Price to Help Lead Company Through Transition, Growth CARY, N.C., Aug. 21
CARY, N.C., Aug. 21 /PRNewswire/ -- Cornerstone BioPharma Holdings, Inc.,
a specialty pharmaceutical company focused on developing and commercializing
prescription medications for respiratory disorders, today announced that David
Price will join the company as its executive vice president, finance, and
chief financial officer.
Craig Collard, Cornerstone's president and chief executive officer, noted
that in addition to traditional financial duties, Price "will be invaluable in
helping guide Cornerstone's transition into a publicly traded company."
Announced in May 2008, Cornerstone's merger with the publicly held Critical
Therapeutics, Inc. (Nasdaq: CRTX) is targeted to close in the fourth quarter
of 2008. "We're pleased to have David's talent and efforts supporting our
executive team as well as our new stockholders."
Price brings more than 20 years of international experience with leading
accounting and investment banking firms, including PricewaterhouseCoopers,
Bear Stearns, and Jefferies & Company. He is currently serving as a managing
director with Jefferies and leads its Pharmaceutical Services division. In
this role, Price has provided investment banking advice to various specialty
pharmaceutical companies, including Cornerstone, and has been Jefferies' lead
representative in connection with Cornerstone's proposed merger with Critical
Therapeutics. Price holds an honours degree in Accounting and Financial
Management from Lancaster University, Lancaster, United Kingdom, and is a
Qualified Chartered Accountant in England and Wales.
"I am delighted to join Craig and his team who have built an excellent
specialty pharmaceuticals business," said Price. "The upcoming merger with
Critical Therapeutics adds a further exciting element to Cornerstone's
opportunities, and I am looking forward to working with my new colleagues to
take the combined company to the next level."
Price will begin working at Cornerstone on September 8, 2008.
ABOUT CORNERSTONE BIOPHARMA HOLDINGS, INC.
Cornerstone BioPharma Holdings, Inc., located in Cary, N.C., is a
specialty pharmaceutical company focused on acquiring, developing and
commercializing prescription products for the respiratory market. Cornerstone
currently promotes four marketed products in the United States to
respiratory-focused physicians and key retail pharmacies with its specialty
sales force. Cornerstone's commercial strategy is to acquire non-promoted or
underperforming branded pharmaceutical products and then maximize their
potential value by promoting the products using its sales and marketing
capabilities and applying various product life cycle management techniques.
Cornerstone's product development pipeline consists of three line extensions
of one of its currently marketed products and three other product candidates
for the respiratory market. Cornerstone also generates revenue from the sale
of six marketed product lines that include products that it does not promote.
SOURCE Cornerstone BioPharma Holdings, Inc.
