EWING, N.J., Sept. 3, 2014 (GLOBE NEWSWIRE) -- Celator Pharmaceuticals, Inc. (Nasdaq:CPXX), a pharmaceutical company developing new and more effective therapies to treat cancer, today announced the appointment of Michael R. Dougherty as Chairman of the Celator Board of Directors. Mr. Dougherty has served as a member of the Board since July 2013. He succeeds Joseph Mollica, who will continue to serve on the Board as an independent director.
"We are very excited about the future outlook for Celator and believe Mike will offer valuable insight as we advance toward our goal of becoming a commercial-stage company. Mike brings a wealth of expertise to his new role as Chairman, with extensive industry experience in strategy, finance and operations," said Scott Jackson, Chief Executive Officer. "We are also very grateful to Joe and recognize his many contributions to the company. We look forward to his continued guidance."
Mr. Dougherty has more than 30 years of experience in the biopharmaceuticals industry. He most recently served as Chief Executive Officer of Kalidex Pharmaceuticals, Inc. Previously, Mr. Dougherty served as President and Chief Executive Officer of Adolor Corporation, and held senior leadership positions at several life science companies including Genomics Collaborative, Genaera Corporation (formerly Magainin Pharmaceuticals), and Centocor, Inc. Mr. Dougherty was a member of the Board of Directors of Viropharma, Inc. through January 2014, and currently serves as a member of the Board of Directors at Biota Pharmaceuticals, Cempra, Inc., and Trevena, Inc.
"Celator has made considerable progress in advancing the CPX-351 pivotal study, and in developing the CombiPlex technology platform," said Mr. Dougherty. "I am delighted to assume the role of Chairman and look forward to working with Scott and the team in our efforts to bring new and more effective cancer therapies to patients."
About Celator Pharmaceuticals, Inc.
Celator Pharmaceuticals, Inc., with locations in Ewing, N.J., and Vancouver, B.C., is a pharmaceutical company developing new and more effective therapies to treat cancer. CombiPlex®, the company's proprietary drug ratio technology platform, represents a novel approach that identifies molar ratios of drugs that will deliver a synergistic benefit, and locks the desired ratio in a nano-scale drug delivery vehicle that maintains the ratio in patients with the goal of improving clinical outcomes. The company pipeline includes lead product, CPX-351 (a liposomal formulation of cytarabine:daunorubicin) for the treatment of acute myeloid leukemia; CPX-1 (a liposomal formulation of irinotecan:floxuridine) for the treatment of colorectal cancer; a preclinical stage product candidate, CPX-8 (a hydrophobic docetaxel prodrug nanoparticle formulation) being studied by the National Cancer Institute's Nanotechnology Characterization Laboratory; and a program exploring novel combinations of existing drugs, including targeted therapies.
To the extent that statements contained in this press release are not descriptions of historical facts regarding Celator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release involve substantial risks and uncertainties that could cause our research and development programs, the commercial potential of our drug candidates, and our performance and achievements to differ significantly from those expressed or implied by the forward-looking statements. Celator undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see Celator's Form 10-K for the year ended December 31, 2013 and other filings by the company with the U.S. Securities and Exchange Commission.
Source:Celator Pharmaceuticals, Inc.