RespireRx Pharmaceuticals (OTC:RSPI) has announced an agreement with Ponto Ventures LLC under which Will Clodfelter will serve as its senior vice president of business development on a part-time basis.
Clodfelter is the founder and managing director of Ponto Ventures, a biotech and device strategy consulting firm.
He will initially lead the business development efforts for dronabinol, the lead asset of the company’s Australian subsidiary, ResolutionRx Ltd, in collaboration with senior vice president, chief financial officer, treasury and secretary, Jeff Margolis.
“His involvement adds considerable depth and experience to our financial and business activities being conducted to set up our programs for investment, partnering or sale,” Margolis said in a statement.
“While his initial efforts will focus on the ResolutionRx dronabinol program, I am certain that his efforts will also extend to our other programs.”
RespireRx noted that Clodfelter has extensive experience providing business development, strategy, and valuation consulting services to pharmaceutical, biotech and medical device companies, where he has led or been a core member on over 30 international and domestic pharmaceutical licensing and device negotiations ranging from preclinical to launched products.
He previously held positions at Eli Lilly and Co (NYSE:LLY) and Amylin Pharmaceuticals, as well as California-based biotechnology firms Medicus Biosciences and Abvance Therapeutics.
“I believe that RespireRx has novel and unique drug development programs that address large markets with considerable unmet needs,” Clodfelter commented.
“I look forward to contributing to the realization of their value.”
RespireRx Pharmaceuticals (OTC:RSPI) and its subsidiaries and business units (RespireRx Group) are discovering and developing medicines for the treatment of psychiatric and neurological disorders, including obstructive sleep apnea (OSA), attention deficit hyperactivity disorder (ADHD), epilepsy, pain, recovery from spinal cord injury (SCI), and certain neurological orphan diseases.
Contact the author at stephen.gunnion@proactiveinvestors.com