Xanodyne Pharmaceuticals Inc. said Thursday it has hired Michael Valentino as its president and CEO and completed $38 million in equity financing.
Valentino was most recently president and CEO of New Jersey-based Adams Respiratory Therapeutics, which was acquired in 2008 by British firm Reckett Benckiser. He has held management positions with major drug companies, including Alpharma, Novartis, Pharmacia/Upjohn and Warner Lambert. Valentino replaces William Nuerge, who was named CEO of Xanodyne in 2004 and left the company in 2007.
Xanodyne’s priorities will be to bring to market its Zipsor acute pain treatment, and XP12B, a drug in development for heavy menstrual bleeding, Valentino said in a news release.
The company also said it completed $38 million in equity financing, led by MPM Capital, a Boston-based health care equity firm. Other investors in the company include AIG Investments’ sponsored funds, Aisling Capital, Blue Chip Venture Co., Essex Woodlands, HealthCare Ventures LLC and Union Springs.
“Mike brings major pharmaceutical and commercial experience to the team while the financing brings critical resources needed for the launches,” said Rolf Classon, board chairman, in the release.
Xanodyne, based in Newport, is a specialty pharmaceutical company focused on treatments for women’s health care and pain management.
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