Neuralstem, Inc. (NASDAQ:CUR), a biopharmaceutical company focused on the development of central nervous system therapies based on its neuronal stem cell technology, announced the appointment of Richard J. Daly to the position of President and Chief Executive Officer, effective February 15, 2016. Mr. Daly brings to the position over 25 years of commercial pharmaceutical leadership experience encompassing strategy, sales, marketing, and operations. Mr. Daly is also being appointed to the company’s Board of Directors.
Mr. Daly succeeds Richard Garr, J.D., who served as President and Chief Executive Office since co-founding Neuralstem with the Chairman and Chief Scientific Officer, Karl Johe, Ph.D., in 1996. Mr. Garr will continue to serve on the Board of Directors and will assist in the transition period to maintain the momentum of the company’s corporate and clinical development initiatives.
“I have been extremely proud to be a part of this dedicated team of exceptional scientific and medical professionals bringing this breakthrough science from the laboratory through the clinic,” said Mr. Garr. “With Mr. Daly’s strong leadership and distinguished 25-year track record across many areas of pharma expertise, I believe the company’s clinical and corporate strategies are poised for future commercialization and potential partnerships.”
“Neuralstem’s neurogenic platform is an exciting and novel technology. We are focused on advancing the clinical programs toward commercialized therapies and creating stakeholder value,” commented Richard Daly.
Mr. Daly most recently served as Managing Director of Ravine Rock Partners, LLC; a healthcare commercial performance acceleration firm where his expertise was leveraged as the Interim Chief Commercial Officer of Catalyst Pharma until September 2015. Moreover, he led the turnaround initiatives of Bristol-Myers Squibb – AstraZeneca Diabetes Alliance when serving as the President of the U.S. Diabetes subsidiary from 2013 through the AstraZeneca integration completion in 2014. Under Mr. Daly’s leadership the Alliance team successfully launched two major products, Farxiga and Myalept.
From 2011-2013, Mr. Daly was a founding Partner and Board Member of SagePath Partners LLC, a commercial outsourcing provider to the pharmaceutical industry. SagePath was sold to Ashfield Commercial & Medical Services in 2013.
Mr. Daly was also part of the executive leadership team that executed the formation and growth of Takeda North America. During his 13-year tenure, he served as Executive Vice President, U.S., where he was responsible for new affiliates and business development for the Americas. His achievements include building three new companies in the region and launching multiple products including Actos and Dexilant in the U.S and Dexilant, Edarbi, and Mepact in new affiliate regions of Mexico and Canada. Earlier in his career, he served as the Vice President of Commercial Strategy at TAP Pharmaceuticals, an Abbott Labs and Takeda joint-venture, and Senior Vice President of Marketing at Takeda North America.
He currently serves on the boards of Catalyst Pharmaceuticals and Synergy Pharmaceuticals. Mr. Daly earned an M.B.A. from Northwestern University’s Kellogg Graduate School of Management and holds a B.S. in Microbiology from The University of Notre Dame.
In connection with Mr. Daly’s appointment as President and CEO, on February 15, 2016, the Compensation Committee of the company’s Board of Directors approved the grant of non-qualified stock option to purchase 2,750,000 shares of the company’s common stock. The option has an exercise price of the closing price of $0.69, a term of 10 years and vests as follows: 25% of the stock options vest on the six month anniversary of Mr. Daly’s appointment; 25% of the stock options vest on the one year anniversary of Mr. Daly’s employment, and the remaining options vest quarterly over a three year period thereafter. The grant was made as an inducement material to Mr. Daly’s acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).(Original Source)
Shares of Neuralstem closed last Friday at $0.69. CUR has a 1-year high of $3.92 and a 1-year low of $0.52. The stock’s 50-day moving average is $0.84 and its 200-day moving average is $1.18.
On the ratings front, Brean Murray Carret analyst Jonathan Aschoff reiterated a Buy rating on CUR, with a price target of $8, in a report issued on January 29. The current price target implies an upside of 1059.4% from current levels. According to TipRanks.com, Aschoff has a total average return of -15.8%, a 27.9% success rate, and is ranked #3558 out of 3579 analysts.
Neuralstem Inc is a biotechnology company. It is engaged in the development and commercialization of treatments for central nervous system disease based on transplanting human neural stem cells and the use of small molecule drugs.