×

Innocoll AG Announces Departure of Chief Medical Officer

ATHLONE, Ireland, Sept. 14, 2015 (GLOBE NEWSWIRE) -- Innocoll AG (NASDAQ:INNL) announced that James P. Tursi, M.D., will depart Innocoll to pursue another opportunity. Dr. Tursi will remain with Innocoll until September 21, 2015.

"James has done a great job advancing our lead assets into advanced clinical development during his tenure at Innocoll," said Tony Zook chief executive officer of Innocoll. "Phase 3 clinical trials for both Cogenzia and XaraColl are actively recruiting patients. The U.S clinical program plans for CollaGUARD are in place and we anticipate initiating interactions with the FDA to discuss them in the fourth quarter. Although we are disappointed by his leaving, we credit James with completing the key groundwork that is enabling us to focus on clinical trial execution for Cogenzia and XaraColl and moving toward discussions of our CollaGUARD clinical plan with regulators. We are in good position while we search for his successor. We wish James well in his next career role."

Dr. Tursi joined Innocoll in March 2015. His initial priorities upon assuming the position were to initiate the Phase 3 programs for Cogenzia and XaraColl and to finalize the U.S. clinical program plans for CollaGUARD. Both the Cogenzia and XaraColl Phase 3 programs began recruiting patients in 2015 as planned. Interactions with regulators on the CollaGUARD pivotal trial proposed program are on track to begin in the fourth quarter of 2015.

"I appreciate the challenge and opportunity to work with the team on advancing Innocoll's late stage clinical pipeline," said Dr. Tursi. "I leave Innocoll with the conviction that the company's key clinical programs will continue to progress as anticipated and that the team is fully prepared to execute on its objectives. I wish the Innocoll team the best as they bring needed medicines to patients."

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The company's late stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® for the treatment of post-operative pain; Cogenzia® for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. The company's approved products include: CollaGUARD(Ex-US), Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and EUSA Pharma. All of the company's products and product candidates are made using Type 1 collagen and are manufactured in-house at its facility in Saal, Germany. CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, Septocoll®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.

Forward-looking Statements

"Any statements in this press release about our future expectations, plans and prospects, and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "goal," "may," "might," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including statements about the potential timing for the commencement of trials, the availability of clinical data and the commencement of interactions with regulators. Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, those related to the timing and costs involved in developing and commercializing our products and product candidates, the timing for results, the initiation, conduct and timing of clinical trials, delays in potential approvals by, or interactions with the FDA or the commencement of trials, availability of data from clinical trials, positive results from such trials and timing and expectations for regulatory approvals, our scientific approach and general development progress, the composition of our supervisory board, the availability or commercial potential of our product candidates, the sufficiency of cash resources and need for additional financing or other actions and other factors discussed in the "Risk Factors" section of our Annual Report on Form 20-F for the year ended December 31, 2014, which is on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date of this release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this release."

CONTACT: Corporate: Denise Carter Executive Vice President Business Development and Corporate Affairs (215) 765-0149 dcarter@innocollinc.com Investor Contact: Russo Partners, LLC Robert E. Flamm, Ph.D. (212) 845-4226 robert.flamm@russopartnersllc.com

Source:Innocoll AG