EDISON, N.J.--(BUSINESS WIRE)--Oceana Therapeutics, a global company focused on acquiring, developing and commercializing best-in-class specialty therapeutics, today announced that John T. Spitznagel, Chairman & CEO, and David S. Tierney, MD, President & COO, have been named Ernst & Young Entrepreneur Of The Year® 2011 New Jersey region award winners.
Now celebrating its 25th anniversary, this highly prestigious awards program recognizes entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities.
Oceana’s co-founders Spitznagel and Tierney were selected by an independent panel of judges and the New Jersey region awards in various categories were presented at a special gala event on June 23rd. As regional award winners, Spitznagel and Tierney are now eligible for the Ernst & Young Entrepreneur Of The Year 2011 National Award to be announced at an awards ceremony in Palm Springs, California on November 12, 2011.
Spitznagel and Tierney expressed their sincere pleasure for the esteemed honor accorded them and both noted, “Winning in the Emerging category is particularly rewarding, because it reflects the rapid growth of Oceana in a relatively short time. Thus, the award truly honors the entire Oceana team which has and continues to drive that growth.”
Oceana Therapeutics was founded in mid-2008 and despite difficult capital market conditions at the time, the Company had, within a year of start-up, secured financial backing, acquired a sales and distribution network across more than two dozen countries and began marketing Deflux®*, a specialty treatment for a pediatric urinary condition, vesicoureteral reflux. Additionally, Oceana recently received notice from the Food and Drug Administration granting U.S. marketing approval for Solesta®*, a significant new treatment option for the many underserved patients afflicted with the life-limiting condition of fecal (bowel) incontinence.
In addition to today’s announced award, Spitznagel and Tierney are members of the esteemed Ernst & Young Entrepreneur Of The Year® Hall of Fame of prior award winners. Spitznagel won in 2004 as Chairman & CEO of ESP Pharma, an acute-care pharmaceutical company he co-founded in 2002 that was acquired for over $500 million in less than three years of start-up by PDL BioPharma (NASDAQ:PDLI). Tierney was an award winner in 2005 as CEO & President of Valera Pharmaceuticals, a company he transformed from a research organization into a commercial enterprise which was acquired in 2007 and has since become part of Endo Pharmaceuticals (NASDAQ:ENDP), a company with a market capitalization of approximately $5 billion.
Previously, Spitznagel and Tierney first collaborated in the second half of the 1990’s when they joined the then faltering Roberts Pharmaceutical which had significantly fallen out of favor with Wall Street. Spitznagel, as CEO & President, and Tierney, as Sr. VP, Drug Development and Medical Affairs, spearheaded a turnaround in Roberts’ earnings into rapid growth, which, in turn, led to that company’s acquisition by Shire plc (NASDAQ:SHPGY) in late 1999 for some $1.2 billion.
About Oceana Therapeutics
Oceana Therapeutics is committed to commercializing best-in-class therapeutics to address unmet and under-satisfied medical needs with a focus on colorectal, gastroenterology and urological diseases. With executive offices in Edison, NJ and European operations headquartered in Dublin, Ireland, Oceana is exceptionally well positioned to pursue worldwide opportunities to acquire and maximize the potential of approved and late-stage specialty therapeutics, including devices, pharmaceuticals, and diagnostics. A privately held company, Oceana has investment support from the leading venture capital and private equity firms of Kelso & Company and Frazier Healthcare Ventures. For additional information visit www.OceanaThera.com.
Additional information about Deflux and Solesta, including prescribing and safety information is available, respectively, at www.Deflux.com and www.SolestaInfo.com.
About Ernst & Young Entrepreneur Of The Year®
Ernst & Young Entrepreneur Of The Year® is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in more than 50 countries.
_____________
* Deflux® and Solesta® are registered trademarks of Q-Med AB of Uppsala Sweden; Oceana Therapeutics acquired worldwide sales and distribution rights to both products in June 2009.