PLYMOUTH Minn .–( Business Wire)–SpineThera Inc. is a privately-held pharmaceutical company in the clinical stage dedicated to the creation of SX600 (a new formulation of dexamethasone with sustained release to treat sciatica) was announced on the 21st of May that biopharma chief Doug Drysdale and physician-scientist Dr. Shaheen Lakhan have joined the SpineThera board of directors to assist in the continued advancement of clinical trials for SX600 and the expansion of SpineThera’s pipeline for product development.
“As SpineThera nears completion of the SALIENT clinical trial, we’re incredibly grateful to welcome Doug as well as Shaheen become part of our Board to assist in guiding the company’s next steps in its growth,” said Jeff Missling as Chairman and CEO. “Doug brings a wealth of knowledge in the areas of executive management, fundraising and the process of making deals for our Board. Additionally, Shaheen’s expertise in medicine in neurology and pain and his executive leadership abilities in clinical development provide an unbiased medical perspective to the board. I am thrilled to have them on the of our team to help us move SX600 through the clinical development process for sciatica and also as we begin to make use of our micro-suspension technology to create pipelines.”
Doug Drysdale is the CEO at Cybin, Inc., an innovative biopharmaceutical company that focuses on advancing psychedelics into therapeutics through the development of proprietary platform for drug discovery, innovative delivery systems for drugs, innovative treatment strategies and formulation methods for mental health issues. As a highly experienced CEO and Corporate Director, Doug has chaired the board of directors for the company that is listed on NASDAQ and in his role as CEO for the last 14 years has developed and restructured four pharmaceutical companies.
In Doug’s 30 years in the health care industry, He has completed 16 corporate acquisitions in three continents. He has also raised $4 billion of private and public capital. In his 5.5 years as Alvogen’s CEO Alvogen the company has grown from its inception to $450 million in annual revenues in 35 countries. In the beginning of 2014, Doug managed the recapitalization process of the NASDAQ-listed Pernix Therapeutics, raising $65 million. In the first year after being appointed the CEO and Chairman, Doug has increased the company’s valuation from $80 million up to $800 million. Under Doug’s guidance, Pernix raised $465 million of capital. From November 2017 until the end of July in 2020 Doug served as a director and the CEO for Tedor Pharma, a family-owned business that manufactures contract products. Doug’s efforts in reviving the business led to the company gaining 60% of its revenue in the year 2019. As the previous Head of M&A at Actavis Group, Doug led 15 corporate acquisitions and raised around $3 billion in capital. Doug holds a bachelor’s diploma from the department of Microbial and Molecular Biology from the University of East Anglia in the U.K. and was named as the “Entrepreneur of the Year” from Ernst and Young in 2012.
Drysdale said, “There is a tremendous market opportunity for sciatica and epidural injections with steroid (ESIs) per year, and there are no FDA approved medications available. SX600 is a potential solution to significantly reduce the need for repeated ESIs within the first few months of treatment, and to provide long-lasting pain relief for patients. The SpineThera platform-based delivery system is able to sustain the release of active substances for 90 days after a single injection made with small catheters or needles and opens up many commercial opportunities, in addition to sciatica.”
Doctor. Shaheen Lakhan is a medical doctor, scientist as well as a clinical development expert who has more than 15 years of experiences in clinical practice, industry, and academia. He is board certified in both pain medicine and neurology with a clinical education from Cleveland Clinic in Cleveland and Massachusetts General Hospital. He currently serves as the Chief Medical officer of Click Therapeutics where he is changing the way medicine is practiced and democratizing healthcare by utilizing digital therapeutics. In addition, he serves patients as an active neurologist and the pain expert in the Cambridge Health Alliance. In the past Dr. Lakhan was faculty of top institutes (Harvard Medical School Case Western Reserve University) as the department’s chair and the dean of curricular studies (California University of Science and Medicine) and also as an chair of the institutional review board (Arrowhead Regional Medical Center) and chief for pain control (Virginia Tech Carilion Clinic), chief of pain management (Virginia Tech Carilion Clinic) as well as leadership and executive roles in biopharma (Zogenix, Sage Therapeutics) and biotech (Fern Health, The Learning Corp). He was awarded with the president’s Call to Service Award for Lifetime Achievement by George W. Bush. He was praised by his peers. He was elected a Fellow of the American Academy of Neurology, the highest honor given to an Academy member.
“For those suffering from pain, the SX600 holds the potential of being the most effective therapy that can ease immense suffering and disability in those suffering from radiating pain. For the physician in a field that is medicine that is generally devoid of evidence-based and FDA-approved treatments, my fellow pain specialists would be adamant to incorporate SX600 as their weapon of choice to fight pain” explained the doctor. Lakhan. “The results are shocking that more patients than not are unable to take their medication according to the prescription, and the fact that a third of prescriptions are never fulfilled. The first time it was validated in an SX600 Program, the SpineThera’s exclusive drug delivery platform is able to counter these alarming statistics, and go far over spine programs and indications for pain.”
SpineThera is a clinical-stage pharmaceutical company that aims to make patients’ lives better by developing injectable medications using their micro-suspensionplatform technology. The SpineThera micro-suspension gives you months of sustained release from the pharmaceutical active component, with greater injectability and high concentrations. Our aim is to create exclusive drugs that provide physicians and patients alternative treatments that lower risks, enhance outcomes, and reduce overall costs in the market with a limited or no approved medicines. Our principal investigational product SX600 is a unique formula of dexamethasone that is that is being developed to treat sciatica. SX600 is currently being studied in an Phase 2 demonstration of concept clinical trial. SpineThera, Inc., is located within Medical Alley, Minnesota, the epicenter of global healthcare innovation and research.