SOURCE: Apex Therapeutics, Inc.

October 10, 2016 08:00 ET

ApeX Therapeutics Appoints Industry Veteran Steve Carchedi as CEO and Director

INDIANAPOLIS, IN--(Marketwired - October 10, 2016) - ApeX Therapeutics, a clinical stage biotechnology company focused on developing novel compounds to treat cancer, today announced the appointment of Steve Carchedi as President and Chief Executive Officer of the company, succeeding David Broecker. Carchedi will also become a member of the company's board of directors.

"We are extremely pleased to have Steve be the next CEO of ApeX Therapeutics," said John Barnard, Chairman for the company. "Steve is a proven life sciences leader with an outstanding track record in developing and commercializing oncology products. Importantly, in his previous executive positions, Steve has successfully built companies - both public and private - that have led to significant increases in shareholder value."

ApeX Therapeutics recently announced acceptance by the U.S. Food and Drug Administration of an Investigational New Drug Application to evaluate the tolerability and anti-tumor effects of APX3330, a small molecule in development to treat cancer. The initial portion of the phase 1 study will determine the maximum tolerated dose of APX3330 in a group of cancer patients with solid tumors refractory to existing treatments. Once the maximum tolerated dose is established, APX3330 will be evaluated in an expanded cohort of patients with a late stage cancer refractory to existing treatments.

"I am very excited to be leading the team at ApeX at this important moment in the company's evolution," explained Carchedi. "The opportunity to clinically evaluate APX3330 in patients is a major milestone and represents a completely novel approach to treating the disease. In addition, I am impressed with the pipeline of new compounds and additional opportunities for APX3330 in combination with other agents. All the ingredients are here to build a great company."

Prior to joining ApeX, Steve was Chief Executive Officer of Cornerstone Pharmaceuticals, a biotechnology company targeting cancer metabolism. Cornerstone was recently sold in a private transaction earlier this year. Steve has over 30 years of experience building and developing specialty oncology companies. He previously served as Senior Vice President and President of Commercial Operations at Covidien and was instrumental in leading the successful spin-out of Mallinckrodt, now a $7.5 billion biopharmaceutical company. Earlier in his career, Steve led commercial development for several blockbuster oncology products and programs at global pharmaceutical companies including Taxol™ and Paraplatin™ at Bristol Myers Squibb, Gemzar™ and Alimta™ at Eli Lilly and Company, and Velcade™ at Johnson and Johnson. Steve also current serves on the board of directors for Sunesis Pharmaceuticals, and Bionumerick Pharmaceuticals.

David Broecker, who will continue to serve as a board director for ApeX, stated, "I am proud of the progress we have made with APX3330 and believe that Steve is the right man to move the program and company forward."

About ApeX Therapeutics

ApeX Therapeutics is a clinical-stage biotechnology company focused on developing novel compounds to treat cancer targeting the multiple functions of the APE1 protein. The lead drug candidate, APX3330, initially targets late stage cancer refractory to existing treatments and is expected to begin clinical studies in 2016. To learn more about ApeX Therapeutics, please visit the Company's website at www.apextherapeutics.com

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