By a News Reporter-Staff News Editor at Biotech Business Week -- A.P. Pharma, Inc. (OTCBB: APPA), a specialty pharmaceutical company, announced that it has changed its name to Heron Therapeutics, Inc. and effected a 1-for-20 reverse stock split, both effective January 13, 2014. The reverse split is being implemented to increase the Company's stock price in support of the Company's pending application to list on the NASDAQ Capital Market. Assuming satisfaction of listing standards, the Company expects to list on NASDAQ by the end of January (see also Heron Therapeutics, Inc.).
The Company is also expanding its board of directors and announced the appointment of three new independent directors. Joining the Heron Therapeutics board of directors effective today are John Poyhonen, President and Chief Executive Officer of Senomyx, Inc., Kimberly Manhard, Senior Vice President of Regulatory Affairs and Development Operations at Ardea Biosciences, a subsidiary of AstraZeneca PLC, and Craig Johnson, a senior advisor and consultant in the biopharma industry.
"As we pursue a new vision for Heron Therapeutics, we are excited to be adding to our board seasoned executives with the wealth of experience that John, Kimberly and Craig bring," said Barry D. Quart, PharmD, Chief Executive Officer of Heron Therapeutics. "2014 promises to be a landmark year for Heron. As we advance our lead drug candidate, Sustol, toward a planned commercial launch, advance our post-operative pain program to clinical studies and further exploit our polymer-based platform, the combined operations, strategic and financial expertise of these veterans will be invaluable."
Mr. Poyhonen, MBA, will serve as chair of Heron's Compensation Committee of the Board of Directors and as a member of the Audit Committee. He has provided senior level experience and served on the board of companies in the biopharma industry for more than 15 years. He joined Senomyx, Inc. in October 2003 and served in various executive positions prior to his current role as President and CEO. Prior to Senomyx, he was Vice President of National Sales at Agouron Pharmaceuticals, a Pfizer, Inc. company, where he played a key role in the successful commercial launch of Viracept®, a protease inhibitor for the treatment of HIV.
Ms. Manhard will serve on Heron's Compensation Committee, Audit Committee and Nominating and Governance Committee. In addition to her role as Senior Vice President of Regulatory Affairs and Development Operations at Ardea Biosciences, she also serves as Ardea's Corporate Compliance Officer. Prior to joining Ardea, Ms. Manhard served in various senior roles at successful biotechnology and pharmaceutical companies including roles as Vice President of Regulatory Affairs at Exelixis, Inc., at Agouron where she was responsible for the international registration of Viracept, and at Bristol-Myers Squibb where she was responsible for international registration of Taxol.
Mr. Johnson will chair Heron's Audit Committee and serve as a member of the Nominating and Governance Committee. He has served in senior executive and advisory roles and on the boards of directors of biotechnology companies for over 20 years. He is currently a director for Mirati Therapeutics, Inc., Adamis Pharmaceuticals Corporation and La Jolla Pharmaceutical Company. Previously he served as chief financial officer at Torrey Pines Therapeutics prior to its acquisition by Raptor Pharmaceutical Corp. and at MitoKor, Inc. prior to its acquisition by Micrologix Biotech Inc. Earlier in his career, he practiced as a CPA with Price Waterhouse.
The company's trading symbol will be "APPAD" for up to 20 trading days after the split to designate that it is trading on a post-reverse split basis. Upon listing on NASDAQ, the trading symbol will change to "HRTX."
As a result of the reverse stock split, every twenty shares of the company's issued and outstanding common stock were converted into one share of company common stock. The reverse stock split affected all issued and outstanding shares of the company's common stock, as well as common stock underlying stock options, warrants, convertible notes and other outstanding convertible securities. As a result of the reverse stock split, the number of outstanding common shares was reduced to approximately 15 million shares and the total number of authorized shares of common stock was reduced to 75 million shares.
Keywords for this news article include: Chemicals, Chemistry, Bioscience, Investment and Finance, Heron Therapeutics Inc..
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