On Feb. 22,Santana Martinez, director of the company, CEO Timothy Neely and EduardoBiancardi, director, president, treasurer and secretary, all resigned theirpositions—but not due to any disagreement with company policies and practicesor its management, according to the company.
On Feb. 24,Prego-Novo took the helm of the company, then-named International Surf ResortsInc. On March 2, the company was renamed BioZone Pharmaceuticals to betterreflect its purpose and mission.
Prego-Novo, whohas more than 35 years of experience as a senior executive in thepharmaceutical industry, served as the Latin America vice presidents of
TevaPharmaceutical Industries Ltd. from 2006 to 2010 and IVAX Corp. from 2001 to2006.
The BioZone LabsGroup, founded in 1987, develops, manufactures and markets proprietary andthird-party over-the-counter drugs. The company deploys its QuSome technologyin several of its marketed drugs and has a robust drug pipeline ofQuSome-enhanced drug candidates addressing unmet medical needs in significantmarkets.
Brian Keller,BioZone's group co-founder, president and chief scientific officer, stated, "myco-founder, Daniel Fisher, and I are extremely proud of the company that wehave built over the last 24 years with the help of the entire BioZone team ofemployees. We are delighted that we now have the expertise and financialresources to build on BioZone's solid foundation."
Keller is alsothe inventor of the QuSome technology platform, which he says "has tremendouspotential for improving many drug products that currently suffer from poorsolubility and stability. We are confident that with Mr. Prego-Novo's strongleadership, experience and relationships, we will achieve success."
In May 2011, thecompany announced that it acquired the assets and assumed the liabilities of
Aero Pharmaceuticals Inc. Aero develops and markets the Baker-Cummins line ofproprietary scalp and skin care products used to treat commonly seen dry skinand scalp conditions.
In addition, the company recently announced that it sold $2.25 millionof promissory notes to be invested in its combined manufacturing and R&Dfacilities and drug development pipeline.
