CAMBRIDGE, MA--(Marketwire - Dec 5, 2011) -
- C. Richard Lyttle retires as President and CEO and will serve as interim CSO
- Kurt Graves appointed Chairman of the Board
- Louis Brenner appointed CMO
Radius Health, Inc. ("Radius") announced today the appointment of Michael S. Wyzga as President and Chief Executive Officer and a member of the Board of Directors, effective with the retirement of C. Richard Lyttle, PhD from the company and the Radius Board of Directors on December 5, 2011. Mr. Wyzga joins Radius after serving as Executive Vice President, Finance and Chief Financial Officer of Genzyme. Dr. Lyttle will remain with the company during the management transition as interim Chief Scientific Officer following his retirement as President and CEO.
In addition, Radius announced that Louis Brenner, MD, has been appointed Chief Medical Officer and that board member Kurt Graves has been elected Chairman of the Board. Dr. Brenner joins Radius after serving as Senior Vice President at AMAG Pharmaceuticals and in senior management positions at Genzyme focused on developing and commercializing therapeutics to treat metabolic bone disease.
Mr. Wyzga has more than 20 years of experience in the biotechnology and high-technology industries leading in the areas of corporate finance, strategic planning, and mergers and acquisitions. Prior to joining Radius, over a 13-year career at Genzyme, Mr. Wyzga held primary responsibility for financial management of Genzyme operations worldwide. He provided key leadership in the successful $20.1 billion sale of Genzyme to Sanofi in April 2011, which was the second-largest acquisition in biotechnology history, following Roche's $46.8 billion purchase of Genentech in 2009.
Mr. Wyzga succeeds Dr. Lyttle, a recognized leader in women's health and metabolic disease who joined Radius as President and CEO in 2004 after serving as Vice President of Discovery for Women's Health and Bone and as Head of the Women's Health Research Institute at Wyeth. Under his leadership, Radius acquired and developed three drug products that are currently advancing in clinical development, raised two successful financing rounds, executed a strategic development alliance for an innovative osteoporosis drug product, and completed a reverse merger into a public reporting shell company.
"With our lead osteoporosis program BA058 well into Phase 3, the breakthrough BA058 Microneedle Patch proving itself in the clinic, significant financing in place, and a clear strategy to take Radius to the commercial stage, the timing is right to add new strength to the Board and executive management and for me to transition from Radius," said Dr. Lyttle. "I am very pleased that Mike is taking up the leadership of Radius and confident that he is ideally suited to lead the company on a continued successful trajectory. From his long and accomplished service with one of the world's leading biotechnology companies, he understands the business of science -- specifically, how to optimally grow and advance a world-class, cutting-edge biopharmaceutical company. I look forward to continuing my involvement with the company and to working with Mike to transition Radius into its next exciting chapter."
"It is a great privilege to have been asked to lead Radius at this important point in the company's evolution," said Mr. Wyzga. "BA058 represents a unique opportunity to advance not just a best-in-class drug, but potentially a best-in-disease drug in the expanding osteoporosis market. BA058 has the potential to transform the treatment of osteoporosis and optimize outcomes based not only on its unique bone-building and safety attributes but on the development of the once-daily, short wear-time transdermal patch, our fast follow-on product that we believe will further expand the appeal and market penetration for our product."
"Rich Lyttle evolved Radius from a start-up into a biopharmaceutical company positioned for success with the late-stage development of BA058," said Kurt Graves, Chair of Radius' Board of Directors. "His leadership has been vital to Radius' successful growth and its scientific, clinical, and business achievements. As a result, Radius today is in a position of strength, with promising new drug products in the clinic that have the potential to change the treatment of osteoporosis and other serious women's health conditions. On behalf of the Board of Directors of Radius, I would like to sincerely thank Rich for his exceptional leadership and for his continued involvement, and we wish him the very best in his retirement.
"Mike Wyzga is the right person to continue building on this progress, and we are delighted to welcome him to Radius," Mr. Graves continued. "Mike is a proven industry leader with an impressive track record of enhancing operational and financial results and building shareholder value. We have great confidence in his extensive experience and his ability to guide Radius as the company moves closer to bringing its innovative osteoporosis and women's health products to patients worldwide."
About Radius (www.radiuspharm.com)
Radius is a leading company developing a new generation of drug therapies for osteoporosis and women's health. BA058, Radius' novel, proprietary analog of PTHrP (parathyroid hormone-related protein), is in clinical development as a treatment for osteoporosis in two delivery options: BA058 Injection is a subcutaneous injection form in Phase 3 clinical study; and the BA058 Microneedle Patch, currently in Phase 1 study, is a short wear-time, transdermal form based on a microneedle technology from 3M Drug Delivery Systems that is intended to promote improved patient compliance and drive an expansion of the osteoporosis market. The company has a pipeline of additional drug candidate programs in earlier stages of development. Radius is located in Cambridge, Massachusetts.
Safe Harbor for Forward-Looking Statements
Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the timing for Radius becoming a publicly traded corporation and the development of Radius' products, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Radius or its management, may identify forward-looking statements. Radius cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the failure by Radius to secure and maintain relationships with collaborators; risks relating to clinical trials; risks relating to the commercialization, if any, of Radius' proposed product candidates (such as marketing, regulatory, patent, product liability, supply, competition, and other risks); dependence on the efforts of third parties; dependence on intellectual property; and risks that Radius may lack the financial resources and access to capital to fund our operations. Further information on the factors and risks that could affect Radius' business, financial conditions and results of operations are contained in Radius' filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. The forward-looking statements represent Radius' estimate as of the date hereof only, and Radius specifically disclaims any duty or obligation to update forward-looking statements.
Chief Financial Officer