Ocular Therapeutix, Inc. (NASDAQ:OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, announced the nomination of Seung Suh (Stanley) Hong, Ph.D. to the Board of Directors of the Company.
We are pleased to have the opportunity for Dr. Hong to join our Board of Directors. His vast experiences in the biopharmaceutical industry will bring significant strategic, operational and international experience to Ocular Therapeutix, said Antony Mattessich, President and Chief Executive Officer. We look forward to his guidance as we prepare for the planned launch of DEXTENZA and transition to a fully integrated commercial ophthalmology company.
Dr. Hong brings over 35 years of industrial experience in the development of biopharmaceutical products and since March 2019 has served as a consultant to a number of biopharmaceutical companies. From April 2002 to January 2019, he served in various capacities at Celltrion Inc., a South Korean-based biopharmaceutical company, including as President of Celltrion Healthcare Japan and Senior Advisor from January 2016 to January 2019; as President and Chief Executive Officer of Celltrion Healthcare Co., Ltd. from November 2014 to December 2015; and as President of Research and Development from April 2002 to November 2014. Dr. Hongs team at Celltrion led the successful development of REMSIMA, the worlds first biosimilar monoclonal antibody, and helped gain approval for the product in Korea, Japan, Canada, the European Union, and the United States. Overall, Dr. Hong has been involved in the commercialization of eight biosimilar monoclonal antibodies and other recombinant proteins as well as four new biopharmaceutical products.
Dr. Hong studied Enzymology and Biochemical Engineering at Seoul National University in Korea, and received a Ph.D from the same institution in 1990. He spent two years at the University of Wisconsin as a Postdoctoral Fellow in the Department of Bacteriology and the School of Pharmacy. Dr. Hong has published more than 40 papers, and holds more than 120 Korean patents and 20 international patents.
Dr. Hongs nomination is part of a broader realignment of the Board of Directors. In March, the Company announced that Leslie J. Williams had been elected to the Board. More recently, W. James (Jim) OShea notified the Company in April of his resignation from the Board, effective upon the conclusion of the 2019 Annual Meeting of Stockholders. Finally, Dr. Hong has been nominated for election as a Class II director to assume the Board seat currently occupied by Jaswinder (Jassi) Chadha, whose term as a director is scheduled to expire at the 2019 Annual Meeting of Stockholders in June. Upon the conclusion of the meeting, the Company expects the Board to reduce its size from nine to eight directors.
“On behalf of the board, I would like to thank both Jim and Jassi for their service and leadership, said Antony Mattessich, President and Chief Executive Officer. Over the past few years Ocular has transitioned from a development to a commercial organization and we have appreciated their sound advice throughout this transition. We wish them both well in their future endeavors.
About Ocular Therapeutix, Inc. Ocular Therapeutix, Inc. is a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology. Ocular Therapeutixs first commercial drug product, DEXTENZA, is FDA-approved for the treatment of ocular pain following ophthalmic surgery. OTX-TP (intracanalicular travoprost insert) is an intracanalicular insert in Phase 3 clinical development for the reduction of intraocular pressure in patients with primary open-angle glaucoma and ocular hypertension. The Companys earlier stage assets include OTX-TIC, an extended-delivery intracameral travoprost implant for the reduction of intraocular pressure in patients with glaucoma and ocular hypertension, as well as sustained release intravitreal implants for the treatment of retinal diseases. These intravitreal implants include OTX-TKI, containing a tyrosine kinase inhibitor (TKI), and, in collaboration with Regeneron, OTX-IVT, an extended-delivery protein-based anti-vascular endothelial growth factor (VEGF) trap. Ocular Therapeutix’s first product, ReSure Sealant, is FDA-approved to seal corneal incisions following cataract surgery.
Forward Looking Statements Any statements in this press release about future expectations, plans, and prospects for the Company, including the commercialization of DEXTENZA, ReSure Sealant or any of the Companys product candidates, including the anticipated commercial launch of, and the receipt of reimbursement codes for, DEXTENZA; the development and regulatory status of the Companys product candidates, such as the Companys regulatory submissions for and the timing and conduct of, or implications of results from, clinical trials of DEXTENZA for the treatment of post-surgical ocular inflammation and the prospects for approvability of DEXTENZA for post-surgical ocular inflammation or any other indications, OTX-TP for the treatment of primary open-angle glaucoma and ocular hypertension, OTX-TIC for the treatment of primary open-angle glaucoma and ocular hypertension, OTX-TKI for the treatment of retinal diseases including wet AMD, and OTX-IVT as an extended-delivery formulation of the VEGF trap aflibercept for the treatment of retinal diseases including wet AMD; the Companys post-approval studies of ReSure Sealant and the Companys ongoing communications with the U.S. Food and Drug Administration regarding the warning letter the Company received regarding ReSure Sealant; the ongoing development of the Companys extended-delivery hydrogel depot technology; the potential utility of any of the Companys product candidates; the potential benefits and future operation of the collaboration with Regeneron Pharmaceuticals, including any potential future payments thereunder; the sufficiency of the Companys cash resources and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend”, “goal,” “may”, “might,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Such forward-looking statements involve substantial risks and uncertainties that could cause the Companys clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, those related to the timing and costs involved in commercializing DEXTENZA, ReSure Sealant or any product candidate that receives regulatory approval, including the conduct of post-approval studies, the ability to retain regulatory approval of DEXTENZA, ReSure Sealant or any product candidate that receives regulatory approval, the ability to obtain reimbursement codes for DEXTENZA, the initiation, timing and conduct of clinical trials, availability of data from clinical trials and expectations for regulatory submissions and approvals, the Companys scientific approach and general development progress, the availability or commercial potential of the Companys product candidates, the sufficiency of cash resources, the Companys existing indebtedness, the ability of the Companys creditors to accelerate the maturity of such indebtedness upon the occurrence of certain events of default, the outcome of the Companys ongoing legal proceedings and need for additional financing or other actions and other factors discussed in the Risk Factors section contained in the Companys quarterly and annual reports on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Companys views as of the date of this release. The Company anticipates that subsequent events and developments will cause the Companys views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as required by law. These forward-looking statements should not be relied upon as representing the Companys views as of any date subsequent to the date of this release.
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