SOURCE: NB Therapeutics

May 12, 2011 10:00 ET

NB Therapeutics Appoints Jeff O'Donnell as Chairman of the Board

Experienced Pharmaceutical Executive Will Provide Extensive Commercial and Reimbursement Knowledge

BRISTOL, PA--(Marketwire - May 12, 2011) - NB Therapeutics (formerly Nitric BioTherapeutics), a pharmaceutical development company specializing in dermatology, podiatry and anti-infective products, today announced the appointment of Jeff O'Donnell as Chairman of the Board. Mr. O'Donnell is an entrepreneur with experience starting, growing and managing a number of companies, including leading Photomedex and most recently the successful sale of Embrella Cardiovascular, Inc., to Edwards Lifesciences LLC. Mr. O'Donnell joins Al Altomari, Brian Gallagher and Marcus Schabacker as Independent Directors with extensive experience in the dermatology field.

Mr. O'Donnell will work with NBT management to advance the development and commercialization of NBT-320, which is the company's lead product for the treatment of onychomycosis. NBT-320 is a novel formulation of terbinafine, optimized for use with iontophoresis. The drug/device combination delivers very high doses of a proprietary, ionized formulation of terbinafine, the most effective medication used to treat onychomycosis, directly to the site of the infection -- on, around and under the toenail. Iontophoresis is the application of a low-level, painless electric current to actively push drugs into skin and nails quickly and at high levels. The entire procedure takes place in the office of a podiatrist or dermatologist and takes only 20 minutes.

NBT-320 is currently in a Phase 2 onychomycosis study with 165 subjects enrolled at eight sites in the US and Canada. The study is evaluating the safety and efficacy of the product to treat moderate onychomycosis. Preliminary clinical results for NBT-320 will be available in Q2 2011, with final results available at the end of 2011.

"We are very pleased to bring on Jeff O'Donnell in the Chairman's role," commented Frank J. McCaney, President & CEO of NB Therapeutics. "He brings a track record of success in a number of therapeutic areas, including dermatology. We are excited about working with Jeff to maximize the value of NBT-320. The Phase 2 trial for NBT-320, which is being conducted by some of the top investigators in North America, is on schedule, and we believe that the combination of a robust delivery system that topically delivers the best oral drug will create an outstanding treatment option for those patients who suffer from onychomycosis."

"I look forward to working with Frank and the rest of the senior management team at NB Therapeutics to improve the potential success of this very exciting asset," said Mr. O'Donnell. "Upon successful completion of its clinical trials, I believe that NBT-320 could very quickly be considered the optimal way to treat onychomycosis for the more than 35 million Americans and equal number of Europeans who suffer from the disease. As an in-office procedure delivered to the patient by a dermatologist or podiatrist, NBT-320 should improve patient compliance and treatment effectiveness while providing the practitioner with a new treatment option. I also look forward to helping the company examine other opportunities leveraging the Company's proprietary system for iontophoresis to deliver proven drugs for other indications in dermatology."

Mr. O'Donnell is an industry expert with more than twenty years of executive leadership experience in the pharmaceutical industry, with a focus on the development and successful commercialization of specialty pharmaceutical products, in particular in dermatology and cardiovascular disease.

Mr. O'Donnell is the Venture Partner for BioStar Ventures, a venture capital partnership which invests primarily in early stage medical devices. In March 2011 he sold Embrella Cardiovascular, Inc. to Edwards Lifesciences, a medtech company he started two years ago along with the founder of the product. He served as the Chairman and CEO of Embrella. Prior to Embrella, he started Photomedex, Inc., a dermatology device and treatment company, in 2000. He served as President, CEO and Chairman of the Board of Directors from 2000 - 2009. Mr. O'Donnell started his professional career as a sales representative for Johnson and Johnson and held progressive sales and marketing positions including Senior Product Manager for Boston Scientific, Sales Director for Guidant Corporation, President and CEO of Kensey Nash and then CEO of Cardiovascular Dynamics, currently Endologix.

About Onychomycosis
Onychomycosis is a chronic fungal infection that affects the toenails and the fingernails. The currently available treatment options for onychomycosis are limited by liver toxicity complications, long courses of therapy and low efficacy. The only approved topical treatment showed low efficacy rates in clinical trials. The disease can cause pain, discomfort and disfigurement. Onychomycosis can lead to co-morbid infections and may produce serious physical and occupational limitations. Psychosocial and emotional effects resulting from onychomycosis are widespread and may have a significant impact on quality of life. It is generally accepted that in the United States there are more than 35 million patients suffering from onychomycosis. The global market for onychomycosis treatments is estimated to have been $2B in 2010.

About NB Therapeutics
NB Therapeutics, a venture backed biopharmaceutical and medical device company, is developing patent protected treatments for fungal and bacterial infections. The company's lead technology uses iontophoresis to deliver medically significant levels of proven drugs for dermal diseases, thereby avoiding systemic side effects. NBT also has the advantage of knowledge gained in pre-clinical and clinical studies with nitric oxide applied topically for the treatment and prevention of infections, including those from drug-resistant bacteria. The company is located in Bristol, PA. More information on the company can be found at www.nbtherapeutics.com.

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