SOURCE: PAION AG

PAION AG

October 27, 2014 08:00 ET

PAION Founds USA Based Subsidiary and Engages an Experienced U.S. Industry Expert as CEO

PAION Inc. to Prepare Market Presence of Remimazolam in the USA

Greg Papaz Will Lead PAION Inc. as CEO

AACHEN, GERMANY--(Marketwired - October 27, 2014) - PAION AG, a Specialty Pharma Company (ISIN DE000A0B65S3) (XETRA: PA8) will increase its presence in the North American market with the formation of the US-subsidiary PAION Inc. The new company has been established recently and will now start the operational activities under the leadership of Greg Papaz, who will be reporting to Wolfgang Söhngen, CEO of PAION AG and Chairman of the new entity. The office will be located in New Jersey.

The US subsidiary will lead the positioning of Remimazolam in the United States, support the implementation of the US-Phase III program for procedural sedation, and implement the strategic plan for market access and commercialization of the sedative/anaesthetic Remimazolam. Additionally, the US base will enable PAION to increase its understanding of the market and begin the important task of developing key relationships across the spectrum of decision makers in the US healthcare environment.

"Establishing our own US-subsidiary demonstrates PAION's commitment to success in the US. It enables us to have frequent engagement and begin partnering with physicians, hospitals, clinics and managed care providers. We are therefore very pleased that Greg Papaz, an accomplished executive with a wealth of knowledge and experience in all US commercial functions, is joining PAION. Greg's experience in leading product launches, building commercial teams and leading sales organizations makes him the ideal person to prepare Remimazolam for an optimal start" commented Dr. Wolfgang Söhngen, CEO of PAION. "With this step we are actively creating new options for marketing Remimazolam in the U.S. and evaluating potential partners that can bring maximum value to PAION."

Greg Papaz brings more than thirty years of experience with several multi-national pharmaceutical companies including Genentech, Roche, Sanofi, and Aventis. He has a long track record of commercial success and possesses deep experience in hospital and specialty markets. During the past 10 months Mr. Papaz has worked very closely with Paion's senior leaders in developing the US business case for Remimazolam. Prior to that, he was the Senior Vice President of Commercial Operations at Optimer Pharmaceuticals where he was responsible for building the commercial organization and launching Optimer's first product. Prior to that, he led a national sales team for Genentech/Roche in the launching of Actemra, a rheumatolgy specialty product. Prior to Roche, Greg spent over 25 years with Sanofi-Aventis and its legacy companies where he functioned in numerous senior leadership roles. In his last position at Sanofi-Aventis, he was the Vice President of Cardiovascular Hospital Sales and was responsible for a team of 850 professionals and managed >$ 2 billion in annual sales with the lead product Lovenox.

Greg Papaz said: "It is our goal to prepare the U.S. market for the launch of Remimazolam and we have a significant number of strategic initiatives already underway. At the same time, we are creating options for PAION to do this with the "right" partner. New Jersey, due to its proximity to the metropolitan region New York and its big pharma market is the ideal location for either building an organization or partnering with one. I look forward to the exciting challenges ahead and I am confident that we will see the exciting potential of Remimazolam fully realized in the United States."

About Remimazolam
Remimazolam is an innovative short-acting general anaesthetic/sedative. Due to its short duration of action and good controllability, it has a preferable efficacy and safety profile relative to other currently marketed anaesthesia compounds. The rapid offset of Remimazolam's effect is due to its metabolism by tissue esterase enzymes that are widely distributed throughout the body. Remimazolam has potential in three indications:

  • Procedural sedation
  • General anaesthesia
  • ICU sedation

Remimazolam is available for licensing outside Japan, China, Russia (CIS) Turkey, MENA Region, South Korea and Canada, where the compound is partnered with, Ono Pharmaceutical, Yichang Humanwell, R-Pharm, TR-Pharm, Hana Pharm and Pendopharm.

About PAION
PAION AG is a publicly-listed Specialty Pharma Company headquartered in Aachen, Germany with a second site in Cambridge, UK. The company has a track record in developing hospital-based treatments for which there is substantial unmet medical need. PAION's strategy is to extend its business model from a pure development company to a specialty pharmaceutical company with a focus on anaesthesia products. Remimazolam is intended to be the basis for its future marketing activities.

Disclaimer:

This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG's management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the Company's assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments.

Contact Information

  • PAION Contact
    Ralf Penner
    Director Investor Relations / Public Relations
    PAION AG
    Martinstrasse 10-12
    52062 Aachen - Germany
    Phone: +49 241 4453-152
    E-mail: r.penner@paion.com
    www.paion.com