February 29, 2016 2:51pm

Stephen L. Cartt is appointed as President and CEO of NYSEMKT: AST and Don M. Bailey is elected to its Board of Directors (BOD) ...

 

Mr. Cartt replaces Pedro Lichtinger, who served as President, CEO and a member of the BOD since June 2014. Mr. Bailey succeeds Alfred D. Kingsley as Chairman. Mr. Kingsley will remain on the Asterias’ BOD. Mr. Bailey, was named Chairman of the BOD of Asterias. Both appointments are effectively immediately.

 

NYSEMKT: AST is UP +$0.68 to $4.32 after the announcement.

 

 

NYSE MKT: AST appointed of Stephen L. Cartt as President and CEO and member of its BOD and Don M. Bailey also to its Board of Directors.

 

Mr. Cartt began his career in the pharmaceutical industry with ALZA Corporation where he held a variety of R&D and commercial positions. He moved to Elan Pharmaceuticals and served as Senior Director of Strategic Marketing before joining Questcor in 2005. At Questcor, he served as Executive Vice President and Chief Business Officer prior to being appointed Chief Operating Officer in 2012. Questcor experienced high growth in revenues and earnings during this period, while its market valuation increased more than 200 fold from less than $25 million in 2007 to $5.6 billion at the time of its sale in 2014. After the acquisition of Questcor in August 2014, Mr. Cartt served in a transitional role as Chief Operating Officer of Mallinckrodt's AutoImmune and Rare Diseases Business Unit until October 2014.

  • Mr. Cartt has been a member of the BioTime, Inc. BOD since November 2014, a position from which he has resigned in conjunction with accepting the CEO position at Asterias, a publicly traded subsidiary of BioTime (NYSE MKT: BTX). He holds a B.S. in biochemistry from the University of California, Davis and an MBA from Santa Clara University.

 

Mr. Bailey brings to NYSEMKT: AST substantial management, board, and corporate governance experience. From 2006 through 2014, Mr. Bailey served on the BOD of Questcor, was its President and CEO from 2007 through 2014, and at various times, chaired or was a member of several board committees including Questcor's Strategic Initiatives Committee. Since the sale of Questcor, Mr. Bailey has served on the BOD and as Chairman of the Portfolio Committee of Mallinckrodt. He is also a director, audit committee chair, and a member of the Transaction Committee of Biotie Therapies Corp., a public pharmaceutical company headquartered in Turku, Finland. Biotie went public in the U.S. through an IPO in June 2015 and entered into a Combination Agreement with Acorda Therapeutics in January 2016. Previously, Mr. Bailey served as the non-executive chairman and chairman of the Nominating and Corporate Governance Committee of STAAR Surgical Company, an ophthalmic products company, from 2005 through June 2014.

  • In addition to his public company experience, he serves on the board of the Argyos School of Business at Chapman University in Orange, Calif. and is a Founding Board member of the University of California Irvine's Institute for Applied Innovation. Mr. Bailey is also a Senior Fellow in Entrepreneurship at Pepperdine University.