CytoDyn Inc (OTCMKTS:CYDY) Shares React to Executive Chairman Appointment

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CytoDyn Inc (OTCMKTS:CYDY) shares were up 2.82% to $0.730 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.61 to $1.57. The company has a market cap of $104.41 million at 142.22 million shares outstanding.

In a press release, CytoDyn Inc announced that Anthony D. Caracciolo has been appointed as Executive Chairman of CytoDyn effective immediately. With this appointment, he will assume an active leadership role in the company’s strategic planning, business development and operations.

“We are committed to increasing shareholder value and this appointment is aimed at strengthening our management team and driving our corporate strategy,” said Dr. Pourhassan, CytoDyn Inc President and Chief Executive Officer. “Mr. Caracciolo’s significant industry and operational experience is expected to be highly valuable in directing our ongoing clinical trials and enhancing business development efforts as we pursue broader strategic opportunities for our late-stage PRO 140 technology to increase the franchise value of our pipeline.”

Caracciolo has erved as CytoDyn Inc’s Chairman of the Board since June 2013 and Director since December 2011.  He also has more than 38 years of experience in the pharmaceutical sciences industry. He previously served for 13 years at Gilead Sciences, Inc., which is a publicly traded research-based biopharmaceutical company prior to his retirement in 2010.

“I believe that CytoDyn’s PRO 140 program presents compelling opportunities that could change the current paradigm of HIV treatment, as well as have important applications for non-HIV indications,” said Caracciolo.  “I am extremely excited to move into this broader role within the internal organization to assist in meeting the challenges of a new drug approval and to work with Dr. Pourhassan and the entire management team at CytoDyn to advance our corporate strategy.”

CytoDyn Inc is a clinical-stage biotechnology company that is focused on the clinical development and commercialization of humanized monoclonal antibodies to treat Human Immunodeficiency Virus infection.

Its lead product candidate, PRO 140, belongs to a class of HIV therapies known as entry inhibitors that block HIV from entering into and infecting certain cells. Its product pipeline also includes Cytolin and CytoFeline. Cytolin is a mouse monoclonal antibody developed to identify a specific type of immune cell called a cytotoxic T cell, or cytotoxic T lymphocyte. CytoFeline is an anti-lymphocyte function-associated antigen-1 antibody for the treatment of Feline Immunodeficiency Virusinfection. PRO 140 blocks HIV from entering a cell by binding to a molecule called C-C chemokine receptor type 5. The Company has finished Phase II clinical trials for PRO 140 with demonstrated antiviral activity in man.