Neurobiological Technologies' CEO to Retire on December 31, 2008
EMERYVILLE, Calif., July 7 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) NTII, today announced that Paul E. Freiman, president and chief executive officer (CEO), has announced his intent to retire on December 31, 2008. The Company expects Mr. Freiman to continue to serve on the Board. Mr. Freiman is the former chief executive officer of Syntex Corporation of Palo Alto, California.
Mr. Freiman is retiring after 11 years of service to the company. "Paul's strong leadership has helped grow our company to where we have a Phase 3 program in a highly underserved acute ischemic stroke market and his contributions with XERECEPT(R) and Memantine to our organization will be long- lasting. We thank him for his dedicated service and wish him the best as he moves on to the next chapter in his life," said Abraham E. Cohen, NTI's chairman of the Board of Directors.
Mr. Freiman stated, "Since I stepped into the role of an interim CEO in 1997, I have enjoyed all aspects of my time at NTI. I remain committed to our principal product, Viprinex(TM), which may provide an extraordinary opportunity in the treatment of acute ischemic stroke. I have announced my intent so that the Board of Directors has sufficient time to thoughtfully identify my successor. I will direct our operations with vigor over the next six months and continue to be an active NTI director beyond my retirement."
A committee has been formed by the Board of Directors, headed by NTI director, William A. Fletcher, Chairman of Teva North America, to search for a new CEO and has engaged the services of a retained search firm.
About Neurobiological Technologies, Inc.
Neurobiological Technologies, Inc, NTII is a biopharmaceutical company focused on developing novel, first-in-class agents for central nervous system conditions and other serious unmet medical needs. The Company's most advanced product candidate, Viprinex(TM) (ancrod), is in phase 3 clinical testing as a novel investigational drug for treating acute ischemic stroke. Viprinex has multiple mechanisms of action and is specifically designed to double the time period that patients can be treated after the onset of a stroke. Acute ischemic stroke is one of the most prevalent, debilitating and costly diseases in the world for which there are few acceptable treatment options. NTI's pipeline also includes a phase 3 investigational drug for brain swelling and other drug candidates in early-stage development for Alzheimer's and Huntington's diseases.