30-Year Pharmaceutical Industry Veteran to Spearhead Licensing and Partnership Opportunities for MonoSol Rx’s Thin Film Drug Pipeline and Platform Technology
Warren, NJ (July 24, 2009) – MonoSol Rx, the developers of PharmFilm® technology and a drug delivery company specializing in dissolving thin film pharmaceutical products, today announced the appointment of Theodore “Ted” Clemente, Jr. as Vice President, Business Development. Mr. Clemente will report to Keith J. Kendall, Executive Vice President and CFO.
Mr. Kendall stated, “We are pleased to welcome Ted to MonoSol Rx and look forward to benefiting from his expertise as we continue to identify and secure opportunities that leverage the unique attributes of our PharmFilm®technology. Through our strategic partnerships and recent NDA submission for ondansetron orally dissolving thin film, we have validated our thin film platform and its potential to develop new, highly differentiated drug compounds that offer improved compliance, convenience and efficacy. Ted’s knowledge of the pharmaceutical industry, and in particular the pressures that companies now face in trying to account for generic encroachment and pending exclusivity losses, will be instrumental as we extend our development pipeline and target additional partnership arrangements.”
Prior to joining MonoSol Rx, Mr. Clemente spent the past 12 years with Novartis Consumer Health, Inc. where he most recently served as the Company’s Director, Global Business Development and Licensing. While at Novartis Consumer Health, Mr. Clemente built an extensive track record identifying, negotiating and licensing a variety of drug and technology platforms. Among his numerous accomplishments, Mr. Clemente successfully led negotiations for Novartis Consumer Health to acquire exclusive U.S. rights for over-the-counter Prevacid and was responsible for closing the Company’s licensing and supply agreement for Triaminic.
A 30-year veteran of the pharmaceutical industry, Mr. Clemente has also held product development and managerial positions with Ciba Self-Medication, Inc., Hoechst-Roussell Pharmaceuticals and Bristol-Myers Products. Mr. Clemente is a graduate of Rutgers College of Pharmacy, Rutgers University.
About MonoSol Rx
MonoSol Rx is a specialty pharmaceutical company leveraging its proprietary PharmFilm® technology to deliver drugs in quick dissolving films. PharmFilm® is designed to benefit patients by improving the convenience, efficacy, and compliance of new and currently marketed drugs. The Company’s leadership in thin film drug delivery is supported by strong intellectual property, a portfolio of commercialized over-the-counter (OTC) drug products, and a development pipeline of prescription formulations based on PharmFilm® technology. With a vertically integrated development and production infrastructure, MonoSol Rx has the capacity to manufacture OTC drug products for near-term revenues that fund prescription product development programs that will generate long-term value.
The Company’s commercialization strategy for all PharmFilm® products is to partner with the innovator, other specialty pharma or leading consumer products companies that can sell-in and manage product sales and marketing. For existing and future partners, PharmFilm® formulations represent revenue-life cycle extensions for products with patent lives that have expired or are approaching expiration. PharmFilm® is also a tool to help sales and marketing partners differentiate in competitive markets while offering unique advantages over drugs dosed by traditional tablets, capsules and orally disintegrating tablets (ODTs).