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DARA BioSciences Names Timothy Heady, Former CEO Of UnitedHealthcare Pharmacy, To Its Board

Stocks in this article: DARA

DARA BioSciences, Inc. ( NASDAQ: DARA), a specialty pharmaceutical company focused on the development and commercialization of oncology treatment and supportive care products, announced today the appointment of Timothy J. Heady to the DARA board of directors. The appointment is the second new board member DARA has announced over the past two months and brings the total number of directors to six.

Mr. Heady retired in 2011 as CEO of UnitedHealthcare Pharmacy, a unit of UnitedHealthcare (NYSE: UNH) representing more than $11 Billion in annual prescription drug spending. In that role, he was responsible for all aspects of the business, including pharmaceutical rebate contracting, retail pharmacy network development, customer and member services, operations, and financial performance. UnitedHealthcare Pharmacy provides pharmacy benefits and management for employers, both commercial and government, representing more than 14 million individuals. Prior to joining UnitedHealthcare in 2001, Mr. Heady was a senior executive with Searle/Pharmacia where he managed the Customer Operations unit, including national customer sales and marketing. Mr. Heady served on the board of directors for the Center for Diagnostic Imaging, Inc., a privately held radiology business based in Minnesota. He has also served on the board for Age Wave Impact, Inc., a full-service marketing company focused on baby boomers. Mr. Heady earned a Bachelors of Science degree in management from Purdue University, an MBA from Northwestern University's Kellogg School of Management, and he is a Certified Public Accountant.

Commenting on the announcement, Dr. David J. Drutz, DARA’s chief executive officer, stated, "Tim is another significant addition to the DARA board. His experience in pharmacy and specialty drug management, pharmacy benefits design, and with third-party payers will be of primary relevance to DARA as we continue to grow our oncology-focused specialty pharmaceutical business."

Dr. Drutz continued, "Tim Heady's appointment as well as the recent addition of Stephen Jaeger to the DARA board reflects the ongoing evolution of both the company and its board of directors.” On August 20, 2012, DARA filed an 8K with the SEC announcing the resignation of two board members. “With these new appointments, we continue to strengthen the company’s foundation. Each of these individuals brings a wealth of operational experience and a deep understanding of public companies in the biopharmaceutical, pharmacy benefit, medical and financial areas. They will be of great value as DARA moves forward, including helping us evaluate new near-term product opportunities.”

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