FLEMINGTON, N.J., Nov. 18, 2013 (GLOBE NEWSWIRE) -- Arno Therapeutics, Inc. (OTCQB:ARNI), a clinical stage biopharmaceutical company focused on the development of targeted oncology therapeutics, today announced that Steven D. Rubin, Executive Vice President, Administration and Director of OPKO Health, Inc. (NYSE:OPK) has been designated by OPKO Health as a non-voting observer to Arno's Board of Directors, effective immediately.
Mr. Rubin's designation as an observer was made pursuant to an agreement between Arno and OPKO Health in conjunction with Arno's October 2013 financing transaction, through which OPKO was granted the right to designate one individual to serve as an observer to all meetings of Arno's Board of Directors. Additionally, as previously disclosed, OPKO has been granted right of first negotiation, providing exclusive rights to negotiate with Arno regarding any potential strategic transactions that the Board of Directors elects to pursue for a period of 45 days.
Glenn Mattes, President & Chief Executive Officer of Arno Therapeutics, stated, "The OPKO team has repeatedly proven its ability to identify clinical stage companies with unique offerings and high growth potential. We are pleased that they have recognized such potential in Arno, and for the strategic and financial support provided through their investment and the related agreement. We believe that Mr. Rubin's experience with other emerging biotechs and broader knowledge of publicly traded companies will provide Arno and its shareholders with significant long-term benefits, and we are excited to have him actively involved with our company as we continue moving forward with the clinical development of onapristone."
Steven D. Rubin, Executive Vice President, Administration of OPKO Health, Inc., added, "Our investment in Arno Therapeutics along with our agreement to provide support to the Company's Board of Directors reflects our confidence in the prospects of onapristone and our view of the Company's longer-term overall potential. With the Phase I onapristone trial in PR+ women set to begin later this month and the phase I prostate cancer trial expected to commence early next year, we recognize that this is an important time for the Company. I am excited to work with Dr. Belldegrun, Mr. Mattes and the full Arno Board of Directors on OPKO's behalf as the Company prepares for anticipated clinical and regulatory milestones, and we look forward to sharing in Arno's future success."
Mr. Rubin has served as Executive Vice President, Administration since May 2007 and as a director of OPKO Health, Inc. (NYSE:OPK) since February 2007. Mr. Rubin currently serves on the Board of Directors of Tiger Media, Inc., a multi-platform billboard and advertising company in China, Kidville, Inc. Non-Invasive Monitoring Systems, Inc. a medical device company, Tiger X Medical, Inc. previously an early-stage orthopedic medical device company, Castle Brands, Inc. a developer and marketer of premium brand spirits, and Neovasc, Inc. a company developing and marketing medical specialty vascular devices. Mr. Rubin previously served on the Board of Directors of Dreams, Inc., a vertically integrated sports licensing and products company Safestitch Medical, Inc., a medical device company, and PROLOR Biotech, a development stage biopharmaceutical company which was acquired by OPKO in August 2013. Prior to OPKO Health, Mr. Rubin was Senior Vice President, General Counsel and Secretary of IVAX from 2001 to 2006.
About Arno Therapeutics
Arno Therapeutics is a clinical stage biopharmaceutical company developing innovative products for the treatment of cancer. Arno has exclusive worldwide rights to develop and market three innovative anti-cancer product candidates. These compounds are in clinical or preclinical development as product candidates to treat hematologic malignancies and solid tumors. For more information about the company, please visit www.arnothera.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," and similar words or phrases. These forward-looking statements include, without limitation, statements regarding the timing, progress and anticipated results of the clinical development of onapristone, statements regarding the expected timing of its planned clinical trials of onapristone, as well as statements regarding Arno's strategy, future operations, outlook, milestones, future financial position, future financial results, plans and objectives. We may not actually achieve these plans, intentions or expectations and Arno cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors could cause actual results or events to differ materially from the forward-looking statements that we make. Such factors include, among others, risks that the results of clinical trials will not support our claims or beliefs concerning the effectiveness of onapristone or any of our other product candidates, our ability to finance the development of our product candidates, regulatory risks, and our reliance on third party researchers and other collaborators. Additional risks are described in the company's Annual Report on Form 10-K for the year ended December 31, 2012. Arno is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.