Full Press Release Details
PaxMedica Appoints Specialty
Pharma Industry Leader Charles J. Casamento to Its Board of Directors
October 03, 2022 08:00 ET | Source: PaxMedica,
of several public life sciences companies including Questcor, Osteologix and Indevus, Casamento will serve as an Independent Director
TARRYTOWN, NY, Oct. 03, 2022 (GLOBE NEWSWIRE)
-- via NewMediaWire - PaxMedica, Inc. (Nasdaq: PXMD), a clinical-stage biopharmaceutical company focused on the
development of anti-purinergic drug therapies ("APT") for the treatment of disorders with intractable neurologic symptoms
such as autism spectrum disease ("ASD"), today announced the appointment of Charles (Chuck) J. Casamento to the company's
Board of Directors. Mr. Casamento's appointment was effective as of October 1, 2022.
excited to welcome Chuck to the Board of PaxMedica, where he will also serve as the Chair of our Audit Committee," said Howard
Weisman, CEO of PaxMedica. "His deep experience building pharmaceutical companies during his extensive career and as an independent
director at several public companies will serve us well as we advance PaxMedica through this important growth stage as a pre-commercial
neuroscience company."
Mr. Casamento added, "I
look forward to contributing to the success of PaxMedica, which is developing a potential treatment for autism that affects so many children
and young adults. My interest in joining the Board was sparked by the team's focus and its relentless pursuit to advance treatments
for this disorder in particular, which are desperately needed by so many families."
Mr. Casamento is an accomplished
healthcare industry veteran with over 40 years of extensive experience in marketing, business development and executive management in
pharmaceutical, biotechnology and medical products companies. Mr. Casamento has served as the Executive Director and a Principal of the
Sage Group, a health care advisory firm specializing in business development transactions, since 2007. Prior to that, Mr. Casamento founded
and served as the Chief Executive Officer of Questcor Pharmaceuticals, Inc., a biopharmaceutical company, from May 1993 through July
2004. He also co-founded Indevus Pharmaceuticals, Inc. (formerly Interneuron Pharmaceuticals, Inc.), a specialty healthcare solutions
company, in March 1989 and most recently served as President and Chief Executive Officer of Osteologix, Inc., a specialty pharmaceutical
company, from October 2004 through April 2007. Earlier in his career, he held senior positions at Genzyme Corporation, where he served
as Senior Vice President and General Manager for Pharmaceuticals from January 1986 through March 1989; American Hospital Supply Corporation,
where he served as Vice President of Business Development for the Critical Care Division from January 1983 through July 1985; Johnson
& Johnson, where he served as Director of New Medical Products and Acquisitions from September 1979 through January 1983; F. Hoffmann-La
Roche AG (Roche), where he served as Product Development Director from May 1977 through August 1979; and Sandoz International GmbH (Sandoz),
where he served in various marketing, finance and business development positions from February 1970 through May 1977.
Mr. Casamento currently serves
on the boards of directors of Eton Pharmaceuticals, Inc., First Wave Biopharma, Inc., and Relmada Therapeutics, Inc., where he is the
chairman of the board of directors. At various times during his career he has served on the Boards of Directors of fourteen public companies.
He was a director and the vice chairman of the Catholic Medical Mission Board, a large not for profit international healthcare organization.
Mr. Casamento received an M.B.A. from Iona College and a B.S. from Fordham University's College of Pharmacy. From 1969 through
1993, Mr. Casamento was licensed to practice pharmacy in New York and New Jersey.
PaxMedica is a clinical stage biopharmaceutical
company focusing on the development of APTs for the treatment of disorders with intractable neurologic symptoms, ranging from neurodevelopmental
disorders, including ASD, to Myalgic Encephalomyelitis/Chronic Fatigue Syndrome ("ME/CFS"), a debilitating physical and cognitive
disorder believed to be viral in origin and now with rising incidence globally due to the long term effects of SARS-CoV-2 ("COVID-19").
One of PaxMedica's primary points of focus is the development and testing of its lead compound, PAX-101, an intravenous formulation
of suramin, in the treatment of ASD and the advancement of the clinical understanding of using that agent against other disorders such
as ME/CFS and Long COVID-19 Syndrome, a clinical diagnosis in individuals who have been previously infected with COVID-19. For more information,
please visit: www.paxmedica.com.
Forward-Looking Statements
This press release contains
"forward-looking statements." Forward-looking statements reflect our current view about future events. These forward-looking
statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections
about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could,"
"expect," "anticipate," "aim," "estimate," "intend," "plan,"
"believe," "is/are likely to," "propose," "potential," "continue" or similar
expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations
expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct,
and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the Company's registration statement, most recent quarterly report and
other filings with the U.S. Securities and Exchange Commission.