Press Release: Leading Drug Innovator Reorganizes into Two Separate Companies
FAIRFAX, Va. (June 2, 2020) – Vizuri Health Sciences LLC has completed a strategic reorganization to form two new corporations. The new entities are Propella Therapeutics Inc., focusing on prescription drugs, and Vizuri Health Sciences Consumer Healthcare Inc., developing non-prescription pain management products. The restructuring, which occurred on May 1, is designed to strengthen the capacity of both companies to quickly bring new products to market and increase shareholder value.
Propella Therapeutics will Focus on Best-in-Class Prescription Products
Propella Therapeutics will focus on innovative, best-in-class therapeutics and utilize an accelerated regulatory approval strategy to rapidly bring new treatment options to patients. The new company is led by President and CEO William Moore, PhD, who previously ran Vizuri Health Sciences and its prescription drug development efforts.
“Propella will continue our successful strategy of identifying promising off-patent medications that we can improve and rapidly develop to provide novel treatments that are safer and more effective,” said Moore. “Our risk-mitigated strategy allows us to rapidly advance high-value therapies while greatly reducing development costs.”
Propella has three promising products in the development pipeline, including its flagship asset, CGS-200-5, a novel, non-opioid solution for managing osteoarthritis pain. Successful results from a phase II osteoarthritis knee pain study were recognized by the American College of Rheumatology, and CGS-200-5 is now poised to begin phase III studies. Propella holds multiple U.S. and international patents for CGS-200-5 and pending U.S. and international patent applications for two other drugs currently in late-stage preclinical testing, PRL-02 for metastatic prostate cancer and PRL-01 for herpes virus infections.
This strategic restructuring positions Propella as an attractive investment opportunity and will enable additional capital to accelerate development and commercialization of its innovative product portfolio. Propella leadership will debut the new company to potential investors on June 4 during Cooley LLP’s nationwide Capital Call for Digital Health and Life Sciences Companies.
Vizuri Health Sciences Consumer Healthcare to Build on OTC Product Expansion
Vizuri Health Sciences Consumer Healthcare has been formed to guide the growth and rapid expansion of its PainBloc24® brand of over-the-counter (OTC) topical analgesics. The company’s products are resonating with consumers with distribution across more than 25,000 retail stores, and a growing e-commerce business. The company will continue under the leadership of President and CEO Elise Donahue.
“Vizuri Health Sciences Consumer Healthcare is well-positioned to pursue the growth of our current capsaicin-based products, and new products poised for release,” said Donahue. “The split of Vizuri Health Sciences into two separate companies enables us to ardently focus on these market opportunities.”
Current Vizuri board chairman, John P. Walker, a highly successful serial entrepreneur, will lead the boards of both companies. “These are both exceptional companies developing novel solutions to problems faced by patients,” said Walker. “This move will allow both companies to focus on their key strengths and to return higher value to shareholders.”
Both companies are expected to name new board members in the coming weeks. Propella will add as an independent director to its board, Robert J. Schotzinger, MD, PhD, a 25-year veteran of the pharmaceutical industry, who brings extensive experience in finance, management and drug development.
Propella Therapeutics: Propella Therapeutics Inc. creates and develops innovative, best-in-class therapeutics and aims for accelerated approvals with mitigated risk. The privately held development-stage company, based in Pittsboro, N.C., is dedicated to the rapid development of superior prescription medicines. propellatx.com
Vizuri Health Sciences Consumer Healthcare: With offices in Maryland and Florida, privately held Vizuri Health Sciences Consumer Healthcare Inc. develops superior and unique over-the-counter medicines in the pain management space that are available online and at over 25,000 retail stores. Products include the popular PainBloc24® brand of non-prescription topical pain relievers. painbloc24.com
William Moore, CEO