- Mr. Seth to serve as Chief Executive Officer and Chairman of the Board of Directors
- Independent Director Dr. Ajit Shetty appointed to the Company’s Corporate Governance, Audit and Compensation Committees
NEW YORK, June 09, 2017 (GLOBE NEWSWIRE) -- Actinium Pharmaceuticals, Inc. (NYSE MKT:ATNM) ("Actinium" or "the Company"), a biopharmaceutical company developing innovative targeted payload immunotherapeutics for the treatment of advanced cancers, announced today that Actinium’s Board of Directors unanimously appointed Mr. Seth as Chief Executive Officer, effective immediately. Mr. Seth will continue his role as Chairman that commenced in October of 2013. In addition, Steve O’Loughlin has been appointed Principal Financial and Accounting Officer as of May 15, 2017.
Actinium’s Board of Directors released a statement that said, “As Executive Chairman, Mr. Seth has been dedicated to advancing the goals of Actinium Pharmaceuticals with a focus on patient outcomes and shareholder value. Under Mr. Seth’s guidance, the Company has made tremendous progress recently, which includes hiring of key personnel such as our Chief Medical Officer, Dr. Mark Berger, VP-Clinical and Commercial Strategy, Steven Price, and several senior members of the core manufacturing team. Mr. Seth’s initiatives have sharply focused the clinical organization that is driving progress of our clinical trials. In addition, key intellectual property is being filed and value enhancing initiatives are being progressed as he assembles a robust team that is capable of generating value. We are excited to announce the appointment of Mr. Seth as the Company’s Chief Executive Officer as we have great confidence in his ability to lead Actinium in its next phase of development, which includes continued development of our Iomab-B, Actimab-A, and Actimab-M drug candidates as well as our alpha particle technology platform. In doing so, we believe Actinium will establish itself as a leader at the intersection of radioimmunotherapy and oncology.”
Sandesh Seth said, “It is an honor to be appointed Chief Executive Officer of Actinium at such an exciting time for the Company. Our radioimmunotherapies hold tremendous potential for extremely sick cancer patients who lack effective treatment options especially in the areas of bone marrow transplant, acute myeloid leukemia and multiple myeloma. I am excited to continue to work with the ever-stronger Actinium team to execute our vision of building an innovative biopharmaceutical company that transforms the treatment of patients with radioimmunotherapies.”
The Company also announced that Dr. Ajit Shetty has been appointed to the Company’s Corporate Governance (Chairman), Audit and Compensation Committees in the place of Mr. Sergio Traversa who has resigned from Actinium’s Board of Directors. Dr. Shetty joined Actinium’s Board of Directors as an independent director in March of 2017. Dr. Shetty spent 36 years in key executive roles at Janssen and Johnson & Johnson. From 1986 to 1990 he served as President of Janssen Pharmaceutica, Inc. where he established Janssen’s U.S. business. From 1999 to 2008 he served as Managing Director and oversaw Janssen Group of companies’ growth in global sales from $1 billion to $ 8 billion and from 2004 to 2012 he served as Chairman of the Board of Directors. Most recently, Dr. Shetty was head of Enterprise Supply Chain at Johnson & Johnson.
In addition, the Company appointed Steve O’Loughlin Principal Financial and Accounting Officer on May 15, 2017. Mr. O’Loughlin joined Actinium in October 2015 and has served as Vice President, Corporate Finance and Development.
About Actinium Pharmaceuticals, Inc.
Actinium Pharmaceuticals, Inc. is a biopharmaceutical company developing innovative targeted therapies for patients with cancers lacking effective treatment options. Actinium's proprietary platform utilizes monoclonal antibodies to deliver radioisotopes directly to cells of interest in order to kill those cells safely and effectively. The Company's lead product candidate Iomab-B is designed to be used, upon approval, in preparing patients for a hematopoietic stem cell transplant, commonly referred to as bone marrow transplant. A bone marrow transplant is often the only potential cure for patients with blood-borne cancers but the current standard preparation for a transplant requires chemotherapy and/or total body irradiation that result in significant toxicities. Actinium believes Iomab-B will enable a faster and less toxic preparation of patients seeking a bone marrow transplant, leading to increase transplant success and survival rates. The Company is currently conducting a single pivotal 150-patient, multicenter Phase 3 clinical study of Iomab-B in patients with active, relapsed or refractory acute myeloid leukemia (AML) age 55 and older. The Company's second product candidate, Actimab-A, is currently in a multicenter open-label, 53-patient Phase 2 trial for patients newly diagnosed with AML age 60 and over. Actimab-A is being developed to induce remissions in elderly patients with AML who lack effective treatment options and often cannot tolerate the toxicities of standard frontline therapies. In addition, Actinium is developing Actimab-M, which is being studied in patients with relapsed or refractory multiple myeloma in a Phase 1 clinical trial. Actinium is also utilizing its alpha-particle immunotherapy (APIT) technology platform to generate new drug candidates based on antibodies linked to the element Actinium-225 that are directed at various cancers that are blood-borne or form solid tumors. Actinium Pharmaceuticals is based in New York, NY. To learn more about Actinium Pharmaceuticals, please visit www.actiniumpharma.com and to follow @ActiniumPharma on Twitter please visit, www.twitter.com/actiniumpharma.
Forward-Looking Statements for Actinium Pharmaceuticals, Inc.
This news release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve risks and uncertainties, which may cause actual results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential, or financial performance. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Actinium Pharmaceuticals undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.