SEATTLE, Feb. 27, 2017 /PRNewswire/ -- CTI BioPharma
Corp. (CTI BioPharma) (NASDAQ and MTA: CTIC) today announced the
appointment of Adam Craig, M.D.,
Ph.D., as President and Chief Executive Officer (CEO) and member of
the Board of Directors effective March 20,
2017. Dr. Craig succeeds Richard
Love, interim President and CEO who will continue to serve
on the company's Board of Directors. Dr. Craig has over 20
years of experience in hematology, oncology and drug development in
both the US and Europe.
"On behalf of CTI BioPharma's Board, I am pleased that Adam has
joined as the next President and CEO as his leadership in
hematology/oncology clinical development and our experience working
with him over the last several months make him the right person to
lead the company forward," said Richard
Love, interim President and CEO and board member. "I am
confident in Adam's ability to advance the company's candidates
forward, execute the strategic plan to improve the lives of
patients with blood related cancers, and enhance shareholder
value."
Dr. Craig has worked as an independent consultant providing
strategic and operational advice and support to CTI BioPharma and
other hematology/oncology biotechnology companies since 2016. Prior
to consulting, Dr. Craig was Chief Medical Officer (CMO) and
Executive Vice President of Development of Sunesis Pharmaceuticals
from 2012 to 2016. From 2008 to 2012, Dr Craig was CMO and
Senior Vice President of Chemgenex Pharmaceuticals Ltd, a
publicly-traded biotechnology company which was acquired by
Cephalon/Teva Pharmaceuticals in 2011.
Dr. Craig is a Member of the Royal College of Physicians (UK)
and undertook Post-Graduate Training in Pediatrics and Pediatric
Oncology. Dr. Craig earned his Bachelor's and Medical degrees from
Charing Cross and Westminster
Medical School, University of London and holds a Ph.D. in Molecular Oncology
from Leeds University in the U.K.
and an MBA from the Open Business School, in the United Kingdom. Dr. Craig recently served as a
Product Development Reviewer for the Cancer Prevention Research
Institute of Texas.
While working with the company over the past few months, Dr.
Craig has assisted with the analysis of pacritinib data and
correspondence with both the Food and Drug Administration and
European Medicines Agency.
"My recent work with CTI BioPharma as an advisor has given me an
in-depth understanding as to the potential value of pacritinib, and
the company's other product candidates, as well as exposing me to
the quality and experience of individuals that are committed to
advancing these programs," stated Dr. Craig
"Based on the data from the two Phase 3 trials of
pacritinib, I believe there is an opportunity to move the
pacritinib program forward with the goal of addressing important
areas of unmet medical need in myelofibrosis patients. I also
look forward to working with the team to advance CTI BioPharma's
pipeline and pursuing other opportunities to strengthen the
company."
In connection with his appointment as President and Chief
Executive Officer, Dr. Craig will be granted stock options to
purchase 1.2 million shares of CTI BioPharma's common stock at a
per share price equal to the closing price of a share of the CTI
BioPharma's common stock on The NASDAQ Stock Market on his
employment commencement date. The stock options will have a
maximum term of ten years and will vest in six equal semi-annual
installments over the three-year period following his employment
commencement date, subject to Dr. Craig's continued employment
through the applicable vesting dates and acceleration under certain
circumstances. The stock options are an inducement material to Dr.
Craig's entering into employment with CTI BioPharma. A portion of
the stock options (covering not more than 80,000 shares) will be
granted under CTI BioPharma's 2015 Equity Incentive Plan. The
balance of such stock options will be granted in accordance with
NASDAQ Listing Rule 5635(c)(4).
About CTI BioPharma
CTI BioPharma Corp. is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
CTI BioPharma has a commercial presence in Europe with respect to PIXUVRI® and
a late-stage development pipeline, including pacritinib for the
treatment of patients with myelofibrosis. CTI BioPharma is
headquartered in Seattle,
Washington. For additional information and to sign up for
email alerts and get RSS feeds, please visit
www.ctibiopharma.com.
Forward-Looking Statements
This press release includes forward-looking statements, which
are within the meaning of the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements
regarding expectations with respect to the potential therapeutic
utility of pacritinib, including pacritinib's potential to achieve
treatment goals across patients with myelofibrosis, and
expectations with respect to the future regulatory and
commercialization plans. Such statements are subject to a number of
risks and uncertainties, the outcome of which could materially
and/or adversely affect actual future results and the trading price
of the issuers' securities, including risks related to the
satisfaction of regulatory and other requirements; the actions of
regulatory bodies and other governmental authorities; other
clinical trial results; changes in laws and regulations; product
quality, product efficacy, study protocol, data integrity or
patient safety issues; product development risks; and other risks
identified in each of the issuer's most recent filings on Forms
10-K and 10-Q and other Securities and Exchange
Commission filings.
CTI BioPharma Contacts:
Ed Bell
+1 206-272-4345
ebell@ctibiopharma.com
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SOURCE CTI BioPharma Corp.