NEW HAVEN, Conn., Aug. 25 RHEI Pharmaceuticals, Inc. todayannounced the appointment of Dr. Geert Cauwenbergh as Chief Executive Officer.Dr. Cauwenbergh succeeds Joos Horsten, who recently passed away. DrCauwenbergh has been assisting RHEI Pharmaceuticals since August 1, 2008 inproviding the necessary leadership to continue the Company's development.
"I am honored to follow in the footsteps of Joos Horsten, a serialentrepreneur who was a key figure in the development of the Westernpharmaceutical industry in China," noted Dr. Cauwenbergh. "As a result ofJoos' leadership and foresight, RHEI Pharmaceuticals is uniquely positioned toaccelerate the availability of already approved western medicines in theChinese market and I am fortunate to be working with the world-class team thatJoos had assembled in order to pursue its growth strategy."
The Company also announced today that it has received approval from theChinese Health Authorities to launch its final clinical study for Asacard(R),a controlled release formulation of aspirin. With this approval in place,RHEI Pharmaceuticals has a low-risk pipeline of novel western medicines linedup for the Chinese market, with multiple product launches expected over thenext few years.
Commenting on this news, Dr. Cauwenbergh stated, "With one potentiallaunch this year, followed by three in 2009 (including Asacard(R)) and anadditional product launch planned each year thereafter until 2012, RHEIPharmaceuticals is expected to achieve very rapid growth. It is our goal tobecome the partner of choice for western companies that want to tap into thefast growing Chinese Health Care market, as well as for those Chinesecompanies that are interested in distributing western drugs, domestically."
Prior to joining RHEI Pharmaceuticals, in February 2008, Dr. Cauwenberghfounded Phases123 LLC, a company focused on identifying high potential healthcare technology platforms and emerging health care companies. In 2001, Dr.Cauwenbergh founded Barrier Therapeutics, Inc., a company developing novelpatented therapeutic agents for treatment of skin diseases. Under hisleadership, Barrier Therapeutics went public and raised a total of $250million in capital, evolving from an R&D organization into a commercialcompany with expected revenues of $46 to $50 million in 2008, prior to itsrecent acquisition by Stiefel Laboratories.
Before Barrier Therapeutics, Dr. Cauwenbergh served in numerous positionswith Johnson & Johnson (in both the U.S. and Europe), most recently as VicePresident of Technology of the Johnson & Johnson (J&J) Consumer and PersonalCare Products Companies, and before that, as Vice President of Research &Development of the J&J Consumer Companies Worldwide. Dr. Cauwenbergh was alsopreviously with the R&D organization of the Janssen Research Foundation inBelgium.
Dr. Cauwenbergh currently serves as a Board member of DARA Biosciences,Upstream Biosciences as well as Ablynx NV, and is a member of the Board ofTrustees, and Vice Chairman of Bio New Jersey. Since 2004, Dr. Cauwenberghhas served as Official Trade Advisor for Health Care in North America to theBelgian Government. From 2004 to 2006, he served as a member on the Board ofTrustees of the New Jersey Center of Life Sciences and from 2003 to 2005, Dr.Cauwenbergh was a member of the Board of Intercept Inc.
Dr. Cauwenbergh has authored over 100 publications and co-authored severalbooks. He received his Ph.D. in Medical Sciences from the Catholic Universityof Leuven, Faculty of Medicine, where he also completed his Masters andundergraduate work. In 2004 Dr. Cauwenbergh was inducted in the New JerseyHigh Tech Hall of Fame.
Asacard(R), which RHEI Pharmaceuticals has licensed from FlamelTechnologies (Nasdaq: FLML), is a controlled release formulation of aspirinfor prophylactic cardiovascular indications. Using Fla