CytoDyn Inc. Appoints Anthony D. Caracciolo as Chairman of the Board of Directors
PORTLAND, Ore.--(BUSINESS WIRE)-- CytoDyn Inc. ("CytoDyn") (OTC QB: CYDY), a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses, today announced that Anthony D. Caracciolo has been appointed Chairman of the Board of Directors effective June 17, 2013. Past Chairman, Gregory A. Gould, will remain a member of the Board of Directors and continue to serve as Chair of the Audit Committee.
Mr. Caracciolo has been a Director at CytoDyn since December 2011. Mr. Caracciolo was formerly employed at Gilead Sciences, Inc. (NAS: GILD) , where he served as Senior Vice President, Manufacturing and Operations, and was a senior member of Gilead's executive committee, which was responsible for the strategic and operational direction of Gilead. Mr. Caracciolo's career includes 36 years of experience in the pharmaceutical industry.
"The Company thanks Mr. Gould for his many contributions as Chairman over the past year. We appreciate his commitment to continue to work closely with CytoDyn as an active member of the board, on which he has served since 2006," said Dr. Nader Pourhassan, CytoDyn's President and CEO. "Additionally, we are very pleased to see Mr. Caracciolo take on an expanded leadership role within CytoDyn. Mr. Caracciolo's years of experience in the life sciences field combined with his vision for CytoDyn's future provides our shareholders with unique and timely leadership for the Company."
"I am pleased to increase my involvement within CytoDyn to help the Company continue to move forward in the right direction," Mr. Caracciolo commented.
CytoDyn is a biotechnology company focused on developing subcutaneously delivered humanized cell-specific monoclonal antibodies (mAbs) as Entry Inhibitors for the treatment and prevention of HIV and FIV. The Company currently has two mAbs under development for HIV infection. PRO 140, recently acquired from Progenics Pharmaceuticals, is a Late Stage II humanized mAb with demonstrated antiviral activity in man. PRO 140 blocks the Human Immunodeficiency Virus (HIV) co-receptor CCR5 without affecting the normal function of the molecule. Results from Phase I and Phase IIa human clinical trials have shown that PRO 140 can significantly reduce viral burden in people infected with HIV. CytoDyn intends to continue to develop PRO 140 as a therapeutic anti-viral agent in persons infected with HIV.
The Company's second humanized mAb under development is Cytolin®, which targets LFA-1, a membrane-associated molecule reported to be important for entry and fusion of HIV to target cells and for cell-to-cell transmission. CytoDyn is also exploring the possibility that its anti-LFA-1 strategy to control HIV infection may be effective to treat feline immunodeficiency virus (FIV) infection, as well. To test this hypothesis, CytoDyn is developing CytoFeline, a monoclonal antibody that blocks feline LFA-1. For more information on the Company, please visit www.cytodyn.com.
This press release includes forward-looking statements and forward-looking information within the meaning of United States securities laws. These statements and information represent CytoDyn's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond CytoDyn's control. These factors could cause actual results to differ materially from such forward-looking statements or 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.
CytoDyn 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 forward-looking information. While it is impossible to identify or predict all such matters, these differences may result from, among other things, the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products and product candidates, including the risks that clinical trials will not commence or proceed as planned; products appearing promising in early trials will not demonstrate efficacy or safety in larger-scale trials; future clinical trial data on our products and product candidates will be unfavorable; our products will not receive marketing approval from regulators or, if approved, fail to gain sufficient market acceptance to justify development and commercialization costs; competing products currently on the market or in development may reduce the commercial potential of our products; CytoDyn, our collaborators or others may identify side effects after the product is on the market; or efficacy or safety concerns regarding marketed products, whether or not scientifically justified, may lead to product recalls, withdrawals of marketing approval, reformulation of the product, additional pre-clinical testing or clinical trials, changes in labeling of the product, the need for additional marketing applications, or other adverse events.
We are also subject to additional risks and uncertainties, including risks associated with the actions of our corporate, academic and other collaborators and government regulatory agencies; risks from market forces and trends; potential product liability; intellectual property, litigation, environmental and other risks; and risks that current and pending patent protection for our products may be invalid, unenforceable or challenged, or fail to provide adequate market exclusivity. There are also substantial risks arising out of our need to raise additional capital to develop our products and satisfy our financial obligations; the highly regulated nature of our business, including government cost-containment initiatives and restrictions on third-party payments for our products; the highly competitive nature of our industry; and other factors set forth in our Annual Report on Form 10-K and other reports filed with the U.S. Securities and Exchange Commission.
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