Phosphagenics names new CEO

Phosphagenics (ASX:POH) has appointed a new CEO and won ethics approval for a phase II trial of its opioid pain patch TPM/Oxycodone.

The company’s new CEO, Dr Ross Murdoch, has more than 25 years of experience in the healthcare, biotech and pharmaceutical industries.

He has held management roles including senior vice president at specialty pharma Shire Pharmaceuticals, as well as president and COO of Prana Biotechnology (ASX:PBT).

“It is a great pleasure to welcome Ross to Phosphagenics as CEO,” chairman Lawrence Gozlan commented.

“His background as a leader who has successfully built and rebuilt businesses, combined with his strong management, R&D and commercial experience, convinced us that he is the right person for the job.”

Phosphagenics has meanwhile secured approval for a proof of concept phase II trial of TPM/Oxycodone in patients with post-herpetic neuralgia (PHN).

PHN is a well-established neuropathic pain model and drugs targeting the disorder typically receive orphan drug designation from the US FDA.

The trial will mark the first time opioids delivered through the skin are tested to treat peripheral pain in humans. Positive results will open a potential new market for TPM-Oxycodone.

“Clearly, an opioid product with little to no systemic delivery that greatly reduces most of the common adverse side effects caused by opioids while providing localised pain relief would be a unique and extremely valuable product.”

Phosphagenics (ASX:POH) shares were trading 6.5% lower at $0.071 as of around 1 pm on Wednesday.