Analytica have appointed a global heavyweight in the pharmaceutical industry to its board of directors as they gear up for the international launch of an innovative medical device that combats urinary incontinence. Dr Peter B. Corr, the former head of R&D at Pfizer, has joined the Analytica board, strengthening ties he already has as a significant shareholder.
Junior ASX-listed medical device company Analytica has attracted a heavy weight talent to its board with the appointment of Dr Peter B. Corr.
Mr Corr was formerly Pfizer’s Senior Vice President of Science and Technology and head of worldwide pharmaceutical research and development.
He retired from Pfizer in 2006 and subsequently co-founded Auven Therapeutics, a private equity firm that invests in innovative life science projects and supports them through the development phase in readiness for a possible sale to multinational firms.
He is also Chairman of ADC Therapeutics, based in Switzerland and a board member of Philadelphia headquartered Imvax.
Dr Corr already has a relationship with Analytica through INOV8 LLC, of which he is the majority owner. The US Virgin Islands company holds a 12.58% shareholding in Analytica and has been providing equity funding for the company.
In a statement to the ASX, Analytica management said it invited Dr Corr to joint the board because of his extensive experience in the discovery and development of medicines, as well as his global corporate experience.
Subject to shareholder approval, Analytica will grant Dr Corr 10 million five-year options with an exercise price of $0.013.
Dr Corr’s market experience will no doubt be invaluable as Analytica gears up for the international launch of its lead product, a urinary incontinence device known as “PeriCoach.”
Earlier this month, Analytica was granted Australian patent protection for its device, which combines a smart phone with a unique device to provide real-time feedback on the effectiveness of pelvic floor exercises for women that suffer from urinary incontinence.
Patents have already been granted in Japan and China and applications are pending in the US, India, Brazil and Europe to complete the safeguarding of the technology before the sign up of international licensing partners.
Analytica says PeriCoach has the potential to help millions of women worldwide that suffer from stress urinary incontinence, with one in three women thought to be suffering from the potentially debilitating condition.