Portland, Maine – September 29, 2010 – AIKO Biotechnology, a company focused on the development of innovative compounds for the treatment of pain and the side effects associated with opioid-based prescription pain medication, today announced the appointment of industry veteran Jim New, Ph.D., to the newly created position of chief executive officer (CEO). In addition, Paul Goldenheim, M.D. joins the company’s board of directors. These additions follow on positive Phase 1 clinical trial results for AIKO’s lead compound in development, AIKO-150, for the treatment of opioid-induced constipation (OIC).
“We are very pleased to welcome Jim New as CEO of AIKO, and Paul Goldenheim as a board director. As CEO, Dr. New’s vision and leadership experience with innovative drug development companies are important assets as AIKO advances into our next stage of growth,” said Victor Otley, AIKO’s chairman of the board. “Our lead product has successfully completed two Phase 1 trials demonstrating safety, tolerability and efficacy of AIKO-150 in treating OIC. We now plan an intensive push through clinical development to file this product with regulatory authorities both in the U.S. and abroad. The new expertise we are bringing on board is essential to executing this plan on the shortest path possible.”
Dr. New has worked on both the brand and generic sides of the pharmaceutical industry in the areas of drug design and synthesis, business development and M & A, and product development functions. Most recently, he co-founded and served as CEO of Abrika Pharmaceuticals. Following the successful trade-sale of Abrika in 2007, Dr. New became President and CEO for a small European drug development company. He holds a B.A. in Biology from SUNY Geneseo, a M.S. in Biochemistry from the University of Maine at Orono, a Ph.D. in Medicinal Chemistry from SUNY Buffalo, and a MBA from the Columbia Business School .
Jim New said, “I believe AIKO has a bright future and am very excited to join the company as CEO. AIKO already has a strong lead clinical-stage compound that has all the hallmarks of becoming the best-in-class therapeutic for the treatment of opioid-induced constipation. Currently, there is no oral prescription therapy available in the U.S. to treat OIC, a common side-effect associated with chronic opioid use for pain relief. Many patients do not respond to over-the-counter treatments for OIC, a condition which represents an estimated $1 billion market worldwide. Beyond OIC, AIKO’s technology also shows potential in managing the addictive and abuse potential of opioid-based drugs.”
Dr. Goldenheim is a pulmonary physician with 25 years of experience in pharmaceuticals and biotechnology. He has extensive experience managing pharmaceutical research and development, and management, with a focus on analgesics. Dr. Goldenheim serves as a director or consultant to a number of biotechnology companies. He received his A.B. from Harvard College magna cum laude with highest honors in biochemical sciences and his M.D. from Harvard Medical School .
About AIKO Biotechnology, Inc.
AIKO Biotechnology, Inc. (“AIKO”) is a biotechnology company located in Portland , Maine focused on the discovery and validation of innovative compounds for the treatment of pain and the side effects associated with prescription pain reliever (opioid) use, such as opioid-induced bowel dysfunction, addiction and abuse.
Contacts: Sondra Newman (media) NewComm Advisors sondra@newcomm.biz 617.877.5687
Janet Yancey-Wrona AIKO Biotechnology, Inc. jyancey@aikobiotech.com 207.317.0960
Source: AIKO Biotechnology, Inc.
