NASDAQ OMX

Minerva Neurosciences Names Richard Russell President

Dela

WALTHAM, Mass., Dec. 11, 2017 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (NASDAQ:NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system (CNS) disorders, today announced the appointment of Rick Russell as President.  Dr. Remy Luthringer will continue as Chief Executive Officer of Minerva while resigning his position as President.

Mr. Russell has more than 20 years of experience leading commercial operations, including developing and implementing sales and marketing activities for major biotechnology and pharmaceutical brands in North America and the European Union.  His experience encompasses several therapeutic areas, including CNS disorders, neurodegenerative disorders, cardiovascular disease and women's health.

"We welcome Rick Russell to Minerva, where his wide-ranging commercial expertise will help ensure the effective transition from late-stage clinical development to the market for our product candidates, led by MIN-101 for schizophrenia," said Dr. Remy Luthringer, Chief Executive Officer of Minerva.  "Rick's proven leadership, commercial expertise and operational knowledge will strengthen and add depth to the Company's senior management team," Dr. Luthringer continued.  "More importantly, we believe he will shape the commercial success of an innovative product with the potential to address the significant unmet need and market opportunity represented by negative symptoms in schizophrenia and beyond."

Mr. Russell most recently served as President and Chief Executive Officer of Ares Allergy Holdings, Inc., where he successfully managed a private equity portfolio of three small-sized biotechnology companies focused in Allergy Immunotherapy. He successfully led the consolidation of the portfolio into one operating company, GREER Laboratories, with total combined revenue of $100+ million and 400 employees.  Subsequently, he took the company public through a merger with Stallergenes SA to create Stallergenes Greer PLC, a global leader in Allergy Immunotherapy.  He then served as President and Chief Executive Officer of Stallergenes Greer, Inc., the North American subsidiary of Stallergenes Greer, PLC.  

Previously, Mr. Russell was Executive Vice President and Chief Commercial Officer at Sunovion (formerly Sepracor), where he led a $1.4 billion commercial operation in North America and Canada. Sunovion's products targeted indications that include neurological and psychiatric conditions such as schizophrenia, bipolar depression and Parkinson's disease.  Mr. Russell's broad commercial responsibilities included business development, sales, marketing, new product planning, distribution, manufacturing and licensing, and he successfully launched two CNS products, Latuda® (lurasidone) for bipolar depression and Aptiom® (eslicarbazepine) for epilepsy.  

Prior to joining Sunovion, Mr. Russell was Executive Vice President, neurodegenerative diseases and rheumatology, US, for EMD Serono, where he was responsible for all commercial activities relating to a $1 billion multiple sclerosis franchise, including Rebif® and Novantrone®.  He also managed EMD Serono's CNS partnership with Pfizer.  Mr. Russell was Vice President, marketing at Sanofi-Aventis, where he oversaw cardiovascular brands that included Plavix® and Avapro®/Avalide®.  Earlier, he was marketing director and team leader at Novartis for the ADHD (attention-deficit/hyperactivity disorder) franchise, which included Ritalin® LA, Focalin® and Focalin® LA.  

Mr. Russell holds a B.A. in chemistry from Bates College and an M.S. in organic chemistry from the University of New Hampshire.  

Inducement Awards

In accordance with NASDAQ Listing Rule 5635(c)(4), the Company announced that as an inducement to entering into employment with the Company, the Compensation Committee of the Board of Directors granted the following inducement awards to Mr. Russell: an option to purchase 775,000 shares of the Company's common stock and a restricted stock unit award to acquire 40,000 shares of the Company's common stock, each with a per share exercise price equal to $6.05, the closing price of the Company's common stock on the grant date of December 11, 2017.

The option will vest over four years, with 25% of the shares subject to such award vesting on the first anniversary of the grant date and the remaining 75% vesting in 12 quarterly installments over the next three years, subject to Mr. Russell's continuous service with the Company through each applicable vesting date and potential vesting acceleration under certain circumstances pursuant to the terms of Mr. Russell's offer letter with the Company.  The restricted stock unit award will vest over four years, in four equal annual installments starting on the first anniversary of the grant date, subject to Mr. Russell's continuous service with the Company through each applicable vesting date and potential vesting acceleration under certain circumstances pursuant to the terms of Mr. Russell's offer letter with the Company.

The inducement awards are being granted outside of Minerva's 2013 Equity Incentive Plan (the "2013 Plan"), but are subject to stand-alone agreements with terms generally consistent with the 2013 Plan, as a material inducement to Mr. Russell's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).

About Minerva Neurosciences

Minerva Neurosciences, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of a portfolio of products to treat CNS diseases.  Minerva's proprietary compounds include: MIN-101, in clinical development for schizophrenia; seltorexant (MIN-202 or JNJ-42847922), in clinical development for insomnia and major depressive disorder (MDD); MIN-117, in clinical development for MDD; and MIN-301, in pre-clinical development for Parkinson's disease.  Minerva's common stock is listed on the NASDAQ Global Market under the symbol "NERV."  For more information, please visit www.minervaneurosciences.com.

Forward-Looking Safe Harbor Statement

This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.  Forward-looking statements are statements that are not historical facts, reflect management's expectations as of the date of this press release, and involve certain risks and uncertainties.  Forward-looking statements include statements herein regarding our ability to successfully develop and commercialize our therapeutic products.  These forward-looking statements are based on our current expectations and may differ materially from actual results due to a variety of factors including, without limitation, management's ability to successfully achieve its goals; our ability to raise additional capital to fund our operations on terms acceptable to us; and general economic conditions.  These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption "Risk Factors" in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed with the Securities and Exchange Commission on November 6, 2017.  Copies of reports filed with the SEC are posted on our website at  www.minervaneurosciences.com . The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

Contact:

William B. Boni
VP, Investor Relations/
Corp. Communications
Minerva Neurosciences, Inc.
(617) 600-7376



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Minerva Neurosciences, Inc. via Globenewswire

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

CrownBio Supports Excellence in Translational Research with Grant Award that Funds Innovative PDX Model Development in Immuno-Oncology19.7.2018 15:03Pressmeddelande

"Cancer Research Center of Lyon iPS novel PDX models formulate new immune cell focused strategies" SAN DIEGO, July 19, 2018 (GLOBE NEWSWIRE) -- Crown Bioscience, a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, is proud to announce the award of its Patient-Derived Xenograft (PDX) grant program to doctors Fabrice Lavial, Christophe Caux and Bertrand Dubois from the Cancer Research Center of Lyon (CRCL). The grant program was established to support oncology researchers pursuing scientific advancements in cancer using PDX technology. Following an extensive review, CrownBio's Scientific Steering Committee selected Dr. Lavial and his colleagues at the CRCL due to their project's potential to create breakthroughs in preclinical oncology strategies. Their research combines PDX and iPS cell technologies to create patient-specific, humanized models. These unique models wil

Jumio Introduces Liveness Detection for Web to Better Deter Fraud During Account Onboarding19.7.2018 14:00Pressmeddelande

New identity proofing functionality ensures that the person behind a Web upload verification is present and the person actually creating a new online account PALO ALTO, Calif., July 19, 2018 (GLOBE NEWSWIRE) -- Jumio, the creator of Netverify(TM) Trusted Identity as a Service (TIaaS), today announced the addition of Liveness Detection for Web to better thwart fraudsters' evolving and sophisticated attempts to assume another individual's identity. With identity verification, Jumio's approach is to first verify the government-issued ID (e.g., driver's license, passport or ID card) and ensure that it is authentic and has not been doctored. For mobile SDK customers, Jumio then requires the user to take a selfie which enables the company to compare the person in the selfie to the person pictured in the ID document. Since Netverify is an omnichannel solution, Jumio also supports identity verification via desktop webcams. This channel enables our customers to reach large market segments who a

Northland Power Adds 17MW of Capacity to the Deutsche Bucht Offshore Wind Farm19.7.2018 12:33Pressmeddelande

TORONTO, July 19, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX:NPI) announced today that the Deutsche Bucht Mono Bucket pilot demonstrator ("Demo") project has reached financial close. All required funds for the Demo project have been contributed by Northland and committed by the project lenders. In May, the Federal Maritime and Hydrographic Agency of Germany (BSH) granted the Deutsche Bucht offshore wind project the permit required to erect two additional pilot wind turbines using Mono Bucket foundations. Deutsche Bucht will be the first offshore wind farm worldwide to test this new type of foundation structure under commercial operating conditions. As previously announced, the two turbines will contribute an additional 17 MW of capacity to the base 252 MW project for a total of 269 MW and bringing the total project cost to approximately €1.4 billion (CAD $2.0 billion) - up from €1.3 billion. Northland's corporate investment has increased from approximately $400 mi

Canadian Natural Resources Limited Announces 1 Billion Barrel Production Milestone at the Athabasca Oil Sands Project19.7.2018 11:00Pressmeddelande

CALGARY, Alberta, July 19, 2018 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited ("Canadian Natural"), as operator of the Jackpine and Muskeg River mines at the Athabasca Oil Sands Project ("AOSP"), is pleased to announce that the AOSP has achieved a mined production milestone of 1 billion barrels since operations began in 2003. Canadian Natural's President Tim McKay stated, "This is a significant milestone and demonstrates the size and scale of Canada's oil sands mining operations. The oil sands, through responsible development, provide sustainable long life low decline production and significant value for stakeholders. This milestone could not have been achieved without the dedication of the employees and contractors who focus on safe, reliable operations, while minimizing our environmental footprint to ensure long term sustainable development." Canadian Natural has a 70% working interest in the AOSP along with Chevron Canada Limited (20%) and Shell Canada Limited (10%). Canadi

ForgeRock Opens Up Open Banking19.7.2018 10:00Pressmeddelande

Delivers New, Open Reference Implementation and Sandbox Directory for Developers to Test Open Banking APIs in Five Minutes or Less LONDON, July 19, 2018 (GLOBE NEWSWIRE) -- ForgeRock®, the leading platform provider of digital identity management solutions, announced today the availability of the ForgeRock Open Banking Directory. Continuing its commitment to innovation and industry leadership, ForgeRock has delivered a reference bank implementation and directory, providing a technical sandbox for organizations looking to build and test Open Banking/PSD2 APIs. The lightweight and incredibly fast test platform has been acknowledged and celebrated by the team at UK Open Banking, the Implementation Entity set up by the UK Government's Competition and Markets Authority (CMA) in 2016, to deliver Open Banking. The ForgeRock development team has created an Open Banking Technical Solution Guide on the directory. Open Banking regulations, which began coming online in the UK earlier this year, for

TradeStation International Ltd to Offer Subscription Account Featuring TradeStation Technologies' Advanced Analytical Capabilities19.7.2018 10:00Pressmeddelande

LONDON, July 19, 2018 (GLOBE NEWSWIRE) -- TradeStation International Ltd, the London-based, United Kingdom subsidiary of TradeStation Group, Inc., today announced that it is now offering European traders, investors, advisors and market analysts access to TradeStation Analytics -- a non-brokerage subscription account featuring all of the advanced analytical capabilities of the TradeStation award-winning* platform. The software subscription account, which is provided to customers directly by affiliate TradeStation Technologies, Inc., offers market participants an opportunity to join the thousands of U.S.-based TradeStation subscribers - professionals and non-professionals alike - who trust TradeStation's cutting-edge technology to perform sophisticated market analysis, identify opportunities and stay one step ahead of today's rapidly changing financial markets. This TradeStation Analytics premium subscription package includes: Market Data delivered with speed, accuracy and reliability, w

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum