Wednesday, February 17, 2016

Trivial Footnotes Department: Ex S-P CEO Fred Hassan Is Apparently Tapping His Son -- To Run Newly-Formed Branch Of That "Medical Food" Company

About once a year, we check in on "Fast Fred" -- the former Schering-Plough CEO. In particular, we have been keeping tabs on a company he seems to have founded (and invested in), that sells encapsulated peppermint oil, as an irritable bowel treatment without any FDA filings -- it claims a dietary supplement, or "medical food" label obviates the need for any full-on NDA.

[I express no opinion on that notion here -- just as I haven't since 2013.] But here is last February's installment on the company that sells IBGard -- depicted at right (click graphic to embigg-ify).

Now, as luck would have it, Mr. Hassan has just created a new subsidiary at that company, and has placed his son (Daniel) in charge of it. Apparently prior to February 2016, the chief executive role was handled by Ellen Geisel, an ex-S-P hand, as part of her overall role as President. [We learn all of this from the IM HealthScience new website.] In addition, it would appear that Mr. Hassan's daughter, Sarah, serves there -- as VP of Finance. Daniel Hassan had been Chief Commercial Officer at IM HealthScience for a few years prior to this "spinoff". Here is the press item I just ran across -- announcing the launch of Physician's Seal, LLC -- apparently a new company in the "family" -- at IB Guard/IMS HealthScience:

. . . .IM HealthScience, a privately-held medical foods company based here, on Wednesday announced it has created an independent spin off called Physician's Seal, LLC. The new company will focus on the development and commercialization of novel- and science-based dietary supplements and over-the-counter drugs. . . .

The new company has named Hassan's son, Daniel Hassan, as its CEO. Prior to his new role, Daniel Hassan served as chief commercial officer of IM HealthScience.

This will be the second CEO position that Daniel Hassan has held over the last decade. Previously he ran Boston-based technology company, BCM, before joining IM HealthScience four years ago. . . .

Since all of these entities are private, it will be only about once a year that I will check on them. But it still seems this is a far, far cry from big pharma or big life science. In fact, the new company claims to be working on a medical food to treat ulcerative colitis. It says that UCgard is in early development, but goes on to say ". . .Ulcerative Colitis is a form of IBD (Inflammatory Bowel Disease) where the colon is susceptible to ulcers and sores and often requires painful and life altering surgery to remove the colon. Often times Immosuppresant therapy is used but can only be administered short term due to side effects. Patients who suffer from Ulcerative Colitis are highly susceptible to malabsorption of nutrients. . . ." It is hard for me to imagine a version of a product -- aiming at that disease state -- what would not fall within the arguable purview of FDA's NDA process. But we shall see.

Now you know. Onward, with a wide grin. . . . and for the sake of a complete record, here (on the Hassan family doings) -- I should note that I believe this is the daughter for whom Mr. Hassan made an investment -- in the failed Martin Shkreli hedge fund. I further believe that that was the hedge fund activity at the center of least two of the seven felony counts in Shkreli's indictment. Small world. [No mention to be made of his likely-ficticious bitcoin travails, Kanye-flameout, nor the delivery of some 1,000 boxes of (ahem) "personal" lube, on his credit card, to his Manhattan digs, all allegedly engineered by 4chan. None.]

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