SEATTLE--(BUSINESS WIRE)--Acucela Inc., a clinical-stage biotechnology company focused on developing new treatments for blinding eye diseases, today announced that it has appointed David L. Lowrance, CPA as Chief Financial Officer (CFO). Mr. Lowrance will be responsible for overseeing finance/accounting, corporate communications, legal, information technology (IT), and facilities management; and will report into Ryo Kubota, M.D., Ph.D., Acucela’s chairman, president and chief executive officer. Mr. Lowrance brings to Acucela a record of achievement in leading numerous financial transactions, managing commercialization and product launch strategies and helping both smaller and larger companies navigate growth.
“Acucela’s programs are expanding in breadth and depth. Our recent hires at the management level and throughout the Company reflect this growth,” stated Dr. Kubota. He continued, “Dave’s expertise in financial management will help us navigate the Company in a fiscally prudent way. Strategic and well-informed financial decisions as we mature to our next level are critical to our mission of becoming a fully integrated biotechnology company focused on ophthalmology. Dave understands the many facets of a development-stage life sciences company, and has a proven ability to take that knowledge and advance a company to its next stage. We look forward to working with Dave and benefitting from his experience and insights.”
In particular and relevant to Acucela’s business objectives, Dave has a record of achievement in leading a very successful initial public offering (IPO) in a down market; he played a strategic and senior role in launching two products, building the infrastructure to support a third commercial product; and has experience putting systems and processes into place that resulted in significant cost-reductions without sacrificing staff.
Mr. Lowrance added, “I joined Acucela for a number of reasons, including the Company’s commitment to developing the very best approaches to solving some of the most punishing eye diseases. I look forward to helping lead Acucela to its next phase.”
Most recently, Mr. Lowrance served as CFO for Cumberland Pharmaceuticals Inc. (Nasdaq: CPIX). As a member of the management team, he was integral to the Company’s successful IPO. In addition, he led all aspects of finance and accounting, and played a key role in formulating the Company’s business and financing strategies. Formerly, he was head of finance at a division of BorgWarner Inc, a leading $3B auto manufacturer supplier, where he successfully implemented results-oriented processes and procedures that saved time, money and increased productivity. At Icore International Inc., a leader in military and aerospace solutions, he was Senior Vice President, Finance. He was recruited to Icore to lead a merger transaction for the company and did so under budget and on time. Mr. Lowrance began his career as an accountant at Ernst & Young, LLP, where he managed a number of healthcare, manufacturing, real estate and not-for-profit clients.
He holds a BBA in accounting from the University of Georgia, College of Business Administration and is a Certified Public Accountant (CPA).
About Acucela Inc.
Acucela Inc. (www.acucela.com) is a clinical-stage biotechnology company focused on leveraging promising science in visual cycle modulation (VCM) to develop new methods for treating blinding eye diseases that affect tens of millions of people worldwide. The Company’s orally delivered VCM compounds, which selectively target cells within the retina to protect visual acuity, have the potential to be used to treat several devastating eye diseases, including dry age-related macular degeneration (AMD), for which there is currently no treatment options for patients; retinopathy of prematurity, Stargardt disease and diabetic retinopathy. ACU-4429 for dry AMD is being co-developed by Acucela and Otsuka Pharmaceutical Co., Ltd. in North America, and the companies are also co-developing Rebamipide for dry eye and OPA-6566 for glaucoma in the United States. Acucela was founded by Ryo Kubota, M.D., Ph.D., a pioneer in the ophthalmology field and the discoverer of the gene that causes glaucoma.