Courtesy of Benzinga.
Innocoll AG (Nasdaq: INNL), a global, commercial-stage, specialty pharmaceutical company that develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies, today posted to shareholders a proposal to elect Joseph Wiley, M.D., a principal at Sofinnova Ventures, to its Supervisory Board. The Company also announced that Anthony H. Wild, Ph.D., has resigned from Innocoll’s Supervisory Board. If Dr. Wiley’s election is approved, Innocoll will have completed the new composition of its new Supervisory Board. In addition, the Supervisory Board is seeking shareholder support for a stock option plan that will enable it to strengthen and retain the team that will take Innocoll into the commercial stage of its development.
If elected, Dr. Wiley will join other recently appointed Supervisory Board members; Jonathan Symonds, Chairman of the Supervisory Board and former chief financial officer of both Novartis and AstraZeneca, David Brennan, former chief executive officer of AstraZeneca, and Shumeet Banerji, Ph.D., former chief executive officer of Booz & Company. Existing members of the Supervisory Board who will continue to serve in that capacity are A. James Culverwell and Rolf Schmidt.
“We have assembled a highly experienced Supervisory Board comprised of individuals whose corporate and industry expertise is commensurate with the ambitions the Company has for its collagen based products,” said Jonathan Symonds, Chairman of the Supervisory Board. “I look forward to working with these experienced executives and the management team as Innocoll moves to transition into a fully integrated specialty pharmaceutical company.”
Dr. Wiley has over 20 years of experience in the pharmaceutical, medical and venture capital industries. He was previously a medical director at Astellas Pharma. Prior to joining Astellas, he held investment roles at Spirit Capital, Inventages Venture Capital and Aberdeen Asset Managers (UK). Dr. Wiley trained in general medicine at Trinity College Dublin, specializing in neurology. He is also a Member of the Royal College of Physicians in Ireland.
Innocoll also will be seeking shareholder approval to reserve up to 10% of its shares outstanding as contingent capital underlying its proposed stock option plan. This plan will be utilized by Innocoll to continue the build out and strengthening of its organization in preparation for the approval and commercialization of our key products.
Innocoll successfully completed its initial public offering of its stock on the Nasdaq Global Market in July, 2014, raising net proceeds of approximately $52.7 Million after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company is urgently working to take the development of its lead products XaraColl, for the treatment of post-surgical pain and Cogenzia, for the adjuvant treatment of diabetic foot infections to the next stage. Innocoll has initiated a pivotal pharmacokinetic study for XaraColl and will conduct Phase 3 efficacy studies once data from the pharmacokinetic study has been generated. The Company will release its third quarter results and provide a full update on its development plans on November 13, 2014.
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