Zug, Switzerland, December 18, 2015 — Turing Pharmaceuticals AG, a privately-held biopharmaceutical company focused on developing and commercializing innovative treatments for serious diseases and conditions, today announced the resignation of Martin Shkreli from the position of Chief Executive Officer and the appointment of Ron Tilles to the position of Interim Chief Executive Officer.
Mr. Tilles will continue to serve as Chairman of the Board of Directors. He said, "We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors. At the same time, I am very excited about the opportunity to guide Turing Pharmaceuticals forward. We remain committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl. Research Development on new medications continues to be a priority for the company. With the dynamic leadership of Eliseo Salinas as head of Research and Development and Nancy Retzlaff as head of Commercial Operations, Turing Pharmaceuticals is poised for great success in the coming years."
Ron Tilles has been Chairman of the Board of Directors of Turing Pharmaceuticals since the company launched late last year. Mr. Tilles began his career at Merrill Lynch in 1985 and subsequently worked with several other securities firms. Ron's experience includes numerous private equity and venture capital positions in the pharmaceutical and medical device industries over the last 20 years. He earned his undergraduate degree from Middlebury College in Vermont and his Masters of Business Administration from Columbia University in New York.
About Turing
Turing Pharmaceuticals AG is a privately-held biopharmaceutical company with offices in Zug, Switzerland, and New York, New York. Turing focuses on developing and commercializing innovative treatments for serious diseases and conditions across a broad range of therapeutic areas, for which there are currently limited or no treatment options. Products being developed include intranasal ketamine for a variety of mood disorders and Syntocinon® (oxytocin nasal solution) for multiple indications. Daraprim (pyrimethamine) for the treatment of Toxoplasmosis in combination with sulfonamide and Vecamyl® (mecamylamine HCl tablets) for hypertension are Turing's first commercial products.
For more information, visit www.turingpharma.com.
Turing Pharmaceuticals AG
Edward Painter
Head of Communications and Investor Relations
[email protected]
646.356.5617
Safe Harbor
In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding the initiation of product development activities, including but not necessarily limited to clinical trials. Forward-looking statements provide Turing Pharmaceuticals' current expectations and forecasts of future events. Turing Pharmaceuticals' performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Turing Pharmaceuticals undertakes no obligation to update publicly any forward-looking statements.