|
Barrier Therapeutics Announces Top
Management Succession Plan
Alfred Altomari, Barrier’s Chief Operating Officer, to
succeed Dr. Geert Cauwenbergh, Founder and Chief
Executive Officer, effective March 31, 2008
PRINCETON, NJ, January 25, 2008 -- Barrier Therapeutics,
Inc. (NASDAQ: BTRX) announced today that, in line with
its strategy to continue the aggressive
commercialization of its internal and acquired
dermatological products, Mr. Alfred Altomari, the Chief
Operating Officer of the Company, will succeed Dr. Geert
Cauwenbergh, Founder and Chief Executive Officer of the
Company, on March 31, 2008. Dr. Cauwenbergh will
continue to serve on the Board of Directors of the
Company. Mr. Altomari will join him on the Board,
effective immediately, filling the current vacancy on
the Board of Directors. During the coming two months,
Mr. Altomari and Dr. Cauwenbergh will work closely
together to assure an effective and smooth transition of
responsibilities.
In September 2001, Dr. Cauwenbergh incorporated Barrier
Therapeutics, based on a broad and deep research and
development pipeline of proprietary and innovative
dermatological products and a global exclusive license
from Johnson & Johnson to complete development and
commercialize these products. He guided the Company
through its initial public offering in the spring of
2004, and succeeded in attaining marketing approval from
the U.S. Food and Drug Administration (FDA) for two
products in 2006. The first product is currently
marketed as Vusion®, and it is the only product thus far
to be approved by the FDA for diaper dermatitis
complicated by candidiasis. The second is Xolegel®, the
first waterless gel product approved by the FDA for
treatment of seborrheic dermatitis. Dr. Cauwenbergh’s
vision, supplemented with acquired products, has
transformed the Company from a pure research and
development company into a fast growing therapeutic
dermatology company with estimated revenues in 2007 of
$23 million to $25 million and previously disclosed
forecasted revenues in 2008 of between $46 million and
$50 million.
“Considering the enhanced focus on our commercial
activities, this is the right timing, and a great
opportunity for the Company,” said Dr. Cauwenbergh. “I
am convinced that Al is the right person in the right
place at the right time.”
“Geert has provided great leadership for the Company
over the past six years,” said Mr. Altomari. “In
addition to the commercial emphasis in our Company’s
strategy, I will work to make sure that the exciting
pipeline of drugs in development continues to receive
focused attention in the coming years, through continued
internal development efforts as well as through
value-added strategic partnerships.”
Mr. Altomari has served in a variety of capacities at
Barrier Therapeutics since he joined the Company in July
2003, from Johnson & Johnson, where he headed up the
Ortho-Neutrogena dermatological franchise. He started at
Barrier Therapeutics as Vice President of Business
Development, and moved rapidly into the position of
Chief Commercial Officer and later Chief Operating
Officer. In this position, Mr. Altomari created a solid
commercial organization, including a 60-person specialty
pharmaceutical sales force focused on dermatology. Under
his leadership, the commercial organization launched
three products in a 16-month time span between July,
2005, and November, 2006. He also negotiated a
co-promotion relationship for Vusion with Novartis
Consumer that resulted in strong accelerated growth for
that product in the U.S. market in 2007.
About Barrier Therapeutics
Barrier Therapeutics, Inc. is a pharmaceutical company
focused on the development and commercialization of
products in the field of dermatology. Barrier
Therapeutics currently markets three pharmaceutical
products in the United States: Xolegel® (ketoconazole,
USP) Gel, 2%, for seborrheic dermatitis; Vusion® (0.25%
miconazole nitrate, 15% zinc oxide, 81.35% white
petrolatum) Ointment, for diaper dermatitis complicated
by documented candidiasis; and Solage® (mequinol 2.0%,
tretinoin 0.01%) Topical Solution, for solar lentigines.
Barrier Therapeutics has other product candidates in
various stages of clinical development for the treatment
of a range of dermatological conditions, including
onychomycosis, psoriasis, acne, skin allergies, and
superficial fungal infections. The company is
headquartered in Princeton, New Jersey and has
wholly-owned subsidiaries in Geel, Belgium. More
information about Barrier Therapeutics can be found on
its corporate website at:
www.barriertherapeutics.com.
Xolegel, Vusion and Solagé are trademarks of Barrier
Therapeutics, Inc.
Safe Harbor Statement
In addition to historical facts or statements of current
condition, this press release contains forward-looking
statements within the meaning of the "Safe Harbor"
provisions of The Private Securities Litigation Reform
Act of 1995, including statements regarding the
Company’s management succession plan. Forward-looking
statements provide Barrier's current expectations or
forecasts of future events. Barrier's performance and
financial results could differ materially from those
reflected in these forward-looking statements due to the
marketplace acceptance of Barrier's products, Barrier's
ability to execute its commercial and clinical strategy,
the decisions of regulatory authorities, the results of
clinical trials and strategic decisions regarding its
pipeline, general financial, economic, regulatory and
political conditions affecting the biotechnology and
pharmaceutical industries generally. For a discussion of
these and other risks and uncertainties that may effect
the forward-looking statements, please see the risk
factors in the company's Quarterly Report on Form 10-Q
for the quarter ended September 30, 2007 which is on
file with the Securities and Exchange Commission. Given
these risks and uncertainties, any or all of these
forward-looking statements may prove to be incorrect.
Barrier undertakes no obligation to update publicly any
forward-looking statement.
Contact:
Barrier Therapeutics, Inc.
Anne M. VanLent
EVP & CFO
(609) 945-1202
Lazar Partners Ltd.
Gregory Gin, Investor Relations
(212) 867-1762
|
