Hatchtech Appoints New CEO and Completes Financing Round
Summary
Melbourne, Australia: Specialty pharmaceutical company Hatchtech Pty Ltd has appointed Dr Ross Macdonald as its Chief Executive Officer. The company has also secured additional capital, bringing total funds raised in the current round to AUD7.8 million.The appointment of the CEO and the completion of the latest financing round, enables commencement of commercialization and ongoing preparations for Phase 3 trials for Hatchtechs novel head lice treatment product DeOvoTM.Dr Macdonald is presently a non-executive director of the board of Hatchtech. Prior to that he was Vice President, Corporate Development for Stiefel Laboratories Inc, the largest independent dermatology company in the world and acquired by GlaxoSmithKline in 2009 for \xa32.25b. Ross has been a valuable member of our board and, given his strong commercial background, will provide the company with the leadership needed at this important stage in Hatchtechs development.The further injection of capital confirms our investors enthusiasm in light of the clear attainment of efficacy endpoints from our recent Phase 2b clinical trial of DeOvo. Hatchtechs DeOvo, a topical formulation of an inhibitor of metalloproteases, has shown both ovicidal and lousicidal activity and offers the potential for a more effective treatment following a single application.It is estimated that 6-12 million people in the United States, mainly children aged 3-12, are infested each year with head lice (Pediculus humanus capitis).