Press Release: Alvine Pharmaceuticals Appoints Abhay Joshi, Ph.D. to President and CEO
Alvine Pharmaceuticals Appoints Abhay Joshi, Ph.D. to President and CEO SAN CARLOS, Calif. - Alvine Pharmaceuticals, Inc., a biopharmaceutical company focused on developing therapeutic products for the treatment of celiac sprue, today announced that it has appointed Abhay Joshi, Ph.D. as President and Chief Executive Officer and to the company's Board of Directors. Dr. Joshi will be based in the company's new facility located in San Carlos, California. "We are pleased to welcome a seasoned executive of Abhay's caliber to Alvine," said Chaitan Khosla, Ph.D., Chairman and Founder of Alvine Pharmaceuticals. "Abhay brings a wealth of operating experience in the biopharmaceutical industry and a track record of success that will be crucial as we further develop our lead product candidate, ALV003, for the treatment of celiac sprue." Dr. Joshi has over eighteen years of global operations and research and development experience in biologics, pharmaceutical and medical device industries in the United States, Europe, Latin America and Asia. Most recently, Dr. Joshi served as Executive Vice President, Chief Technical Officer at CoTherix, Inc., which was acquired by Actelion Ltd. in January 2007. "I am impressed by the scientific achievements made to date at Alvine and I look forward to contributing to the company's further expansion as we progress into the clinic," said Abhay Joshi, Ph.D., President and CEO of Alvine Pharmaceuticals. "Celiac disease is a chronic disorder that affects about one in every 133 individuals in the United States and I am excited at the opportunity to lead the company in developing new therapeutic options to help this underserved population." Prior to CoTherix, Dr. Joshi served as the Vice President of Global Technical Operations, Specialty Pharmaceuticals at Allergan Inc. At Allergan he managed the Company's global biologics manufacturing operations for BOTOXÃ‚Â® and also managed Allergan's Latin America and Asia Pacific pharmaceutical operations. Dr. Joshi received his BTech in Chemical Engineering from the Indian Institute of Technology, New Delhi, an MSE and a Ph.D. in Chemical Engineering from the University of Michigan, Ann Arbor, and an MBA from the University of California, Irvine. Dr. Joshi holds an adjunct faculty appointment at the University of Southern California School of Pharmaceutical Sciences. Alvine's new offices are located at: 75 Shoreway Road, Suite B San Carlos, CA 94070 Tel: 650-632-1645 Fax: 650-637-3396 The company also announced that Blair Stewart will continue as a consultant to the Company. Mr. Stewart is a co-founder of the Company, and was the Company's President until the appointment of Dr. Joshi to that position. About Celiac Sprue Celiac sprue is believed to affect as many as two million people in the United States alone, many of whom have suffered the symptoms of the disease but have not yet been diagnosed. Celiac sprue is an autoimmune disease characterized by intestinal malabsorption, abnormal small-intestinal structure, and intolerance to gluten. Even patients who are able to maintain a strict dietary regimen will suffer from this disease due to inadvertent or background exposure to gluten. Consequently, new therapies to treat this disease represent a significant, unmet medical need. About Alvine Alvine Pharmaceuticals, Inc., is a San Carlos-based biopharmaceutical company dedicated to developing and commercializing therapeutics for the treatment of celiac sprue. Alvine's lead product, ALV003, is a combination protease designed to detoxify the gluten that triggers the autoimmune response in celiac patients. In August 2007, Alvine closed a $21 million Series A financing led by Sofinnova Ventures with support from Prospect Venture Partners, InterWest Partners, Cargill Ventures and Flagship Ventures. For additional information about the company, please visit www.alvinepharma.com.