Paradigm Biopharmaceuticals Ltd (ASX:PAR) has appointed 30-year veteran of the pharmaceutical industry Marco Polizzi as CEO from July 1.
Polizzi has forged strong partnerships with multiple top 10 global pharmaceutical companies and other key business stakeholders, generating outstanding sales results and significant returns for investors.
Successful new divisions
His record in the industry is underscored by his work to create new divisions within both branded and generic pharmaceutical businesses, and several successful business and product launches in the USA.
These include starting a new institutional (Hospital and Specialty Markets) business unit at Sandoz, driving the growth of a $900 million profit and loss, as well as overseeing commercial functions for a product launch (Bivalirudin) that achieved more than $100 million sales in its first year.
During his career Polizzi also established Mallinckrodt’s Brand Pharmaceutical business unit from scratch, growing it from zero products and employees to a company with 148 employees, around $200 million in net sales and $100 million in operating income.
This business is now a multi-billion-dollar revenue division of Mallinckrodt.
US exposure
Polizzi successfully led the process for several dozen US and international pharma strategic licences and acquisitions, from identification of target companies, negotiations and due diligence through execution.
He has evaluated hundreds of prospective M&A, licensing, or acquisition transactions throughout his career.
He was also able to achieve a compound annual growth rate (CAGR) of 35% during his first two years at JHP Pharmaceuticals (from $62 million to $115 million) following the previous two-year period of single-digit growth and created a new generic commercial division.
Broad expertise
Paradigm chairman Paul Rennie said: “We expect that Marco’s broad expertise will lead Paradigm in attaining its strategic program objectives and increase shareholder value.
“Paradigm has been seeking a CEO with the skills to fully unlock the commercial value of the company.
“Marco brings to Paradigm extensive US pharmaceutical experience, a pharmaceutical industry network, operational excellence, transactional expertise, product launch and product pricing and reimbursement experience.
“We are confident that this experience will provide significant development and commercial value to Paradigm. Marco will commence his tenure with Paradigm on July 1. He will be based in the United States and travel to Australia, Europe and Asia as required.”
Polizzi said: “With my pharmaceutical experience, I believe I will be able to make a significant contribution to the Paradigm business in the short and long term.
“I have had the opportunity to meet the Paradigm board and key management personnel and I can say the Paradigm’s business excites me, primarily on account of Zilosul™, a blockbuster potential product, that may bring relief to the millions of people globally suffering from the pain and other debilitating effects of osteoarthritis and significantly increase shareholder returns.
“I look forward to meeting our shareholders in the coming months.”
The Paradigm board thanked Dr Donna Skerrett for her unwavering dedication and invaluable contribution to the company’s progress while she served as interim CEO.
Moving forward, Skerrett with continue as CMO, with a keen focus to successfully complete the global Phase 3 clinical programs for Zilosul™ following the FDA’s fast track designation protocol.
About Paradigm Biopharmaceuticals
Paradigm Biopharmaceuticals is a late-stage drug development company aiming to develop and commercialise pentosan polysulfate sodium (PPS) for the treatment of pain associated with musculoskeletal disorders driven by injury, inflammation, ageing, degenerative disease, infection or genetic predisposition.
Paradigm is also exploring proof-of-concept studies for the use of PPS in respiratory and heart failure indications.