NEW HAVEN, Conn, Dec. 2, 2013 (GLOBE NEWSWIRE) -- Melinta Therapeutics today announced the appointment of Paul Estrem to the role of chief financial officer. Mr. Estrem brings more than 20 years of experience managing financial and business development transactions in the pharmaceutical and biotechnology industry, most recently at Baxter International.
"Melinta is approaching several important clinical and corporate milestones, including the initiation of additional delafloxacin Phase 3 studies and initiation of first-in-man testing for a new pyrrolocytosine class of antibiotics that targets a unique site in the bacterial ribosome," said Mary Szela, chief executive officer of Melinta Therapeutics. "These clinical milestones and our corporate development activities will require the leadership and expertise of a seasoned executive, like Paul. We are excited to welcome Paul and look forward to his contributions to the growth of Melinta."
Paul Estrem held several senior positions at Baxter International prior to joining Melinta. Most recently, Mr. Estrem was vice president of integration for Baxter's Medical Products, where he held a lead role in the $4 billion acquisition of Gambro and oversaw the integration of their products, facilities and 8,000 employees. Earlier in his tenure, Mr. Estrem served as CFO of the same Baxter's Medical Products; CFO and vice president of strategy in Baxter Medication Delivery, a division that later became Baxter's Medical Products; CFO of Baxter Bioscience, a specialty therapeutics division; and CFO of Baxter Ltd, a subsidiary based in Tokyo, Japan.
Mr. Estrem is a member of the American Institute for Certified Public Accountants and the Institute of Internal Auditors. He received his Bachelor of Science in accounting from Illinois State University and an MBA from Northwestern University's Kellogg School of Management.
About Melinta Therapeutics
Melinta Therapeutics, based on the application of Nobel Prize-winning science, is dedicated to the discovery, development and commercialization of groundbreaking antibiotics to overcome drug-resistant, life-threatening infections. The need for new therapies for drug-resistant infections is widely recognized as one of the most serious public health issues facing the world today. To meet this need, Melinta Therapeutics is rapidly progressing its late-stage investigational antibiotic, delafloxacin, which is currently in Phase 3 development for acute bacterial skin and skin structure infections (ABSSSI). A key initiative at Melinta is to develop a new class of antibiotics designed to overcome the drug-resistant ESKAPE pathogens known to cause serious hospital infections. Melinta Therapeutics is privately held and backed by Vatera Healthcare Partners. The company is headquartered in New Haven, CT with offices in Lincolnshire, IL.
For more information, visit www.melinta.com.