DGAP-News: PAION AG / Key word(s): Miscellaneous
PAION FOUNDS USA BASED SUBSIDIARY AND ENGAGES AN EXPERIENCED U.S.
INDUSTRY EXPERT AS CEO
27.10.2014 / 14:00
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PAION FOUNDS USA BASED SUBSIDIARY AND ENGAGES AN EXPERIENCED U.S. INDUSTRY
EXPERT AS CEO
- PAION Inc. to prepare market presence of Remimazolam in the USA
- Greg Papaz will lead PAION Inc. as CEO
Aachen, 27 October 2014 - PAION AG, a Specialty Pharma Company (ISIN
DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8) will increase
its presence in the North American market with the formation of the
US-subsidiary PAION Inc. The new company has been established recently and
will now start the operational activities under the leadership of Greg
Papaz, who will be reporting to Wolfgang Söhngen, CEO of PAION AG and
Chairman of the new entity. The office will be located in New Jersey.
The US subsidiary will lead the positioning of Remimazolam in the United
States, support the implementation of the US-Phase III program for
procedural sedation, and implement the strategic plan for market access and
commercialization of the sedative/anaesthetic Remimazolam. Additionally,
the US base will enable PAION to increase its understanding of the market
and begin the important task of developing key relationships across the
spectrum of decision makers in the US healthcare environment.
"Establishing our own US-subsidiary, demonstrates PAION's commitment to
success in the US. It enables us to have frequent engagement and begin
partnering with physicians, hospitals, clinics and managed care providers.
We are therefore very pleased that Greg Papaz, an accomplished executive
with a wealth of knowledge and experience in all US commercial functions,
is joining PAION. Greg's experience in leading product launches, building
commercial teams and leading sales organizations makes him the ideal person
to prepare Remimazolam for an optimal start" commented Dr. Wolfgang
Söhngen, CEO of PAION. "With this step we are actively creating new options
for marketing Remimazolam in the U.S. and evaluating potential partners
that can bring maximum value to PAION."
Greg Papaz brings more than thirty years of experience with several
multi-national pharmaceutical companies including Genentech, Roche, Sanofi,
and Aventis. He has a long track record of commercial success and possesses
deep experience in hospital and specialty markets. During the past 10
months Mr. Papaz has worked very closely with Paion"s senior leaders in
developing the US business case for Remimazolam. Prior to that, he was the
Senior Vice President of Commercial Operations at Optimer Pharmaceuticals
where he was responsible for building the commercial organization and
launching Optimer's first product. Prior to that, he led a national sales
team for Genentech/Roche in the launching of Actemra, a rheumatolgy
specialty product. Prior to Roche, Greg spent over 25 years with
Sanofi-Aventis and its legacy companies where he functioned in numerous
senior leadership roles. In his last position at Sanofi-Aventis, he was
the Vice President of Cardiovascular Hospital Sales and was responsible for
a team of 850 professionals and managed >$ 2 billion in annual sales with
the lead product Lovenox.
Greg Papaz said "It is our goal to prepare the U.S. market for the launch
of Remimazolam and we have a significant number of strategic initiatives
already underway. At the same time, we are creating options for PAION to
do this with the "right" partner. New Jersey, due to its proximity to the
metropolitan region New York and its big pharma market is the ideal
location for both building an organization or partnering with one. I look
forward to the exciting challenges ahead and I am confident that we will
see the exciting potential of Remimazolam fully realized in the United
States."
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About Remimazolam
Remimazolam is an innovative short-acting general anaesthetic/sedative. Due
to its short duration of action and good controllability, it has a
preferable efficacy and safety profile relative to other currently marketed
anaesthesia compounds. The rapid offset of Remimazolam's effect is due to
its metabolism by tissue esterase enzymes that are widely distributed
throughout the body. Remimazolam has potential in three indications:
- Procedural sedation
- General anaesthesia
- ICU sedation
Remimazolam is available for licensing outside Japan, China, Russia (CIS)
Turkey, MENA Region, South Korea and Canada, where the compound is
partnered with, Ono Pharmaceutical, Yichang Humanwell, R-Pharm, TR-Pharm,
Hana Pharm and Pendopharm.
About PAION
PAION AG is a publicly-listed Specialty Pharma Company headquartered in
Aachen, Germany with a second site in Cambridge, UK. The company has a
track record in developing hospital-based treatments for which there is
substantial unmet medical need. PAION's strategy is to extend its business
model from a pure development company to a specialty pharmaceutical company
with a focus on anaesthesia products. Remimazolam is intended to be the
basis for its future marketing activities.
PAION Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner@paion.com
www.paion.com
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG's management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such
forward-looking statements. Considering the risks, uncertainties and other
factors involved, recipients should not rely unreasonably upon these
forward-looking statements. PAION AG has no obligation to periodically
update any such forward-looking statements to reflect future events or
developments.
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Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Germany
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info@paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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293418 27.10.2014
DGAP-News: PAION FOUNDS USA BASED SUBSIDIARY AND ENGAGES AN EXPERIENCED U.S. INDUSTRY EXPERT AS CEO
| Source: EQS Group AG