Dallas, Texas 01/31/2014 (FINANCIALSTRENDS) – Chelsea Therapeutics International Ltd. (NASDAQ:CHTP) President and Chief Executive Officer Joseph G. Oliveto announced the appointment of Mr Keith W. Schmidt as the Chief Commercial Officer on 30th January.
The CCO will have the responsibilities of helping the development stage drug maker progress its lead drug candidates through the labyrinth of FDA approval process. He has been specifically tasked with telescoping the development time involved in realizing the full commercial potential of their lead target drug Northera which has been designated a orphan drug candidate by FDA.
In his formal welcome note to Mr Keith W. Schmidt, President and Chief Executive Officer Joseph G. Oliveto has been quoted to have said that, ” We will continue to pursue a dual path of preparing for the potential commercial launch of Northera and actively assessing our strategic alternatives. Keith has a strong understanding of the neurogenic orthostatic hypotension orphan market, having led the team which designed our initial commercial strategies and having more recently consulted for the Company. He is ideally positioned to help execute a launch plan for Northera, as well as to support our review of strategic alternatives.” He also indicated that the drug firm will continue to actively work on meeting the PDUFA target dates for submission of new drug application related to Northera.
It is also appropriate to note here that on 15th January, Chelsea Therapeutics (Nasdaq: CHTP) stock posted a huge 92 percent increase during the day’s trading on the back of news that the advisory committee which evaluates and provides inputs to FDA on new drug applications had provided a positive recommendation on the target drug Northera being developed by the drug maker. In the past 15 days of trading, the drug maker has managed to hold on to the gains and has posted a 96 percent increase in valuation over the past forthnight.