Yesterday, Columbia Laboratories announced that Jonathan B. Lloyd Jones, ACA, MBA has been appointed as the company's Vice President-Finance, Chief Financial Officer, Treasurer, and Secretary, effective January 21. Mr. Jones will be based at Columbia's corporate headquarters, which will be relocated to the area of Boston, Massachusetts, during the first half of 2013.
Mr. Jones replaces Lawrence A. Gyenes, Columbia's former Chief Financial Officer, who will remain with the company through January 2013 (which will also be Michael McGrane's last day as Columbia's General Counsel). Messrs. Gyenes and McGrane will remain available to Columbia to ensure a smooth transition.
Frank Condella, Columbia's President and CEO, remarked, "I want to thank Larry and Mike for their many contributions, which have enabled the Company to successfully transition to a profitable drug delivery company. I speak for the full Board of Directors in wishing them well.
Mr. Lloyd Jones brings over 25 years of corporate development and finance experience to Columbia, having led negotiations, valuation, and diligence teams that developed and executed over $2 billion of biotechnology and pharmaceutical company mergers, acquisitions, and financing and licensing transactions. Most recently, Mr. Jones served as the CFO and vice president of corporate development at TetraLogic Pharmaceuticals, a venture capital-funded biotechnology company. Prior to that, he served as the VP-Finance at TransMolecular, Inc. from 2006 to 2010. For the 10 years prior to that, he was employed by Genzyme as a senior director of corporate development. Earlier in his career Mr. Lloyd Jones headed banking and financial operations at The Royal Bank of Scotland (Nassau) Ltd., part of the Royal Bank of Scotland Group. Mr. Lloyd Jones holds an MBA degree from The Wharton School of the University of Pennsylvania and is a member of the Institute of Chartered Accountants in England and Wales (ICAEW).
Regarding the new VP and CFO, Condella remarked, "I am pleased to welcome Jonathan to the Columbia team. Among his many talents, Jonathan brings an extremely strong track record of successful business transactions, which should benefit our ongoing exploration of potential strategic transactions to build value for our stockholders."
He concluded, "While there will be some upfront costs associated with these organizational changes, we expect to have reduced our cost structure when they are completed. Concurrently, we will continue to efficiently manage the CRINONE® supply chain for our partners, Watson and Merck Serono, who continue to generate strong in-market demand for CRINONE in the U.S. and over 60 countries around the world, respectively."
For more information, visit www.columbialabs.com
Sign up for "The Mission Report" at www.MissionIR.com