Celladon Corporation Announces Strategic Direction Following Review of CUPID2 Data
-- Company to Seek Acquisition or Partnership --
-- Wedbush PacGrow Healthcare Securities Retained as Exclusive Financial Advisor --
-- Paul Cleveland Named Chief Executive Officer --
SAN DIEGO, June 1, 2015 (GLOBE NEWSWIRE) -- Celladon Corporation (Nasdaq:CLDN), today announced that its Board of Directors has unanimously approved a strategic plan pursuant to which the Company will immediately commence a process to seek an acquisition or partnership. The Company also announced that it has retained Wedbush PacGrow Healthcare as its exclusive financial advisor.
The Board also unanimously approved a leadership succession plan, pursuant to which Paul Cleveland has been promoted to Chief Executive Officer of Celladon and appointed to its Board of Directors, effective immediately. Krisztina Zsebo, Ph.D, who had been Celladon's Chief Executive Officer, has resigned from the Company and its Board of Directors. Following his vote in favor of these decisions, Patrick Y. Yang, Ph.D., also resigned from the Board of Directors. In addition, Andrew Jackson, previously the Company's Corporate Controller, was named Chief Financial Officer.
"We have unanimously determined that seeking an acquisition or partnership gives us the best opportunity to maximize shareholder value, and to that end we have retained Wedbush PacGrow Healthcare as exclusive financial advisor to the company and Board," said Michael Narachi, Chair of Celladon's Board of Directors. "In addition, with today's leadership announcement we enable a smooth transition to a proven executive in Paul Cleveland. We have the highest degree of confidence in Paul's leadership as we commence the process to seek an acquisition or partnership."
Paul Cleveland joined Celladon in June 2014 as President and Chief Financial Officer. In his 30 year career he has served as a corporate lawyer, investment banker, venture capitalist, and biotechnology executive. He currently serves on the Board of Directors of Sangamo Biosciences, a public biotechnology company. Mr. Cleveland holds a Bachelor of Arts degree from Washington University in St. Louis and a Juris Doctor degree from Northwestern University School of Law.
"I am honored to have been chosen by the board to lead Celladon," said Paul Cleveland. "While our CUPID2 trial outcome was very disappointing, I look forward to working with our Board of Directors, executive team, employees and Wedbush PacGrow Healthcare in seeking the best possible outcome for our company and its shareholders."
"We want to thank Kris for her leadership and strategic vision in the ten years since she was appointed CEO," said Narachi. "Her determination and scientific brilliance helped create Celladon, and she has guided it through many challenges."
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding Celladon's process to seek an acquisition or partnership and its ability to maximize shareholder value through such a process. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Celladon's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with the ability to identify and consummate any acquisition or partnership through the process being commenced by Celladon. Risks and uncertainties facing Celladon are described more fully in Celladon's filings with the Securities and Exchange Commission, including without limitation its Form 10-Q for the quarter ended March 31, 2015. All forward-looking statements contained in this press release speak only as of the date on which they were made. Celladon undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
CONTACT: Fredrik Wiklund
Vice President, Corporate Development & Investor Relations