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Ted W. Love, M.D., chairman and CEO of Nuvelo Inc., orchestrated an agreement in January with Bayer HealthCare AG to develop and commercialize Nuvelo’s alfimeprase, a potentially life-saving drug that dissolves blood clots. Nuvelo is a biotechnology research firm whose stock trades on the Nasdaq (NUVO).
“Alfimeprase is a new class of drug that dissolves blood clots much more rapidly and much more safely than any other drug,” explains Love. “With alfimeprase, a very broad number of people may get a shot at going from a severe consequence of a stroke to the potential of actually being restored back to normal,” he says.
Under the terms of the agreement, San Carlos, California-based Nuvelo will retain all profits from alfimeprase sales in the United States. Bayer HealthCare will commercialize alfimeprase in all territories outside the United States. Nuvelo will also be eligible to receive potential milestone payments of up to $385 million, including an up-front cash payment of $50 million from Bayer.
Love, a cardiologist and molecular biologist, started at biotech powerhouse Genentech, where he advanced to vice president, overseeing all drug development. In 2001, Love joined Nuvelo as its president and chief operating officer. In March of the same year, he was appointed to the post of CEO and was named chairman of the board in September 2005. At 47, Love is at the top of his game and is looking to continue to make changes in the field of biotechnology.
“My real goal is to make this an extremely important company in biotechnology by making products which change the landscape of medicine,” says Love.