and Japan) according to BioPortfolio, Ltd. There is currently no FDA-approved diagnostic test to detect Alzheimer’s disease. 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.
Contact: Applied NeuroSolutions, Inc. David Ellison, CFO, 847-573-8000
Source: Applied NeuroSolutions, Inc.
