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Coronado Biosciences Announces Key Addition To Management Team

Stocks in this article: CNDO

BURLINGTON, Mass., Jan. 2, 2013 (GLOBE NEWSWIRE) -- Coronado Biosciences, Inc. (Nasdaq:CNDO), a biopharmaceutical company focused on the development of novel immunotherapy biologic agents for the treatment of autoimmune diseases and cancer, announced today the strengthening of its management team by the appointment of Harlan F. Weisman, M.D., a director for the company since August 2012, as its new Chairman and Chief Executive Officer. Dr. Weisman's addition leverages his substantial expertise in the development, regulatory approval and launch of novel biologics and will be a tremendous asset to Coronado's ongoing efforts to bring important new therapies to patients and build shareholder value. Dr. Weisman was most recently at Johnson and Johnson (JNJ), where he held a number of leadership positions, and before that he was the head of R&D at Centocor, the developer of Remicade, which was acquired by JNJ.

Bobby W. Sandage, Jr., Ph.D. will continue in his role as President and a member of the Board of Directors and will focus on advancing both the TSO and CNDO-109 development programs and other operational aspects of the business. "We welcome Harlan and I look forward to working with him and the rest of the management team at Coronado at this critical stage in our development," said Dr. Sandage and commented, "We have made tremendous progress in advancing our pipeline, completing financings to provide a solid cash position, and positioning the company for success." 

"I am very excited to join Bobby and the exceptional team at Coronado," commented Dr. Weisman and added, "I am enthusiastic about our prospects for 2013 as we continue to build momentum on our clinical programs and expand our capabilities."  

In addition, Glenn L. Cooper, M.D., will step down as Executive Chairman of the board of the company, although Dr. Cooper will continue to support the company in a consulting role. "Glenn has been instrumental in building Coronado to the company it is today; from acquiring TSO and reorganizing the company in 2011 to spearheading the business arrangements with the Dr. Falk Pharma company and Ovamed," said Dr. Weisman. We are grateful to Glenn for his leadership and his continued willingness to contribute to our strategic endeavors through 2013 in his role as a valuable consultant."

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