BURLINGTON, Mass., Oct. 8, 2014 (GLOBE NEWSWIRE) -- Coronado Biosciences, Inc. (Nasdaq:CNDO) has formed a wholly owned subsidiary, Journey Medical Corporation (JMC), to acquire and license dermatology products. Under the leadership of Claude Maraoui, CEO, JMC will begin building a portfolio of dermatological assets focused on acne, steroid responsive dermatoses, pigmentation and antifungals for promotion to dermatologists and pediatricians.
Dr. Lindsay A. Rosenwald, Coronado's Chairman, President and CEO, said, "Forming a specialized pharmaceutical company that focuses on dermatology will enable Coronado to diversify its business. Claude has a history of success in commercializing brands at top companies in this space, and we feel confident about his ability to bring this record of success to JMC."
Mr. Maraoui said, "Our goal is to aggregate a strong line of dermatologics that benefit patients. We believe that combining the support of Coronado and our expertise in dermatology will accomplish this quickly."
Mr. Maraoui has more than 25 years of experience in commercializing dermatology products. He was formerly Vice President, Dermatology Sales and Executive Director of Aesthetics Sales at Medicis Pharmaceutical Corporation. From 1991 onward, he held a series of positions of increasing responsibility at Medicis, including Associate Director of Dermatology Sales, Group Brand Leader Aesthetics and Senior Product Manager. Valeant Pharmaceuticals International Inc. acquired Medicis in late 2012 for approximately $2.6B. Prior to Medicis, Mr. Maraoui worked as a Professional Sales Representative at Hoffman La Roche Inc. Mr. Maraoui holds a B.A. in business and marketing from Rutgers University.
About Coronado Biosciences
Coronado Biosciences is a biopharmaceutical company dedicated to investing in, acquiring, developing and commercializing novel pharmaceutical products. The Company's portfolio currently includes novel immunotherapy agents for the treatment of autoimmune diseases and cancer. As part of its growth strategy, the company plans to leverage its biopharmaceutical business and drug development expertise to acquire rights to, or to finance, innovative pharmaceutical and biotechnology products, technologies and/or companies, using a variety of approaches including licensing, partnerships, joint ventures, direct financings and/or public and private spin-outs. For more information, visit www.coronadobiosciences.com.
About Journey Medical Corporation
Journey Medical Corporation (JMC), headquartered in Scottsdale, Arizona, will acquire and license dermatology products for commercialization. It is a wholly owned subsidiary of Coronado Biosciences, Inc.
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CONTACT: Lucy Lu, MD, Executive Vice President & Chief Financial Officer Coronado Biosciences, Inc. 781-652-4525; firstname.lastname@example.orgSource:Coronado Biosciences, Inc.