Full Press Release Details
WIXOM, Mich., June 30, 2009 (GLOBE NEWSWIRE) -- Rockwell Medical Technologies, Inc. (Nasdaq:RMTI), a fully-integrated biopharmaceutical company offering innovative products and services targeting end-stage renal disease (ESRD), chronic kidney disease (CKD), and iron deficiency anemia, reported today that it has appointed Ajay Gupta M.D. as its Chief Scientific Officer. Dr. Gupta will be responsible for the identification and development of new drug opportunities in the areas of women's health, oncology and parenteral nutrition based on the SFP platform, as well as new drugs for other targeted renal therapies and indications. Dr. Gupta will continue to play an integral role in the development and commercialization of the Company's lead drug Soluble Ferric Pyrophosphate (SFP), indicated for the treatment of iron deficiency anemia in hemodialysis patients.
Mr. Robert L. Chioini, Chairman, CEO and President of Rockwell stated, "We are thrilled to have Ajay join Rockwell and strengthen our scientific team. His decades of work in both the academic and medical fields, coupled with his extensive knowledge in the anemia and iron space, will be an invaluable asset to us as we continue to drive SFP through clinical development and capitalize on other potential therapeutic opportunities, positioning Rockwell as a dynamic bio-pharma company." Mr. Chioini further stated, "Successful commercialization of SFP will continue to be our primary focus while Dr. Gupta's appointment puts in place a structure that will facilitate the identification, development and commercialization of a pipe-line of promising technologies that we have identified, as well as future opportunities yet to be discovered."
Prior to joining Rockwell, Dr. Gupta spent the last seven years as an Associate Professor of Medicine at UCLA and Charles Drew University Schools of Medicine, Los Angeles, CA where he has had an active nephrology practice. Prior to that, Dr. Gupta served on the faculty at Henry Ford Hospital, Detroit, MI, University of Alabama, Birmingham, State University of New York, Syracuse and Washington University, St. Louis. Dr. Gupta also completed a clinical fellowship in Nephrology from Wayne State University, Detroit, Michigan and a research fellowship in Nephrology from Washington University, St. Louis, Missouri. Dr. Gupta, who is the Founder and Chairman of the Indian Society for Bone and Mineral Research, earned his MBBS degree and completed his residency in Internal Medicine from All India Institute of Medical Sciences (AIIMS), New Delhi. Dr. Gupta is the inventor of dialysate iron therapy using Soluble Ferric Pyrophosphate (SFP) and is also the inventor of intravenous (IV) iron therapy using slow continuous infusion of SFP, including as an adjunct to parenteral nutritional admixtures. He has filed a number of patents in the areas of drugs, medical devices and diagnostic tests.
Dr. Gupta commented, "I'm truly excited to join Rockwell to pursue my life-long passion of focusing on the science and drug development of SFP, and eventually expanding the platform technology to target new markets and unmet needs, specifically in the areas of oncology, parenteral nutrition and women's health. I look forward to working with Dr. Richard Yocum, Vice President of Drug Development and Medical Affairs at Rockwell, to successfully commercialize SFP as well as to help grow our therapeutic pipeline."
About Soluble Ferric Pyrophosphate (SFP):
SFP is a novel, investigational, physiological iron maintenance therapy designed to treat or prevent iron deficiency anemia in ESRD patients. SFP is a proprietary, water-soluble form of iron that travels directly to the bloodstream and transfers iron at a molecular and cellular level, similar to normal, healthy, dietary iron uptake. SFP is designed as a continuous maintenance treatment consisting of small iron doses administered with every dialysis session in order to offset iron losses during the dialysis procedure, thereby maintaining hemoglobin in the target range as per Kidney Disease Quality Outcomes Initiative (KDOQI) recommendations. Clinical trials to date suggest that SFP delivered during each dialysis treatment, via the Company's dialysate, has the ability to maintain optimal iron balance and avoid liver toxicity while decreasing associated pharmaceutical intravenous (IV) iron administration costs. Recent academic studies have shown that more frequent maintenance doses of iron improve the therapeutic response and benefits of recombinant erythropoietin treatment. Rockwell has licensed exclusive world-wide rights and has secured patents for SFP in multiple countries, including the three largest dialysis markets in the world: the United States, Japan, and the European Union. The total U.S. market for IV iron is approximately $500 million annually while global market potential is approximately $850 million.
About Rockwell Medical Technologies:
Rockwell is a fully-integrated biopharmaceutical company offering innovative products and services initially targeting end-stage renal disease (ESRD), chronic kidney disease (CKD), and iron deficiency anemia. An established manufacturer and leader in delivering high-quality hemodialysis concentrates/dialysates to dialysis providers and distributors in the U.S. and abroad, Rockwell provides products that are used to maintain human life by removing toxins and replacing critical nutrients in the dialysis patient's bloodstream. Dialysis is a process that duplicates kidney function for patients who suffer from ESRD. There are approximately 375,000 ESRD patients in the United States, a number that is growing at an annual rate of 4 percent, and approximately 2 million ESRD patients world-wide.
The Company is currently developing unique, proprietary renal drug therapies for iron treatment. These exclusive renal drug therapies support disease management initiatives to improve the quality of life and care of dialysis patients and are designed to deliver safe and effective therapy, while decreasing drug administration costs and improving patient convenience. Rockwell is developing a pipeline of drug therapies, including extensions of SFP for indications outside of hemodialysis. Please visit www.rockwellmed.com for more information.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "projected," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Rockwell's SEC filings. Thus, actual results could be materially different. Rockwell expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.