BERKELEY HEIGHTS, N.J., July 06, 2016 (GLOBE NEWSWIRE) -- Edge Therapeutics, Inc. (Nasdaq:EDGE), a clinical-stage biotechnology company developing novel hospital-based therapies in the management of acute, life-threatening conditions, today announced that Harry J. Sacks, M.D., FAAP, has joined Edge as its Vice President, Clinical Development, effective June 20, 2016. Dr. Sacks will direct the global strategy, planning and execution of Edge’s clinical trials and will report directly to Edge’s Chief Medical Officer, Dr. Herbert Faleck.
“Harry has a track record of successfully leading clinical development strategy and trial execution at many pharmaceutical and biotechnology companies, including playing a pivotal role in the approval of Tudorza®, Asmanex® and Astepro®, among others,” said Dr. Faleck. “Harry’s expertise will be of tremendous value as we commence our pivotal NEWTON-2 study of EG-1962 and expand our pipeline with the goal of improving clinical outcomes in vulnerable patient populations. We are pleased to welcome Harry to our team.”
Dr. Sacks has approximately 20 years of clinical development experience in the pharmaceutical and biotechnology industries, including directing clinical program oversight from early stages, through development and beyond marketing approval. Prior to joining Edge, Dr. Sacks held roles of increasing responsibility at Novartis, where he most recently served as Vice President, Medical and Scientific Affairs, and Medical Respiratory Head in U.S. Clinical Development and Medical Affairs. In this role, Dr. Sacks led medical strategy for the respiratory franchise in the U.S., including overseeing clinical development programs and execution of the medical product plans for Xolair®, Utibron™ Neohaler® and Tobi™Podhaler™.
Prior to Novartis, Dr. Sacks served in leadership roles at Forest Research Institute, Meda Pharmaceuticals (formerly MedPointe Pharmaceuticals) and Schering-Plough Research Institute. Dr. Sacks holds an M.D. with special distinction in research from the Albert Einstein College of Medicine and a B.A. in biology and Judaic studies from Yeshiva University. He trained in pediatrics and anesthesiology, is board certified by the American Board of Pediatrics and is a Fellow of the American Academy of Pediatrics. He is a member of the American Thoracic Society and the American Academy of Allergy, Asthma and Immunology.
“I’m thrilled to join Edge at this exciting time, as the company prepares to initiate its pivotal study for EG-1962, an important therapy with the potential to significantly improve health outcomes in patients who suffer an aneurysmal subarachnoid hemorrhage,” said Dr. Sacks. “I look forward to working with Edge to advance EG-1962 in its NEWTON-2 study, and leverage its Precisa™ development platform in multiple acute, life-threatening conditions.”
Inducement Grant under NASDAQ Listing Rule 5635(c)(4)
In connection with Dr. Sacks’ appointment, the Compensation Committee of Edge’s Board of Directors granted Dr. Sacks on July 1, 2016, non-qualified stock options to purchase 85,000 shares of Edge’s common stock with an exercise price of $10.65 per share, which is equal to the closing price of Edge’s common stock as reported by NASDAQ on the date of the grant. The grant was made as an inducement material to Dr. Sacks’ acceptance of employment with Edge in accordance with NASDAQ Listing Rule 5635(c)(4).
The options have a 10-year term and vest over a period of four years, with 25 percent vesting on June 20, 2017, which is one year following Dr. Sacks’ date of hire, and the remaining 75 percent vesting in approximately equal monthly increments over the succeeding thirty-six months, subject to Dr. Sacks’ continuous employment through each applicable vesting date. In addition, the options are subject to acceleration or forfeiture upon the occurrence of certain events as set forth in Dr. Sacks’ option agreement.
About Edge Therapeutics, Inc.
Edge Therapeutics, Inc. (Edge) is a clinical-stage biotechnology company that discovers, develops and seeks to commercialize novel, hospital-based therapies capable of transforming treatment paradigms for the management of acute, life-threatening neurological conditions. EG-1962, Edge’s lead product candidate, has the potential to fundamentally improve patient outcomes and transform the management of aneurysmal subarachnoid hemorrhage, or aSAH, which is bleeding around the brain due to a ruptured brain aneurysm. For additional information about Edge, please visit www.edgetherapeutics.com.
