On Friday, Shares of Cynapsus Therapeutics Inc. (NASDAQ:CYNA) inclined 4.78% to $12.05. The stock attained the volume of 8,438 shares. Cynapsus Therapeutics Inc. declared the appointment of Frederick W. Driscoll to its board of directors, effective May 20, 2016. Mr. Driscoll has more than 30 years of financial administration experience with biotechnology and medical device companies. Mr. Driscoll will also serve on Cynapsus’ audit committee.
CYNA stock, as of current trade, has shown weekly downbeat performance of 3.77 percent which was maintained at -17.50 percent in 1-month period. Mr. Driscoll is presently the chairman of the board of OXiGENE, Inc. (OXGN). Mr. Driscoll is also presently the chief financial officer at Flexion Therapeutics (FLXN) where he led a successful $75 million initial public offering and a $100 million follow-on offering. Before Flexion, he was chief financial officer for Novavax where he led a team that secured more than $250 million through a combination of investment funding and commercial and government contracts. He was also instrumental in increasing Novavax’s institutional shareholder base, expanding analyst coverage and implementing numerous financial reforms that strengthened that company’s position. Before Novavax, Mr. Driscoll served as chief financial officer and subsequently chief executive officer of publicly-traded Genelabs Technologies, Inc., chief financial officer of private company Astraris, Inc. and chief executive officer of OXiGENE.
“We are happy to have Fred join our Board. His financial administration experience in the pharmaceutical industry will be invaluable as Cynapsus advances its pivotal Phase 3 clinical program for APL-130277 and prepares for commercialization. Fred’s background will complement the other members of the Board as we work together to successfully shape Cynapsus’ future and assist change the lives of PD patients struggling with OFF episodes,” commented Rochelle Stenzler, Chair of the Board of Cynapsus.
The year-to-date (YTD) performance reflected a 24.79 percent below last year. During the past three months the stock loses 13.99 percent, bringing six-month performance to -25.85 percent. The stock holds the market capitalization of $141.45M. Mr. Driscoll holds a bachelor’s degree in accounting and finance from Bentley University in Waltham, Massachusetts.
