Adeona Announces Executive Management Transitions And Board Of Directors Appointments To Strengthen Company's Synthetic Biologics Strategic Focus
ANN ARBOR, Mich., Feb. 6, 2012 /PRNewswire/ -- Adeona Pharmaceuticals, Inc. (NYSE Amex: AEN), a developer of synthetic DNA-based therapeutics and innovative disease-modifying medicines for serious illnesses, announced today executive management transitions and Board of Director appointments to strengthen and expand the Company's leadership, as follows:
- Jeff Riley, a member of the Adeona Board of Directors since March 2010 and Chairman of the Board since November 2011, was appointed as the Company's President and Chief Executive Officer.
- Scott L. Tarriff and Nelson K. Stacks were appointed independent members of the Company's Board of Directors.
James S. Kuo will continue to serve on the Company's Board of Directors, having resigned from his day-to-day management positions to pursue other opportunities. Mr. Riley has stepped down from Adeona's Audit and Nominations Committees; independent director, Jeffrey Kraws, was elected to the Nominations Committee and Mr. Stacks was elected to the Audit Committee.
"As we align ourselves with our new focus on the emerging field of synthetic biologics, these management transitions and board appointments position Adeona to benefit from the expertise of each of these experienced life science leaders. The Board of Directors welcomes Jeff to the executive management team as he assumes the responsibilities of CEO. Jeff's considerable management and financial experience during his career will help shape the vision and skills needed to lead Adeona to future success," said Jeffrey Kraws, on behalf of the Board of Directors. "We also thank Jim for his service to Adeona as he transitions out of his management role, and appreciate the continuity he will bring to the Company as a member of the Board."
Mr. Riley has more than 20 years of experience in the biotechnology and pharmaceutical industries during which he negotiated numerous worldwide strategic corporate alliances, established joint ventures, and assisted in obtaining venture financings to support product development. Most recently, in addition to serving as Adeona's Chairman, where he played an integral role in the formation of the Company¹s recent collaboration with Intrexon Corporation, he served as Managing Director of 526 Ventures, a life science-focused venture capital and advisory firm. Prior to this, Mr. Riley was a venture partner with QIC Bioventures Fund, the life science-focused venture component of the $70 billion Australian-based Queensland Investment Corporation (QIC). Over his career, he held senior positions within the mergers & acquisitions and in country management groups at both SmithKline Beecham and Pfizer. Additionally, he served as CFO and VP Corporate Development for Nichols Institute Diagnostics, a division of Quest Diagnostics, Inc. Mr. Riley holds a Bachelor of Science degree in International Relations/Biology and participated in a dual-degree graduate program (MBA/MIM) sponsored by Arizona State University and the Thunderbird School of Global Management."This is a very exciting time for our Company. I have been actively involved in the efforts to move Adeona forward as Chairman, and look forward to leading Adeona into its new phase of development in the area of synthetic DNA-based therapeutics, continuing to build shareholder value and pursuing an important contribution to the future of healthcare," stated Mr. Riley. "Having served in leadership positions with several biotechnology and pharmaceutical companies, and having experience with both public and private equity investors, I am pleased to be taking on an active leadership role."
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