WESTMINSTER, Colo., June 5 /PRNewswire-FirstCall/ -- Allos
Therapeutics, Inc. (Nasdaq: ALTH) today announced the appointment of James
V. Caruso as Executive Vice President, Chief Commercial Officer. In this
newly created role, Mr. Caruso will oversee the Company's business
development, sales and marketing functions.
"Jim has a proven track record of leadership and achievement in the
pharmaceutical industry," said Paul L. Berns, President and CEO. "He has
successfully led organizational efforts to launch new pharmaceutical
products in various therapeutic categories. His experience in new product
planning and commercialization will further support the Company's future
strategic growth plans. We believe Jim will have a significant impact on
the strategic development of our product portfolio and that his expertise
and leadership will help us to build a world-class commercial
organization."
"I am pleased to accept this position and apply my industry experience
to this exciting opportunity," said Mr. Caruso. "I see many parallels
between the Company's pipeline and the products I have worked on in the
past, both in terms of their potential to address unmet medical need as
well as the opportunity to market specialty biopharmaceuticals to a
targeted physician and patient audience."
Mr. Caruso brings over 18 years of senior-level commercial operating
experience to Allos. Previously, he served as Senior Vice President, Sales
and Marketing at Bone Care International, where he led the commercial
introduction of the company's primary product and was responsible for
building and managing the company's sales, marketing, training, government
affairs, corporate development and new product planning efforts. Prior to
joining Bone Care, Mr. Caruso held senior management positions at Novartis,
BASF Pharma and Bristol-Myers Squibb Company. Mr. Caruso earned his
Bachelor of Science degree in Finance from the University of Nevada.
About Allos Therapeutics, Inc.
Allos Therapeutics, Inc. (Nasdaq: ALTH) is a biopharmaceutical company
focused on developing and commercializing innovative small molecule
therapeutics for the treatment of cancer. The Company's lead product
candidate, EFAPROXYN(TM) (efaproxiral), is a synthetic small molecule
designed to sensitize hypoxic, or oxygen-deprived, tumor tissue during
radiation therapy. EFAPROXYN is currently being evaluated as an adjunct to
whole brain radiation therapy in a pivotal Phase 3 trial in women with
brain metastases originating from breast cancer. The Company's other
product candidates are: PDX (pralatrexate), a small molecule
chemotherapeutic agent (DHFR inhibitor) currently under investigation in
patients with non-small cell lung cancer and Non-Hodgkin's lymphoma; and
RH1, a small molecule chemotherapeutic agent bioactivated by the enzyme
DT-diaphorase currently under evaluation in patients with advanced solid
tumors. For more information, please visit the Company's web site at:
http://www.allos.com.
NASDAQ Notice
In connection with the commencement of Mr. Caruso's employment, on June
5, 2006, the Company granted Mr. Caruso 110,000 shares of restricted stock
and options to purchase 350,000 shares of common stock under the Company's
2006 Inducement Award Plan. Mr. Caruso's restricted stock vests over a
four-year period, with 25% of the restricted stock vesting on each of the
first four anniversaries of the date of grant. Mr. Caruso's options have an
exercise price of $3.13 per share, which equals the closing sale price of a
share of the Company's common stock on the date of grant, and are
non-qualified options for tax purposes. The options have a ten year term,
and vest over a four year period, with 25% of such options vesting one year
after the date of grant, and the remaining 75% of such options vesting in
equal monthly installments thereafter over the next three years. Any
unvested portions of the restricted stock and options will be forfeited
upon the termination of Mr. Caruso's employment with the Company, except if
the Company (or any surviving or acquiring corporation) terminates Mr.
Caruso's employment without cause or if he resigns for good reason within
one month prior to or thirteen months following a change in control of the
Company, in which case the restricted stock and options will vest in full.
The restricted stock and options were approved by the Compensation
Committee of the Company's Board of Directors, and were granted without
stockholder approval pursuant to NASD Marketplace Rule 4350(i)(1)(A)(iv).
Safe Harbor Statement
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include statements
relating to Mr. Caruso's potential impact on the future growth and success
of the Company; the potential safety, efficacy and marketability of the
Company's product candidates; and other statements that are other than
statements of historical facts. In some cases, you can identify
forward-looking statements by terminology such as "may," "will," "should,"
"expects," "intends," "plans," anticipates," "believes," "estimates,"
"predicts," "projects," "potential," "continue," and other similar
terminology or the negative of these terms, but their absence does not mean
that a particular statement is not forward- looking. Such forward-looking
statements are not guarantees of future performance and are subject to
risks and uncertainties that may cause actual results to differ materially
from those anticipated by the forward-looking statements. These risks and
uncertainties include, among others, that the Company's product candidates
are in various stages of development and may never be fully developed in a
manner suitable for commercialization. If the Company is unable to develop,
receive approval for, or successfully commercialize any of its product
candidates, it will be unable to generate meaningful revenue from product
sales and may never become profitable. Additional information concerning
these and other factors that may cause actual results to differ materially
from those anticipated in the forward-looking statements is contained in
the "Risk Factors" section of the Company's Annual Report on Form 10-K for
the year ended December 31, 2005 and in the Company's other periodic
reports and filings with the Securities and Exchange Commission. The
Company cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. All
forward-looking statements are based on information currently available to
the Company on the date hereof, and the Company undertakes no obligation to
revise or update these forward-looking statements to reflect events or
circumstances after the date of this presentation, except as required by
law.
Note: EFAPROXYN(TM) and the Allos logo are trademarks of Allos
Therapeutics, Inc.
SOURCE Allos Therapeutics, Inc.
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Related links:
http://www.allos.com
CONTACT:
Jennifer Neiman, Manager, Corporate
Communications of Allos Therapeutics, +1-720-540-5227,
jneiman@allos.com
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