GLEN ALLEN, Va., Nov. 7, 2013 /PRNewswire/ -- Star Scientific, Inc. (NASDAQ: STSI) today announced that the Company has filed its preliminary proxy statement on Form 14A with the Securities and Exchange Commission in preparation for its December 27 annual shareholder meeting. The proxy statement outlines the Company's plan to accelerate the submission of an Investigational New Drug (IND) application to the FDA, with the assistance of a respected global contract research organization (CRO). The Company intends to continue the expansion of its dietary supplement business as well, including the addition of a time-release version of its Anatabloc® dietary supplement. The proxy statement proposes a shareholder vote for a transition in leadership in connection with this dual-track business plan.
Norbertd , the news is positive and we applaud the sudden and much needed changes .. The question now is will they split the stock to up the price which destroys current investors or will they issue new stock which dilutes current investors or will they sell stock on the cheap to well heeled investor /speculators .... MONEY IS NEEDED TO FUND THE NEW IND ,hire new lab folks and sponsor clinical trials which cost millions upon millions .. So its not bad or good until we the shareholders are informed of the next big step which is FUNDING ..... best Marietta ga friends and long time cigx stsi now rckp holders .. let see what tomorrow brings !!
The Company believes it has reached a point of inflection following a management and board review of the progress of research on forms of anatabine, for which the Company holds several patents and has patents pending. The Company's Chairman and the Chief Executive Officer both recommended to the Board that significant leadership changes are needed to better leverage opportunities in pharmaceutical development and FDA approval in the biotechnology space. The Company intends, following the leadership transition, to accelerate plans for submission of an IND to the FDA and, with FDA guidance, to undertake appropriate Phase I/II clinical trials.
The proposed transition process, outlined in the proxy statement for a vote by the Company's shareholders, centers on the election of five new board members and one current director. Two of the proposed directors would then assume senior leadership positions with the Company. The remaining existing board members, who nominated the new board candidates and unanimously support their election, will not stand for re-election. As proposed in the proxy, Michael J. Mullan, MBBS (MD), PhD, who currently is CEO of the Roskamp Institute and Archer Pharmaceuticals, Inc., would serve as the Company's new Chief Executive Officer; it is anticipated that he also would be elected to serve as Chair of the Company's new board. Dr. Mullan would withdraw from the day-to-day operations of both Roskamp and Archer if elected by the board. Prior to relocating to Florida, Dr. Mullan resided in London, England, where he was a part of the team to identify the first-known genetic cause of Alzheimer's disease. Dr. Mullan has almost 30 years of experience in the development of biotechnology and intellectual property, and has authored or co-authored more than 200 articles on an array of medical topics. He also has worked with the Company's anatabine compound for more than three years as part of the Company's research collaboration with the Roskamp Institute.