BEVERLY, MA--(Marketwired - October 25, 2017) - BioVie Inc. (OTCQB: BIVI), a clinical-stage company focused on the discovery, development, and commercialization of innovative drug therapies for liver disease, today welcomed Michael Sherman, a highly accomplished financial industry executive, to its Board of Directors as an independent director. In addition, Mr. Sherman purchased common shares of BioVie stock through a private placement.
Mr. Sherman is currently on leave as a Managing Director at Barclays Plc, where he has worked since 2008. Prior to this position, Mr. Sherman was a Managing Director at Lehman Brothers, Inc. He has worked in finance for 30 years, having begun as a securities lawyer in New York and having served as an investment banker at Salomon Brothers, Lehman Brothers, and Barclays. Mr. Sherman has significant experience in healthcare finance, most recently assisting on a $450 million convertible deal for Neurocrine Biosciences. He has worked on successful financial transactions for Teva Pharmaceutical Industries, Amgen Inc., Cubist Pharmaceuticals, Merck & Co., and Cardinal Health, among other companies. After graduating from the University of Pennsylvania, Mr. Sherman received his JD, cum laude, from the Harvard Law School.
"Michael has decided to leverage a successful career in investment banking to help companies grow and develop," said Jonathan Adams, CEO. "We are very pleased that he's joining our team and will contribute his extensive financial, legal, and deal-making skills to BioVie."
Mr. Sherman is replacing Ms. Amrit Shahzad on the Company's Board of Directors. Ms. Shahzad is stepping down after 3 years of service to BioVie and its predecessor company. "It has been a real pleasure working with Amrit, who has used her medical and biopharma industry background to make numerous important contributions to the Company. We're glad that she will continue to assist BioVie on an informal basis. On behalf of our team members and shareholders -- thank you Amrit!"
BioVie is currently conducting a mid-stage (Phase 2a) clinical trial of the Orphan drug candidate BIV201 (continuous infusion terlipressin) for the treatment of refractory ascites. Terlipressin, dosed differently, is approved in about 40 countries for other complications of liver cirrhosis arising from a similar disease pathway. Terlipressin is not available in the US and currently there are no FDA-approved drugs specifically for treating ascites.
About BioVie Inc.
BioVie Inc. is a clinical-stage company pursuing the discovery, development, and commercialization of innovative drug therapies for liver disease. The Company is currently focused on developing and commercializing BIV201, a novel approach to the treatment of ascites due to chronic liver cirrhosis. For more information about BioVie, please visit our website: www.biovieinc.com.
BioVie Inc. began a Phase 2a clinical trial with its lead candidate BIV201 in September 2017 at the McGuire Research Institute in Richmond, Virginia. This new drug candidate, which has Orphan-drug designation and US patent protection, represents a potential treatment for thousands of patients suffering from ascites and other life-threatening complications of advanced liver cirrhosis caused by hepatitis, NASH, and alcoholism. More information about the trial may be found at clinicaltrials.gov, identifier: NCT03107091. The initial disease target for BIV201 therapy is ascites, which is the most common serious complication of advanced liver cirrhosis. The FDA has never approved a drug specifically for the treatment of ascites. The active agent in BIV201, terlipressin, is approved for use in about 40 countries for the treatment of related complications of advanced liver cirrhosis, but is not available in the US or Japan. BioVie has applied for additional Orphan-drug designations for life-threatening diseases associated with advanced liver cirrhosis.
About Liver Cirrhosis and Ascites
More than 600,000 Americans and millions worldwide suffer from liver cirrhosis. Cirrhosis is the 12th-leading cause of death due to disease in the US, killing an estimated 30,000 people each year. The condition results primarily from hepatitis, alcoholism, and nonalcoholic steatohepatitis (NASH) linked to fatty liver disease and obesity. Ascites is a common complication of advanced liver cirrhosis. With no medications approved by the FDA specifically for treating ascites, an estimated 40% of patients die within two years of diagnosis. Certain drugs approved for other uses may provide initial relief, but patients often fail to respond to them as ascites worsens. In addition to patient suffering, US treatment costs for liver cirrhosis, including ascites and other complications, are estimated at more than $4 billion annually.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause BioVie's actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements. BioVie has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are BioVie's need for, and the availability of, substantial capital in the future to fund its operations and research and development; and the risks that BioVie's compounds may experience delays or difficulties in commencing or completing clinical studies, may not successfully complete pre-clinical or clinical testing, or may not be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in BioVie's filings with the Securities and Exchange Commission under its former name. In addition to the risks described above and in BioVie's filings with the SEC, other unknown or unpredictable factors also could affect BioVie's results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on any forward-looking statements. BioVie undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation. BioVie cannot guarantee the approval of patents or Orphan-drug applications, nor the completion or success of its Phase 2a clinical trial.