(UPDATED with CEO comments) Armando Anido, former boss at Malvern-based drugmaker Auxilium Pharmaceuticals and a 30-year veteran drug salesman, is the new chief executive at brain-medicine developer NuPathe Inc., of Conshohocken.
NuPathe, which employs around 35, has burned through more than $2 million a month for the past two years as it struggles to bring its treatments for migrane, Parkinson's and bipolar disease to market. Shares debuted at $10 two years ago, but have lately traded below $4.
What's Anido going to do about it? "This is a great little company," he told me. NuPathe's "NP 101 is an innovative product for those who suffer from migrane and migrane-related nausea." To sell it, "we have to generate resources. We intend to raise capital," continue working with FDA to prove it works -- an area in which "there's not a need for a change, the team here has built up a good relatoinship with them" -- and to hire salespeople to target neurologists once sales begin.
Anido is also looking for a partner company who can help market NuPathe drugs to the larger "primary care space that we won't be able to cover by ourselves." Does that mean selling NuPathe or taking on a large drug company as a licensee or investor? "It's too early to talk about what that potential partnership will look like. We are open to a number of different ways."
Anido replaces Jane Hollingsworth, also an ex-Auxilium manager, who had run NuPathe since 2005. Why is Hollingsworth leaving? "This is turning into a commercial company," and it's time for managers with a commercial focus, Anido said. "The board got to a point where it wanted this to be done now. Jane is remaining on as a consultant," cultivating her "very valuable relationships."