Clearside Biomedical (NSDQ:CLSD) today named Rick McElheny as its VP of business development.
The Alpharetta, Ga.-based company is developing a microinjector loaded with CLS-TA (triamcinolone acetonide) to treat macular edema. The device is designed to inject the compound in the a 30-µm gap between the choroid and the sclera, called the suprachoroidal space. A pivotal Phase III trial of the treatment is under way.
Before his role at Clearside, McElheny served as senior VP of corporate development at Sarvint. He also founded and served as VP of corporate development & supply chain at Vidara Therapeutics. He also held positions at Meda Pharmaceuticals, Schering-Plough, and Johnson & Johnson.
As VP of business development at Clearside, McElheny will work to continue existing collaborations and establish new ones for the company’s product candidates and programs.
“I am delighted to have someone with Rick’s caliber join the Clearside team to build out future collaborations with innovative companies as we seek to develop transformative, elegant, precise solutions to restore and preserve vision,” president & CEO Daniel White, said in prepared remarks. “Rick is an accomplished professional in developing partnerships that enhance shareholder value and I am confident he will do the same at Clearside.”
Earlier this year, the company raised $50 million with its initial public offering, floating 7.2 million shares at $7 apiece. CLSD shares were trading at $16.81 apiece in mid-afternoon trading, up 2%.