CARY, NC -- (Marketwire) -- 06/12/12 -- Cornerstone Therapeutics Inc. (NASDAQ: CRTX), a specialty pharmaceutical company focused on commercializing products for the hospital, niche respiratory and related specialty markets, today announced the appointment of Dr. Laura Shawver to the Company's Board of Directors, effective June 6, 2012.
Dr. Shawver has more than 20 years of experience in the biotechnology and pharmaceutical industries. In 2011, she participated in the founding of Cleave Biosciences, Inc., a development stage company, and she currently serves as Chief Executive Officer and Director. Previously, she was Entrepreneur in Residence for 5AM Ventures, an early stage venture capital firm focused on building next-generation life science companies, from October 2010 to August 2011. Prior to her time at 5AM Ventures, Dr. Shawver served as Chief Executive Officer and Director at Phenomix, Corporation, a development stage company, from June 2002 to September 2010 and President of Sugen, Inc. ("Sugen") from October 2000 to May 2002, after holding various positions there since 1992. Sugen was a publically traded company from 1994 - 1999 when it was acquired by Pharmacia and Upjohn Company, Inc.
"I am delighted to welcome Laura to our Board," said Craig A. Collard, Chairman and Chief Executive Officer of Cornerstone. "She brings a wealth of directly relevant experience in drug development and regulatory affairs, which will be of great benefit in the continued execution of our strategic plan. We see this as another significant step towards our goal of becoming a leading hospital specialty pharmaceutical company."
Dr. Shawver began her drug development career in 1989 at Triton Biosciences, Inc. (later Berlex Biosciences Inc.) which was acquired by Schering AG in 1990. She has extensive operational, drug development and regulatory expertise, and also has assisted a number of pharmaceutical companies with transition and integration activities following product licensing and acquisition transactions. Dr. Shawver has served on the boards of Antipodean Pharmaceuticals, Inc. and Anaphore, Inc., and she is the Founder and current Director of The Clearity Foundation, a nonprofit corporation. Dr. Shawver holds a Ph.D. in Pharmacology and a B.S. in Microbiology, from the University of Iowa.
About Cornerstone Therapeutics
Cornerstone Therapeutics Inc. (NASDAQ: CRTX), headquartered in Cary, N.C., is a specialty pharmaceutical company focused on commercializing products for the hospital, niche respiratory and related specialty markets. Key elements of the Company's strategy are to focus its commercial and internal development efforts in the hospital and related specialty product sector within the U.S. pharmaceutical marketplace; continue to seek out opportunities to acquire companies and marketed and/or registration-stage products that fit within the Company's focus areas; and generate revenues by marketing approved generic products through the Company's wholly-owned subsidiary, Aristos Pharmaceuticals, Inc.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein, other than statements of historical fact, including statements regarding the progress and timing of our product development programs and related trials, our strategy and our future operations and opportunities, constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the results of preclinical studies and clinical trials with respect to our products under development, our ability to satisfy FDA and other regulatory requirements, our ability to enter into strategic licensing, product acquisition, collaboration or co-promotion transactions on favorable terms, if at all, and the other factors described in Item 1A (Risk Factors) of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) on March 6, 2012. In addition, the statements in this press release reflect our expectations and beliefs as of the date of this release, and these statements should not be relied upon as representing our views as of any other date and do not reflect the potential impact of any acquisitions, mergers, dispositions, business development transactions, joint ventures or investments that we may make or enter into. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. However, while we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law.