NEWTON, Mass., Nov. 30, 2015 (GLOBE NEWSWIRE) -- Chiasma, Inc. (NASDAQ:CHMA), a late-stage biopharmaceutical company developing Mycapssa™ (octreotide capsules), an investigational oral drug for the maintenance therapy of adult patients with the orphan disease acromegaly, today announced that James R. Tobin and John F. Thero have joined the company's Board of Directors.
Mr. Tobin, formerly president and CEO of Biogen, Inc. and Boston Scientific Corporation, will serve as a member of the Audit Committee. Mr. Thero, President and CEO of Amarin Corporation (NASDAQ:AMRN), will serve as chairman of the Audit Committee.
"We are excited to add these experienced, highly regarded biotech leaders to Chiasma's Board of Directors at this important stage in our development," said Mark Leuchtenberger, Chief Executive Officer of Chiasma. "Both Jim and John have deep operational and commercial experience on an international level, and their business acumen and leadership will be invaluable to the Board as we continue to build out our infrastructure and position the company for long-term success."
Mr. Tobin was most recently President and CEO of Boston Scientific Corporation from March 1999 to July 2009. Prior to Boston Scientific, he served as President and CEO of Biogen from February 1997 to December 1998, and President and COO of Biogen from February 1994 to February 1997. Prior to joining Biogen, Mr. Tobin was with Baxter International Inc., where he served as President and COO from 1992 to 1994, as Executive Vice President from 1988 to 1992, and in various management positions prior to 1988. Mr. Tobin served as lieutenant in the U.S. Navy from 1968 to 1972. He has been a Director of multiple private and public life science firms and hospitals, and currently serves on the boards of several private companies as well as Globus Medical, Inc. (NYSE:GMED) and Oxford Immunotec Global PLC (NASDAQ:OXFD). Mr. Tobin earned an M.B.A. from Harvard Business School and an A.B. from Harvard College.
Mr. Thero joined Amarin in November 2009 and has more than 20 years of senior financial and operational management experience, including more than 15 years supporting the growth of life science companies. Mr. Thero became President and CEO of Amarin in 2014 after previously serving as the company's President and initially as the company's Chief Financial Officer. Prior to Amarin, Mr. Thero was at ViaCell, Inc., where as Chief Financial Officer he helped guide the company to its successful sale to PerkinElmer, and Abiomed, Inc., where he held multiple positions, including Senior Vice President of Business Operations and Chief Financial Officer, and helped manage the company's transition from a development-stage company into a commercial entity. Mr. Thero began his professional career at Arthur Andersen LLP.
Chiasma is a late-stage biopharmaceutical company focused on improving the lives of patients suffering from orphan diseases by developing and commercializing novel oral forms of therapies that are available today only by injection. The company's lead product candidate is Mycapssa™ (octreotide capsules), a new investigational drug for the orphan condition acromegaly, developed with Chiasma's Transient Permeability Enhancer (TPE®) technology to facilitate gastrointestinal absorption of unmodified drug into the bloodstream safely. Mycapssa™ has not been approved for use in any jurisdiction. Using TPE® technology, Chiasma is evaluating additional proteins, peptides and small molecule drugs that are currently only available by injection, but could potentially be converted to oral delivery. TPE® technology is potentially well suited for drugs with chronic indications, where frequent dosing is required and the need for an oral alternative is greatest. Chiasma is a Delaware corporation with a wholly owned Israeli subsidiary.
Additional information can be found at www.ChiasmaPharma.com.
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Chiasma's planned infrastructure buildout and position for long-term success. Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the regulatory review process generally; the risk that the FDA may not make a decision on Chiasma's NDA by the PDUFA target date; the risk that the FDA may determine that that the data included in the NDA are insufficient for approval and that we must conduct additional clinical trials, or nonclinical or other studies before oral octreotide can be approved; the risk that the results of previously conducted studies involving oral octreotide or other product candidates will not be repeated or observed in ongoing or future studies or following commercial launch, if such product candidates are approved; risks associated with obtaining, maintaining and protecting intellectual property; risks associated with Chiasma's ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties; the risk that oral octreotide, if approved, will not be successfully commercialized; the risk of competition from currently approved therapies and from other companies developing products for similar uses; risk associated with Chiasma's ability to manage operating expenses and/or obtain additional funding to support its business activities; and risks associated with Chiasma's dependence on third parties, including with respect to the manufacture of commercial supply in anticipation of commercial launch, if oral octreotide is approved. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in the final prospectus related to Chiasma's initial public offering filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act of 1933, as amended, as well as discussions of potential risks, uncertainties and other important factors in Chiasma's subsequent filings with the Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q filed on November 16, 2015. All information in this press release is as of the date of the release, and Chiasma undertakes no duty to update this information unless required by law.