Journey Medical Corporation Appoints Joseph Benesch as Interim Chief Financial Officer
21 January 2023 - 8:01AM
Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical” or
the “Company”), a commercial-stage biopharmaceutical company that
focuses on the development and commercialization of pharmaceutical
products for the treatment of dermatological conditions, today
announced that Ernest (Ernie) De Paolantonio has notified the
Company that, effective January 27, 2023, he will step down as
Chief Financial Officer of Journey Medical to pursue another
opportunity. The Company also today announced the appointment of
Joseph M. Benesch as Interim Chief Financial Officer, effective
January 27, 2023.
Claude Maraoui, Co-Founder, President and Chief
Executive Officer of Journey Medical, said, “Joe has been an
instrumental member of our finance and accounting team overseeing
all functions as Corporate Controller for over a year now. With
more than 25 years of experience in the industry, Joe is
well-prepared to take the helm of the finance and accounting team
during this exciting time for the Company. We anticipate many
upcoming milestones, including the announcement of topline data
from our DFD-29 Phase 3 clinical trials in the first half of this
year with a subsequent NDA filing later this year.”
The Company is conducting an internal and
external search for a permanent Chief Financial Officer.
Mr. Maraoui continued, "We want to thank Ernie
for his contributions to the Company as Chief Financial Officer.
Journey Medical benefited from his extensive financial experience
and leadership during a critical period as we became a publicly
traded, fully integrated pharmaceutical company with eight marketed
products and a clinical development pipeline. We have a solid
financial foundation in place, and we wish Ernie continued success
in the future."
"I look forward to continuing to work with the
Journey Medical management team while leading the finance and
accounting functions,” commented Mr. Benesch.
Mr. Benesch has served as the Company’s
Corporate Controller since November 2021. He has over 25 years of
experience in all aspects of financial reporting, technical
accounting, corporate controllership, regulatory compliance and
pharmaceutical company operations. Mr. Benesch previously served as
the Principal Accounting Officer, Vice President and Corporate
Controller of Teligent Pharma Inc., a specialty generic
pharmaceutical company, and Corporate Controller of Torrent
Pharmaceuticals, a U.S. subsidiary of the Torrent Group, a
multinational pharmaceutical company. Before joining Torrent, he
held senior financial management positions of increasing
responsibility from Corporate Controller to Vice President of
Finance at Savient Pharmaceuticals, Adare Pharmaceuticals and
Edenbridge Pharmaceuticals. Mr. Benesch’s expertise includes
building and leading finance teams and preparing SEC and GAAP
compliant financial statements, and Sarbanes Oxley implementation.
Mr. Benesch began his career in the public accounting sector at
Baker Tilly Virchow Krause, LLP, and Ernst and Young working with a
diverse client base. Mr. Benesch is a graduate of Wilkes University
where he earned a BA in accounting and is a Certified Public
Accountant.
To ensure a smooth transition, Mr. De
Paolantonio will consult with and advise the Company through March
31, 2023.
Mr. De Paolantonio commented, “It has been a
pleasure working with the Journey Medical team and leading the
finance group as the company transitioned from being privately held
to publicly traded. I believe that the company is well-positioned
to achieve many milestones this year and I am committed to a
seamless transition.”
About Journey Medical
CorporationJourney Medical Corporation (Nasdaq: DERM)
(“Journey Medical”) is focused on identifying, acquiring,
developing and strategically commercializing innovative,
differentiated dermatology products through its efficient sales and
marketing model. The company currently markets eight products that
help treat and heal common skin conditions. The Journey Medical
team comprises industry experts with extensive experience in
developing and commercializing some of dermatology’s most
successful prescription brands. Journey Medical is located in
Scottsdale, Arizona and was founded by Fortress Biotech, Inc.
(Nasdaq: FBIO). Journey Medical’s common stock is registered under
the Securities Exchange Act of 1934, as amended, and it files
periodic reports with the U.S. Securities and Exchange Commission
(“SEC”). For additional information about Journey Medical, visit
www.journeymedicalcorp.com.
Forward-Looking StatementsThis
press release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. As used
below and throughout this press release, the words “we”, “us” and
“our” may refer to Journey Medical. Such statements include, but
are not limited to, any statements relating to our growth strategy
and product development programs and any other statements that are
not historical facts. The words “anticipate,” “believe,”
“estimate,” “may,” “expect,” “will,” “could,” “project,” “intend”
and similar expressions are generally intended to identify
forward-looking statements. Forward-looking statements are based on
management’s current expectations and are subject to risks and
uncertainties that could negatively affect our business, operating
results, financial condition and stock price. Factors that could
cause actual results to differ materially from those currently
anticipated include: risks relating to our growth strategy; our
ability to obtain, perform under and maintain financing and
strategic agreements and relationships; risks relating to the
results of research and development activities; uncertainties
relating to preclinical and clinical testing; risks relating to the
timing of starting and completing clinical trials, including
disruptions that may result from hostilities in Europe; our
dependence on third-party suppliers; risks relating to the COVID-19
outbreak and its potential impact on our employees’ and
consultants’ ability to complete work in a timely manner and on our
ability to obtain additional financing on favorable terms or at
all; our ability to attract, integrate and retain key personnel;
the early stage of products under development; our need for
substantial additional funds; government regulation; patent and
intellectual property matters; competition; potential recovery of
funds lost from previously disclosed cyber security breaches; as
well as other risks described in Part I, Item 1A, “Risk Factors,”
in our Annual Report on Form 10-K filed on March 28, 2022,
subsequent Reports on Form 10-Q, and our other filings we make with
the SEC. We expressly disclaim any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in our
expectations or any changes in events, conditions or circumstances
on which any such statement is based, except as may be required by
law, and we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
Company Contact:Jaclyn Jaffe (781)
652-4500ir@jmcderm.com
Media Relations Contact:Tony Plohoros6
Degrees(908) 591-2839tplohoros@6degreespr.com
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