Ascend Therapeutics Launched
Management Team Brings Successful Combination of Business and Market Development Expertise with Strong Financial Acumen
November 19, 2002, Herndon, VA - ASCEND Therapeutics, Inc. (ASCEND) announced today the launch of the company. ASCEND is a specialty pharmaceutical company that develops and intends to market innovative products for the treatment of men's and women's health. The Company is located in Herndon, Virginia.
Jay A. Bua, an executive with Besins International U.S., is Chief Executive Officer.
ASCEND's initial product pipeline will come from Besins International. Besins is a successful European pharmaceutical company, focused in women's and men's health. Besins, the largest manufacturer of prescription hydroalcoholic gels in Europe, is a privately-held company, headquartered in Belgium, with revenue of approximately $100 million and 300 employees.
Commenting on the announcement, Mr. Bua stated, "We believe our management team provides ASCEND with a strong combination of pharmaceutical experience, business development, and financial acumen." He continued, "The formation of ASCEND is a win-win for both Besins and ASCEND. ASCEND is leveraging Besins' unique technology platform and manufacturing expertise, while it develops its own product pipeline for the North American market. Besins will ultimately share in ASCEND's future success."
ASCEND will focus on unmet medical needs in niche areas, particularly in the areas of chronic therapeutic use, where using alternative delivery systems can provide greater patient compliance and therapeutic benefit. ASCEND currently has two drug candidates in clinical development, both of which are in Phase II clinical testing.
Jay A. Bua, President & CEO
In addition to founding ASCEND Therapeutics, Inc., Mr. Bua has been Director of Besins International U.S. and LaSalle Laboratories for 12 years. In this role, Mr. Bua helped shepherd the out-licensing activities of Besins Group in North America. These activities included regulatory filings for several drug candidates and negotiating various licensing agreements. Mr. Bua has a B.S. in Business from St. Francis College in NY, an M.S. in Counseling Psychology from Fordham University, and an M.S. in Administration and Supervision from Pace University. Mr. Bua continues his role as an executive at Besins International.