Monday, July 14, 2008

Synta Pharma adds ImClone exec to executive team

By Mass High Tech Staff

Synta Pharmaceuticals Corp., a biopharmaceutical company focused on developing chemical-based, or small-molecule, drugs for cancer and other diseases, has appointed Michael Bailey as senior vice president and chief commercial officer.

Bailey, scheduled to begin his new role on August 4, joins Synta (Nasdaq:SNTA) after holding leadership positions at ImClone Systems Inc., where he headed the company’s commercial business and launch of its head and neck cancer treatment, Erbitux.

Before ImClone, he was responsible for leading cardiovascular developments at Genentech Inc. As a graduate student earning his MBA in international marketing at St. Lawrence University and the Notre Dame Graduate School of Business, Bailey first headed down the pharmaceuticals path through his selection for Smith-Kline Beecham’s executive marketing development program.

Synta, along with British drug giant GlaxoSmithKline PLC (NYSE:GSK), has developed elesclomol as an injectable, metastatic melanoma treatment that singles out and kills cancer cells. Currently in Phase 3 clinical trials, eclesclomol is used in combination with chemotherapy drug paclitaxel for metastatic melanoma.

In January, the two companies reported they had been granted “orphan-drug” status from the U.S. Food and Drug Administration, which allows them to market elesclomol exclusively for seven years. It also gives the companies tax credits and a reduction in FDA user fees, according to the firms. Orphan status is granted for treatments that treat diseases found in 200,000 or fewer Americans.

Lexington-based Synta signed a $1 billion commercialization deal in October with GlaxoSmithKline for Synta’s Phase 3 drug, STA-4783, also for the treatment of metastatic melanoma.

Synta completed a $50 million initial public offering in February 2007. The company reported in the first quarter of 2008 a net loss of $17.7 million on $1.3 million in revenue.