Prismic Puts in Place Prescription Drug Development Plan
FOR IMMEDIATE RELEASE
WORCESTER, MA, March 16, 2018 -- Prismic Pharmaceuticals Inc., a specialty pharmaceutical company developing its first prescription drug candidate, PP-101 (micro-PEA) as a concomitant treatment with pregabalin (Lyrica®) for the treatment of fibromyalgia, has announced that Peter J. Moriarty, a co-founder of the company and its Chief Executive Officer (CEO) and Chairman of the Board of Directors, has informed the Board of his decision to step down from his day- to-day operating responsibilities as Chief Executive Officer but will remain as Chairman. Mr. Moriarty stated that he believes that the timing is appropriate for Prismic to seek new leadership with expertise in clinical development to guide the company along the path to obtaining approval for PP-101 and other micro-PEA based formulations to be used in combination with opioids to lessen the amount of opioid required to achieve desired therapeutic levels while also increasing the period of time before tolerance occurs.
Prismic’s Board subsequently announced that Zachary Dutton, a co-founder and the President of the company, has been appointed interim CEO and will lead the search for a new Chief Executive Officer.
About Prismic Pharmaceuticals, Inc.
Prismic Pharmaceuticals, Inc. is a privately held specialty pharmaceutical company developing innovative prescription drugs with unique safety profiles to address pain and inflammation. The company’s current focus is on PP101, a 600 mg tablet of micro-PEA (palmitoylethanolamide with particle sizes of 0.6-10 microns). The drug is delivered orally and directly effects mast cells and microglia, and has been shown in clinical trials to be a safe and effective treatment in conditions where pain and inflammation play a central role. Studies have demonstrated that when micro-PEA is administered concomitantly with pregabalin, duloxetine, and gabapentin or with narcotic analgesics/opiates, such as hydrocodone, oxycodone or morphine, micro-PEA has a “potentiating” or “synergistic” effect on the other drug. As a result, the effectiveness of treatments such as pregabalin can be enhanced or, in the case of opiates, such as oxycodone the desired therapeutic effect can be achieved using a lower dose, thus reducing the need for high-dose opioids. Extension of the period before which tolerance occurs has also been demonstrated with opioids. Additionally, studies have also demonstrated that PP101 has an excellent safety profile.
Contact 971-506-6415 or visit www.PrismicPharma.com.
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Prismic Pharmaceuticals, Inc.
Attn: Zachary Dutton
474 Grove Street, Suite 740
Worcester, Massachusetts 01605