July 2, 2009 (FinancialWire) — Arca biopharma, Inc. (NASDAQ: ABIO) (Current Market Cap: $23.77 Mil.) said that current CEO Richard B. Brewer will assume the role of chairman and resign as chief executive officer. Michael R. Bristow, will become president and CEO, a position he previously held with Arca prior to Brewer joining the company.
Bristow will resign as chairman but will remain a member of the company's board. The moves follow recent change in the company's commercial strategy to seek alternatives for the potential commercialization of its drug heart drug, Gencaro.
Brewer said that the company "must balance its cash resources with the continued prosecution of the Gencaro New Drug Application."
Broomfield, Colorado-based Arca Biopharma is focused on developing genetically targeted therapies for heart failure and other cardiovascular disease. The company's lead product candidate, Gencaro, is an investigational beta-blocker and mild vasodilator being developed for heart failure and other indications.
FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.
Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
