BOTHELL, Wash., Oct. 11, 2016 (GLOBE NEWSWIRE) -- Alder BioPharmaceuticals, Inc. (NASDAQ:ALDR), a clinical-stage company developing monoclonal antibody therapeutics, today announced the promotion of Larry Benedict to the position of Executive Vice President and Principal Accounting Officer. Mr. Benedict, who has served as Senior Vice President, Finance since 2013, will continue to oversee the company's financial operations and planning.
“Larry has been an integral member of the executive team that has transformed Alder from a private research and development-focused business to a publically listed, late-clinical stage company with a lead antibody therapeutic moving toward a Biologics License Application,” said Randall C. Schatzman, Ph.D., Alder’s President and Chief Executive Officer. “As we expand our operations to support this planned BLA filing for ALD403 for migraine prevention and, ultimately, if the product is approved, its commercialization, Larry will continue to be a key part of our strategic planning process towards that success. We intend to build a company known for discovering and developing transformative antibody therapies that is viewed as one of the foundational biotech businesses in the Pacific Northwest and industrywide.”
Prior to joining Alder, Mr. Benedict served in various finance positions with Seattle Genetics, Inc., from 2000 to 2008, most recently as Director of Finance and Controller. From 1998 to 2000, he was Chief Financial Officer at Sensible Solutions, Inc., a financial software consulting company. From 1997 to 1998, Mr. Benedict served as Finance Manager at SmithKline Beecham Clinical Laboratories, now Quest Diagnostics Incorporated. Before this, he held various finance roles at Bristol-Myers Squibb Company. Mr. Benedict holds a B.S. in Accounting from Central Washington University and is an active member of the Association of Bioscience Financial Officers.
About Alder BioPharmaceuticals, Inc.
Alder BioPharmaceuticals, Inc., is a clinical-stage biopharmaceutical company that discovers, develops and seeks to commercialize genetically engineered therapeutic antibodies with the potential to meaningfully transform current treatment paradigms. Alder's lead pivotal-stage product candidate, ALD403, is being evaluated for migraine prevention. ALD403 is a monoclonal antibody that inhibits calcitonin gene-related peptide (CGRP), a protein that is active in mediating the initiation of migraine. Alder is additionally evaluating ALD1910, a preclinical product candidate also in development as a migraine prevention therapy. ALD1910 is a monoclonal antibody that inhibits pituitary adenylate cyclase-activating polypeptide-38 (PACAP-38), another protein that is active in mediating the initiation of migraine. Clazakizumab, Alder's third program, is a monoclonal antibody candidate that inhibits interleukin-6 and is licensed to Vitaeris, Inc. For more information, please visit http://www.alderbio.com.
This press release contains forward-looking statements, including, without limitation, statements relating to: the continued development and clinical, therapeutic and commercial potential of ALD403; future regulatory filings; the anticipated commercialization of ALD403, and Alder’s future corporate plans and objectives. Words such as “will,” “moving toward,” “expand,” “commercialization,” “continue,” “intend,” or other similar expressions, identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. The forward-looking statements in this press release are based upon Alder's current plans, assumptions, beliefs, expectations, estimates and projections, and involve substantial risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements due to these risks and uncertainties as well as other factors, which include, without limitation: risks related to the potential failure of ALD403 to demonstrate safety and efficacy in clinical testing; Alder’s ability to conduct clinical trials of ALD403 sufficient to achieve a positive completion; the availability of data at the expected times; the clinical, therapeutic and commercial value of ALD403; risks and uncertainties related to regulatory application, review and approval processes and Alder's compliance with applicable legal and regulatory requirements; the uncertain timing and level of expenses associated with the development of ALD403; the sufficiency of Alder's capital and other resources; market competition; changes in economic and business conditions; and other factors discussed under the caption "Risk Factors" in Alder's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016, which was filed with the Securities and Exchange Commission (SEC) on July 26, 2016, and is available on the SEC's website at www.sec.gov. Additional information will also be set forth in Alder's other reports and filings it will make with the SEC from time to time. The forward-looking statements made in this press release speak only as of the date of this press release. Alder expressly disclaims any duty, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Alder's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Last updated on: 12/10/2016
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