BOSTON, May 20, 2024 (GLOBE NEWSWIRE) — ServoMed, Inc. (NASDAQ: CRVO), a clinical-stage company focused on developing treatments for age-related neurological disorders, today announced that William (Bill) Elder; announced that he has appointed him as Chief Financial Officer. , effective June 1, 2024. Mr. Elder will continue to serve as general counsel and corporate secretary. He will succeed William Tanner, who has served as Chief Financial Officer of Servomed and its predecessor, EIP Pharma, since September 2022. Mr. Tanner will continue to serve as a consultant to ServoMed after the transition.
“Bill's deep biopharmaceutical and financial expertise and strong track record of strengthening operational capabilities make him an ideal fit for ServoMed at this critical inflection point,” said John Arum, MD, Chief Executive Officer of ServoMed. They will become human resources.” “I would also like to thank William Tanner for strengthening our financial resources through the successful listing of ServoMed on Nasdaq and our recent financing. We believe we are well-positioned for operational success and expect completion of enrollment for the RewinD-LB Phase 2b clinical trial during the second quarter of this year, followed by top-line efficacy results in 2024. expected in the fourth quarter of 2020. We will leverage Bill's strategic leadership across key business functions to build our strong financial foundation and position us to be highly differentiated for DLB patients. We look forward to realizing the promise of neframapimod as a potential first-to-market treatment option.”
Mr. Elder continued, “I am honored to serve as CFO at this exciting time in CervoMed's growth trajectory. I look forward to contributing to CervoMed's continued success and delivering long-term value to our shareholders. I look forward to working closely with the entire team to achieve our goal of ultimately improving the lives of patients.”
Mr. Elder has served as the Company's General Counsel and Corporate Secretary since September 2020 and as the Company's Acting Chief Financial Officer since March 2024. Mr. Elder has also served as Chief Financial Officer of Diffusion Pharmaceuticals, Inc. (“Diffusion”) since June. He worked as a part-time consultant for Diffusion from 2023 to August 2023 and from July 2020 to September 2020. Prior to that, Mr. Elder spent eight years as a corporate and securities representative at Dechert LLP, an international law firm, where Mr. Elder's practice was primarily focused. He consults publicly traded companies on securities laws and regulatory requirements, corporate governance issues, and financial transactions in the stock and debt markets. Prior to joining Dechert LLP, he served as an analyst at Creative Financial Group, a full-service financial advisory and planning firm focused on advising high net worth individuals. He received his J.D. from the University of Pennsylvania School of Law, a master's degree in finance from Villanova University, and a bachelor's degree in economics from Tufts University.
About Cervomed
CervoMed Inc. (the “Company”) is a clinical-stage company focused on developing treatments for age-related neurological diseases. The Company is currently developing the investigational drug neframapimod, an orally administered small molecule brain penetrant that inhibits p38 MAP kinase alpha. Neframapimod has the potential to treat reversible aspects of synaptic dysfunction, the underlying neurodegenerative process that causes DLB and other major neurological disorders. Neframapimod is currently being evaluated in a Phase 2b trial in patients with DLB.
Forward-looking statements
This press release contains forward-looking statements, both express and implied, regarding our intentions, plans, beliefs, expectations or projections for the future, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. It will be. the therapeutic potential of neframapimod and the expected timing and achievement of clinical and development milestones, including the completion and achievement of the primary endpoints of the Company's Phase 2b clinical trials; “believe”, “estimate”, “anticipate”, “expect”, “plan”, “intend”, “may”, “could”, “might”, “will” Words such as “should,'' “approximately,'' “may'' or other words that convey uncertainty of future events or results may identify these forward-looking statements. Although we believe that each forward-looking statement contained herein has a reasonable basis, forward-looking statements by their nature involve known and unknown risks and uncertainties, many of which are beyond our control. are beyond our control and, as a result, actual results may be affected. material differences from those expressed or implied by forward-looking statements. Certain risks and uncertainties include, among other things, those related to: our available cash resources and the availability of additional funds on acceptable terms; Results of our clinical trials. the likelihood and timing of regulatory approval of neflamapimod or the nature of any feedback the Company may receive from the U.S. Food and Drug Administration; our ability to implement future business plans, forecasts and other expectations; general economic, political, business, industry and market conditions, inflationary pressures and geopolitical conflicts; and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings filed with the Securities and Exchange Commission (SEC) on March 29, 2024. Other factors discussed under the headings that the Company may file with the SEC from time to time. The forward-looking statements contained in this press release speak only as of the date of this press release (or earlier dates, if identified). The Company undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this press release, except to the extent required by law.
Investor contact information:
PJ Kelleher
Life science advisor
investors@cervomed.com
617-430-7579
