QUEBEC CITY, June 3, 2011 /PRNewswire/ -- Asmacure Ltee, a clinical-stage biopharmaceutical company focused on the development of nicotinic receptor agonists for the treatment of asthma and other inflammatory diseases, announced today that Martin Driscoll has been appointed as chief executive officer. With a solid foundation established at Asmacure, Mr. Driscoll will lead the company as it progresses its lead compound, a potential new treatment for asthma with a novel mechanism-of-action, further in clinical development. Mr. Driscoll will be supported by the Asmacure team, including the company's founder and chief medical officer Dr. Yvon Cormier. Dr. Luc Vachon, president and former CEO of Asmacure, will be departing the company to pursue other business ventures; however, he will remain actively involved with Mr. Driscoll and the company during a transitional period over the next few months.
Mr. Driscoll has more than 30 years experience in the pharmaceutical industry, including senior roles in general management, commercial operations and business development for both privately held and publicly traded life science companies. He led the commercialization of several successful therapeutic products, the direct negotiation of multiple transactions, licensing and M&A and the successful submission of multiple major product regulatory filings.
Prior to being elected CEO of Asmacure, Mr. Driscoll was CEO and a director of Javelin Pharmaceuticals, Inc., a publicly traded company focused on the development of acute care pain products, from March 2008 until July 2010, at which point he led the successful merger of the company with Hospira, Inc. Prior to his role with Javelin, Mr. Driscoll held senior managerial roles at Schering-Plough Corporation, ViroPharma, Inc. and Reliant Pharmaceuticals. During his tenure at Schering-Plough, Mr. Driscoll spent a significant amount of time as general manager of Key Pharmaceuticals, the Schering unit responsible for all respiratory products marketed in the U.S.
"Given Mr. Driscoll's extensive experience, we are confident he will successfully lead Asmacure during this exciting period as the company advances the clinical development of Asmacure's novel nicotinic receptor-based programs," said Dr. John T. Henderson, Chairman of the Board for Asmacure.
"I'm delighted to have joined a unique development company with such novel proprietary technology that has the potential to meet significant unmet medical needs and enhance current clinical practice. The science that has been developed by the team at Asmacure under the leadership of Drs. Vachon and Cormier is truly impressive. I look forward to closely working with the talented Asmacure team as we lead the company through this exciting time of development and growth," said Mr. Driscoll.
Mr. Driscoll holds a B.Sc. in Communications from the University of Texas at Austin. He has also been recently appointed as a member of the board of the Epilepsy Foundation of New Jersey and served on the Advisory Board for the American Lung Association.
About Asmacure Ltee
Asmacure Ltee is a clinical-stage biopharmaceutical company focused on the development of nicotinic receptor agonists for the treatment of asthma and other inflammatory diseases. The company's lead compound, ASM-024, is a novel molecular entity currently in clinical development for the treatment of asthma. ASM-024 utilizes Asmacure's proprietary technology comprised of nicotinic acetylcholine receptor agonists and is the first nicotinic receptor agonist in the clinic for this indication. Phase II proof-of-concept studies are ongoing to assess the anti-inflammatory, bronchodilating and bronchoprotective properties of ASM-024 administered by inhalation.
Asmacure is a privately held company located in Quebec City, Canada. The major investors in Asmacure include Domain Associates, Fonds Bio-Innovation and Innovatech Quebec. For more information visit www.asmacure.com
SOURCE Asmacure Ltee