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Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) Strengthens Senior Management Team In Q1 2017

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In March 2017, Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) named Ken Jones, CPA as Corporate Controller of company. Mr. Jones brings extensive experience of more than 30 years in financial reporting, tax functions and accounting across numerous industries, including a total 16 years of working as Corporate Controller at UbiquiTel, Inc and Vitae Pharmaceuticals.

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In April 2017, Ray Mannion was named as Vice President, Manufacturing of Zynerba. Mannion has spent more than 35 years in global manufacturing, engineering and operations in the pharmaceutical, electrical connection systems and medical devices industries with NuPathe, Teva Pharmaceuticals, Kensey Nash Corporation, Puricore, AMP Incorporated and others.

The company appointed Will Roberts as VP, Investor Relations & Corporate Communications in this month. Roberts is an expert pharmaceutical executive with extensive experience of more than 25 years in broad communications and scientific research with firms including Adaptimmune Therapeutics, MedImmune, Inc and ViroPharma Incorporated.

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In Q1 2017, the company closed a follow-on offering, offering 3.22 million shares of its common stock at a price of $18 per share, leading in gross proceeds of $58 million. Net proceeds obtained after deducting commissions and underwriting and offering costs were $54.2 million, which company plans to use for the clinical advancement of ZYN001 and ZYN002, general R&D, and general corporate purposes. The firm is all set to progress on its designed plans.

By the close of the first half of this fiscal year, Zynerba anticipates to start Phase 1 studies of ‘ZYN001’. It is a patent-protected pro-medicine of THC that promotes transdermal delivery using a patch. The Phase I plan will evaluate the tolerability and safety of ZYN001 through multiple and single rising dose studies in patients with fibromyalgia and normal subjects. Pending, successful Phase I report, a Phase II plan for ZYN001 in neuropathic pain and fibromyalgia is intended to commence in the second half of 2017.

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