BEDFORD, Mass--(BUSINESS WIRE)--Ocular Therapeutix, Inc. (NASDAQ:OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, announced the nomination of Seung Suh (Stanley) Hong, Ph.D. to the Board of Directors of the Company.
“We are pleased to have the opportunity for Dr. Hong to join our Board of Directors. His vast experiences in the biopharmaceutical industry will bring significant strategic, operational and international experience to Ocular Therapeutix,” said Antony Mattessich, President and Chief Executive Officer. “We look forward to his guidance as we prepare for the planned launch of DEXTENZA® and transition to a fully integrated commercial ophthalmology company.”
Dr. Hong brings over 35 years of industrial experience in the development of biopharmaceutical products and since March 2019 has served as a consultant to a number of biopharmaceutical companies. From April 2002 to January 2019, he served in various capacities at Celltrion Inc., a South Korean-based biopharmaceutical company, including as President of Celltrion Healthcare Japan and Senior Advisor from January 2016 to January 2019; as President and Chief Executive Officer of Celltrion Healthcare Co., Ltd. from November 2014 to December 2015; and as President of Research and Development from April 2002 to November 2014. Dr. Hong’s team at Celltrion led the successful development of REMSIMA®, the world’s first biosimilar monoclonal antibody, and helped gain approval for the product in Korea, Japan, Canada, the European Union, and the United States. Overall, Dr. Hong has been involved in the commercialization of eight biosimilar monoclonal antibodies and other recombinant proteins as well as four new biopharmaceutical products.
Dr. Hong studied Enzymology and Biochemical Engineering at Seoul National University in Korea, and received a Ph.D from the same institution in 1990. He spent two years at the University of Wisconsin as a Postdoctoral Fellow in the Department of Bacteriology and the School of Pharmacy. Dr. Hong has published more than 40 papers, and holds more than 120 Korean patents and 20 international patents.
Dr. Hong’s nomination is part of a broader realignment of the Board of Directors. In March, the Company announced that Leslie J. Williams had been elected to the Board. More recently, W. James (Jim) O’Shea notified the Company in April of his resignation from the Board, effective upon the conclusion of the 2019 Annual Meeting of Stockholders. Finally, Dr. Hong has been nominated for election as a Class II director to assume the Board seat currently occupied by Jaswinder (Jassi) Chadha, whose term as a director is scheduled to expire at the 2019 Annual Meeting of Stockholders in June. Upon the conclusion of the meeting, the Company expects the Board to reduce its size from nine to eight directors.
"On behalf of the board, I would like to thank both Jim and Jassi for their service and leadership,” said Antony Mattessich, President and Chief Executive Officer. “Over the past few years Ocular has transitioned from a development to a commercial organization and we have appreciated their sound advice throughout this transition. We wish them both well in their future endeavors.”
About Ocular Therapeutix, Inc.
Ocular Therapeutix, Inc.
is a biopharmaceutical company focused on the formulation, development,
and commercialization of innovative therapies for diseases and
conditions of the eye using its proprietary bioresorbable hydrogel-based
formulation technology. Ocular Therapeutix’s first commercial drug
product, DEXTENZA, is FDA-approved for the treatment of ocular pain
following ophthalmic surgery. OTX-TP (intracanalicular travoprost
insert) is an intracanalicular insert in Phase 3 clinical development
for the reduction of intraocular pressure in patients with primary
open-angle glaucoma and ocular hypertension. The Company’s earlier stage
assets include OTX-TIC, an extended-delivery intracameral travoprost
implant for the reduction of intraocular pressure in patients with
glaucoma and ocular hypertension, as well as sustained release
intravitreal implants for the treatment of retinal diseases. These
intravitreal implants include OTX-TKI, containing a tyrosine kinase
inhibitor (TKI), and, in collaboration with Regeneron, OTX-IVT, an
extended-delivery protein-based anti-vascular endothelial growth factor
(VEGF) trap. Ocular Therapeutix's first product, ReSure® Sealant, is
FDA-approved to seal corneal incisions following cataract surgery.
Forward Looking Statements
Any statements in this press
release about future expectations, plans, and prospects for the Company,
including the commercialization of DEXTENZA, ReSure Sealant or any of
the Company’s product candidates, including the anticipated commercial
launch of, and the receipt of reimbursement codes for, DEXTENZA; the
development and regulatory status of the Company’s product candidates,
such as the Company’s regulatory submissions for and the timing and
conduct of, or implications of results from, clinical trials of DEXTENZA
for the treatment of post-surgical ocular inflammation and the prospects
for approvability of DEXTENZA for post-surgical ocular inflammation or
any other indications, OTX-TP for the treatment of primary open-angle
glaucoma and ocular hypertension, OTX-TIC for the treatment of primary
open-angle glaucoma and ocular hypertension, OTX-TKI for the treatment
of retinal diseases including wet AMD, and OTX-IVT as an
extended-delivery formulation of the VEGF trap aflibercept for the
treatment of retinal diseases including wet AMD; the Company’s
post-approval studies of ReSure Sealant and the Company’s ongoing
communications with the U.S. Food and Drug Administration regarding the
warning letter the Company received regarding ReSure Sealant; the
ongoing development of the Company’s extended-delivery hydrogel depot
technology; the potential utility of any of the Company’s product
candidates; the potential benefits and future operation of the
collaboration with Regeneron Pharmaceuticals, including any potential
future payments thereunder; the sufficiency of the Company’s cash
resources and other statements containing the words "anticipate,"
"believe," "estimate," "expect," "intend", "goal," "may", "might,"
"plan," "predict," "project," "target," "potential," "will," "would,"
"could," "should," "continue," and similar expressions, constitute
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those indicated by such forward-looking statements as a result of
various important factors. Such forward-looking statements involve
substantial risks and uncertainties that could cause the Company’s
clinical development programs, future results, performance or
achievements to differ significantly from those expressed or implied by
the forward-looking statements. Such risks and uncertainties include,
among others, those related to the timing and costs involved in
commercializing DEXTENZA, ReSure Sealant or any product candidate that
receives regulatory approval, including the conduct of post-approval
studies, the ability to retain regulatory approval of DEXTENZA, ReSure
Sealant or any product candidate that receives regulatory approval, the
ability to obtain reimbursement codes for DEXTENZA, the initiation,
timing and conduct of clinical trials, availability of data from
clinical trials and expectations for regulatory submissions and
approvals, the Company’s scientific approach and general development
progress, the availability or commercial potential of the Company’s
product candidates, the sufficiency of cash resources, the Company’s
existing indebtedness, the ability of the Company’s creditors to
accelerate the maturity of such indebtedness upon the occurrence of
certain events of default, the outcome of the Company’s ongoing legal
proceedings and need for additional financing or other actions and other
factors discussed in the “Risk Factors” section contained in the
Company’s quarterly and annual reports on file with the Securities and
Exchange Commission. In addition, the forward-looking statements
included in this press release represent the Company’s views as of the
date of this release. The Company anticipates that subsequent events and
developments will cause the Company’s views to change. However, while
the Company may elect to update these forward-looking statements at some
point in the future, the Company specifically disclaims any obligation
to do so except as required by law. These forward-looking statements
should not be relied upon as representing the Company’s views as of any
date subsequent to the date of this release.