|[January 13, 2014]
A.P. Pharma Announces Appointment of New Directors and Effective Date of Name Change and Reverse Stock Split
REDWOOD CITY, Calif. --(Business Wire)--
Pharma, Inc. (OTCBB: APPA), a specialty pharmaceutical company,
today announced that it has changed its name to Heron Therapeutics, Inc.
and effected a 1-for-20 reverse stock split, both effective January 13,
2014. The reverse split is being implemented to increase the Company's
stock price in support of the Company's pending application to list on
the NASDAQ Capital Market. Assuming satisfaction of listing standards,
the Company expects to list on NASDAQ by the end of January.
The Company is also expanding its board of directors and today announced
the appointment of three new independent directors. Joining the Heron
Therapeutics board of directors effective today are John Poyhonen,
President and Chief Executive Officer of Senomyx, Inc., Kimberly
Manhard, Senior Vice President of Regulatory Affairs and Development
Operations at Ardea Biosciences, a subsidiary of AstraZeneca PLC, and
Craig Johnson (News - Alert), a senior advisor and consultant in the biopharma industry.
"As we pursue a new vision for Heron Therapeutics, we are excited to be
adding to our board seasoned executives with the wealth of experience
that John, Kimberly and Craig bring," said Barry D. Quart, PharmD, Chief
Executive Officer of Heron Therapeutics. "2014 promises to be a landmark
year for Heron. As we advance our lead drug candidate, Sustol, toward a
planned commercial launch, advance our post-operative pain program to
clinical studies and further exploit our polymer-based platform, the
combined operations, strategic and financial expertise of these veterans
will be invaluable."
Mr. Poyhonen, MBA, will serve as chair of Heron's Compensation Committee
of the Board of Directors and as a member of the Audit Committee. He has
provided senior level experience and served on the board of companies in
the biopharma industry for more than 15 years. He joined Senomyx, Inc.
in October 2003 and served in various executive positions prior to his
current role as President and CEO. Prior to Senomyx, he was Vice
President of National Sales at Agouron Pharmaceuticals, a Pfizer, Inc.
company, where he played a key role in the successful commercial launch
of Viracept®, a protease inhibitor for the treatment of HIV.
Ms. Manhard will serve on Heron's Compensation Committee, Audit
Committee and Nominating and Governance Committee. In addition to her
role as Senior Vice President of Regulatory Affairs and Development
Operations at Ardea Biosciences, she also serves as Ardea's Corporat
Compliance Officer. Prior to joining Ardea, Ms. Manhard served in
various senior roles at successful biotechnology and pharmaceutical
companies including roles as Vice President of Regulatory Affairs at
Exelixis, Inc., at Agouron where she was responsible for the
international registration of Viracept, and at Bristol-Myers Squibb
where she was responsible for international registration of Taxol.
Mr. Johnson will chair Heron's Audit Committee and serve as a member of
the Nominating and Governance Committee. He has served in senior
executive and advisory roles and on the boards of directors of
biotechnology companies for over 20 years. He is currently a director
for Mirati Therapeutics, Inc., Adamis Pharmaceuticals Corporation and La
Jolla Pharmaceutical Company. Previously he served as chief financial
officer at Torrey Pines Therapeutics prior to its acquisition by Raptor
Pharmaceutical Corp. and at MitoKor, Inc. prior to its acquisition by
Micrologix Biotech Inc. Earlier in his career, he practiced as a CPA
with Price Waterhouse.
The company's trading symbol will be "APPAD" for up to 20 trading days
after the split to designate that it is trading on a post-reverse split
basis. Upon listing on NASDAQ, the trading symbol will change to "HRTX."
As a result of the reverse stock split, every twenty shares of the
company's issued and outstanding common stock were converted into one
share of company common stock. The reverse stock split affected all
issued and outstanding shares of the company's common stock, as well as
common stock underlying stock options, warrants, convertible notes and
other outstanding convertible securities. As a result of the reverse
stock split, the number of outstanding common shares was reduced to
approximately 15 million shares and the total number of authorized
shares of common stock was reduced to 75 million shares.
No fractional shares will be issued as a result of the reverse stock
split, and stockholders who otherwise would be entitled to a fractional
share will receive, in lieu thereof, a cash payment. The company's
transfer agent will act as exchange agent for the reverse stock split.
Stockholders holding certificated shares or shares through a brokerage
account will have their shares automatically adjusted to reflect the
reverse stock split as of the effective date. The issuance of new stock
certificates will not be required; however, stockholders may obtain a
new certificate from the company's transfer agent.
About Sustol (formerly known as APF530)
Heron Therapeutics' lead product candidate, Sustol, is being developed
for the prevention of both acute- and delayed-onset chemotherapy-induced
nausea and vomiting (CINV). One of the most debilitating side effects of
cancer chemotherapy, CINV is a leading cause of premature
discontinuation of treatment. There is only one injectable 5-HT3
antagonist approved for the prevention of delayed-onset CINV in patients
receiving moderately emetogenic chemotherapy (MEC); none are approved
for delayed-onset CINV in patients receiving highly emetogenic
chemotherapy (HEC). Sustol contains the 5-HT3 antagonist granisetron
formulated in the Company's proprietary Biochronomer™ drug delivery
system, which allows therapeutic drug levels to be maintained for five
days with a single subcutaneous injection. Currently available
intravenous and oral formulations of granisetron are approved only for
the prevention of acute-onset CINV. Granisetron was selected for Sustol
because it is widely prescribed by physicians based on a
well-established record of safety and efficacy.
About Heron Therapeutics, Inc. (formerly A.P. Pharma, Inc.)
Heron Therapeutics is a specialty pharmaceutical company developing
products using its proprietary Biochronomer™ polymer-based drug delivery
platform. This drug delivery platform is designed to improve the
therapeutic profile of injectable pharmaceuticals by converting them
from products that must be injected once or twice per day to products
that need to be injected only once every one or two weeks. The Company's
lead product, Sustol, is being developed for the prevention of both
acute- and delayed-onset chemotherapy-induced nausea and vomiting. For
further information, please visit the Company's web site at www.appharma.com.
Forward Looking Statements
This news release contains "forward-looking statements" as defined by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties, including
uncertainties associated with the potential approval of Sustol (formerly
APF530) and the potential timing for such approval, if approved at all,
as well as risks relating to qualifying for listing on the NASDAQ
Capital Market, progress in research and development programs, launch
and acceptance of new products and other risks and uncertainties
identified in the Company's filings with the Securities and Exchange
Commission. We caution investors that forward-looking statements reflect
our analysis only on their stated date. We do not intend to update them
except as required by law.
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