Allon Therapeutics Inc. has announced the appointment of Michael Aldridge as a director of the Company. Michael currently serves as Executive Director and member of the Board of biopharmaceutical company Xenome Limited. Aldridge replaces Michael O'Brian, who is retiring from the Board of Directors after serving since 2004.
In May 2010 Aldridge joined Xenome, a pain company focused on the development of peptide-based therapeutics with a product in late-stage clinical trials.
From 2003 to 2008, he led Peplin, Inc., a public company that grew under his leadership into a global dermatology company with two skin cancer products in late-stage clinical trials.
Peplin was sold to LEO Pharma A/S, a European dermatology company, for US$287.5 million in cash. Previous to his leadership at Peplin, Aldridge had a successful investment banking career in Australia, New York, and London.
Gordon McCauley, Allon's President and CEO, said Aldridge brings experience that will help Allon as the Company executes its Phase 2/3 pivotal clinical trial evaluating lead product davunetide as a treatment for progressive supranuclear palsy (PSP), a rapidly progressing and fatal degenerative brain disease.
The Company is on track to complete enrollment of the clinical trial by the end of 2011 and to report data approximately one year later.
"Michael Aldridge has a track record that is extremely relevant to Allon. He successfully led a growing biotech company through late-stage trials, while building significant value for shareholders," McCauley said. "Furthermore Michael's investment banking expertise will be quite valuable as we mature and address more global capital markets."
"Allon has been fortunate to enjoy Michael O'Brian's guidance and steadfast support from our early days," McCauley said. "His experience in the capital markets and as an entrepreneur were a great benefit to our shareholders, board and management team. We are deeply grateful to Michael for his service."