Isotechnika Pharma Inc. (TSX:ISA) is pleased to announce the appointment of Mr. Daniel Park to the role of Chief Business Officer (CBO), reporting directly to the CEO of the Company. Mr. Park is also a member of the Company’s Board of Directors.
As Chief Business Officer, Mr. Park will oversee all business development operations at Isotechnika, and will specifically help to lead licensing and partnership discussions and negotiations for voclosporin. As a member of the Executive Management team, he will also provide guidance and input on other key business issues. Mr. Park will remain as a member of the Company’s Board of Directors. In accepting the position Mr. Park stated, “I am very excited to be taking a more active role in the business aspects of Isotechnika, and helping the Company to realize the full potential of its assets.”
Dr. Robert Foster commented, “On behalf of the Board and Management of Isotechnika, I would like to express our great pleasure in having Mr. Park accept the CBO position. Mr. Park has proven to be an invaluable asset since joining the Board, and his confirmation as CBO recognizes his contribution, and formalizes his role in the Company. I look forward to working closely with Mr. Park in moving our business interests forward.”
Mr. Park maintains his position as Executive Vice-President of ILJIN Group, a large conglomerate based in South Korea with 2010 revenue of US$2 billion. He has held senior management roles since 1998 when he was Vice President of ETEX Corp., an advanced biomaterials company focusing on products that promote bone repair and enable controlled delivery therapies. ETEX is one of the subsidiaries of ILJIN Group. Mr. Park has since worked in numerous ILJIN Group companies including ILJIN Display Co., Ltd. and ILJIN Diamond Co., Ltd. in senior management positions. He is presently in the Planning Office of ILJIN Group which contains multiple subsidiary companies. Mr. Park holds a Masters of Business Administration degree from the University of California at Los Angeles, and a Masters degree in Economics from Seoul National University.
As a reminder, Isotechnika Pharma Inc. entered into a Development, Distribution and License Agreement (DDL) with ILJIN Life Science Co., Ltd. (a member company of the ILJIN Group) for the clinical and commercial development of voclosporin in November 2010. Pursuant to the DDL, the Company is to perform a single Phase 3 clinical trial in kidney transplantation which will be funded by ILJIN through a combination of a license fee of US$5 million and the purchase, in three tranches, of Common Shares from treasury. The Company has already received US$6.9 million to date, and is eligible for its next funding of US$9 million by January 28, 2012. The DDL granted ILJIN an exclusive license to voclosporin for transplant and autoimmune indications for the US and other regions outside of Canada, Israel, South Africa, Europe, China, Taiwan and Hong Kong. The Company retains the rights over voclosporin in Europe for future development and commercialization.
About Isotechnika Pharma Inc.
Isotechnika Pharma Inc. is a biopharmaceutical company focused on the discovery and development of immunomodulating therapeutics designed to offer key safety advantages over currently available treatments. Its lead drug, voclosporin, is a calcineurin inhibitor, and is targeted at the estimated US$3.0 billion market for this class of immunosuppressants. Isotechnika Pharma Inc. trades on the Toronto Stock Exchange under the symbol “ISA”. More information on Isotechnika Pharma can be found at www.isotechnika.com or www.sedar.com.
We seek Safe Harbour.
For further information:
Dr. Robert Foster
President & CEO
780-487-1600 (x247)
rfoster@isotechnika.com
Mr. Dennis Bourgeault
Chief Financial Officer
780-487-1600 (x226)
dbourgeault@isotechnika.com
