On October 19, 2020 Diffusion Pharmaceuticals Inc. (Nasdaq: DFFN) ("Diffusion" or "the Company"), reported the appointment of Christopher D. Galloway, M.D. to Chief Medical Officer, effective immediately (Press release, Diffusion Pharmaceuticals, OCT 19, 2020, View Source [SID1234568923]). Dr. Galloway will report to Robert Cobuzzi, Ph.D., Diffusion’s Chief Executive Officer.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Dr. Galloway is board certified in Emergency Medicine and will assume responsibility of leading the Company’s product development efforts, including clinical trials with Trans Sodium Crocetinate ("TSC"), which is being evaluated in an ongoing Phase 1b clinical study in Romania in patients with COVID-19. In addition, Dr. Galloway will lead the expansion of the Company’s work with TSC into other hypoxia-related conditions. Dr. Galloway brings to Diffusion more than 20 years of experience both in industry leadership roles in clinical development and medical affairs across multiple therapeutic areas and stages of development, as well as the perspective of a practicing physician.
"We are delighted to welcome Chris as a member of the Diffusion team. He brings a breadth of therapeutic area experiences both as a practicing physician and from his time in the biopharmaceutical industry. His leadership will be of significant benefit for Diffusion as we continue and expand the development of TSC for conditions and diseases where low oxygen levels are an issue, including respiratory diseases, such as COVID-19, oncology, and other hypoxia-related conditions," said Dr. Cobuzzi.
Dr. Galloway joins Diffusion from La Jolla Pharmaceuticals, where he has served as Senior Medical Director in critical care since August 2018. Among his duties at La Jolla, he chaired and oversaw the investigator-initiated and collaborative research programs, as well as supported the commercial and medical teams for the launch of GIAPREZA (angiotensin II). Prior to La Jolla, he was Medical Director for global clinical development at the immuno-oncology company, Rakuten Medical. At Rakuten, he was involved in clinical development, operations, and trial execution from Phase 1 through Phase 3 in multiple indications. Previously he has served as Medical Affairs Director within Merck’s immunotherapy division, and also led the team at DaVita Clinical Research as Medical Director and Principal Investigator specializing in early phase studies.
"I am thrilled to be joining the talented team at Diffusion and overseeing the development of our lead product, TSC," said Dr. Galloway. " Hypoxia-related pathology is prevalent across a multitude of medical conditions and therapeutic disciplines, and I believe TSC has the potential for meaningful improvement in patient care and outcomes."
Dr. Galloway received his M.D. degree from the University of Texas Medical Branch at Galveston, and completed his residency in Emergency Medicine at Carolinas Medical Center in Charlotte, N.C. He received a BA in biology from the University of Texas at Austin, and is licensed to practice medicine in Colorado. Dr. Galloway is a Diplomate of the American Board of Emergency Medicine.
Inducement Grant Under NASDAQ Listing Rule 5635(c)(4
In connection with Dr. Galloway’s new employment, the Compensation Committee of Diffusion’s Board of Directors has approved the grant of non-qualified stock options to Dr. Galloway, who will receive options to purchase 200,000 shares of Diffusion’s common stock. The grant date for the options will be October 19, 2020, and the exercise price per share for such stock options will be the closing price of Diffusion’s common stock on such date, as reported by NASDAQ. The grant was approved and will be made as an inducement material to Dr. Galloway’s acceptance of employment with Diffusion, in accordance with NASDAQ Listing Rule 5635(c)(4).
The options will have a 10-year term and will vest on a monthly basis over the 36 months after the date of grant, subject to Dr. Galloway’s continuous employment with Diffusion through each applicable vesting date. In addition, the options will be subject to acceleration or forfeiture upon the occurrence of certain events as set forth in Dr. Galloway’s option and employment agreements.