Herald Therapeutics Appoints Paul P. Friel to Board of Directors
Veteran pharmaceutical executive brings 30+ years of commercialization, international markets, business development, and M&A experience to support ThyrOxy platform development.
MINNEAPOLIS, MN – Herald Therapeutics, Inc., a clinical-stage biopharmaceutical company developing the ThyrOxy thyroid hormone–based therapeutic platform for life-threatening lung and cardiac diseases, today announced the appointment of Paul P. Friel to its Board of Directors as an Independent Director, effective immediately. Friel brings more than 30 years of pharmaceutical leadership experience, including four capital raises totaling over $250 million, a $250 million debt facility, more than 20 product launches, and five products that achieved over $1 billion in annual sales.
“Paul is an exceptional addition to our Board as we advance ThyrOxy toward pivotal clinical readouts and strategic partnerships,” said Wade A. Smith, Chief Executive Officer of Herald Therapeutics. “His extensive experience in pharmaceutical commercialization, international markets, business development, and M&A transactions adds significant value to our Board. Paul has repeatedly built commercial organizations from the ground up, executed transformative licensing and BD deals across global markets, and led integrations of multi-billion-dollar enterprises. That blend of strategic, commercial, and transactional perspective is exactly what Herald needs at this stage, and we are thrilled to welcome him.”
“Herald is addressing one of the most devastating gaps in critical care medicine, and the Company’s science, clinical results, and platform breadth give ThyrOxy a credible path to meaningfully change outcomes for patients with ARDS, IRDS, and heart failure,” said Friel. “Wade and the founding team have built a remarkable foundation, and I look forward to partnering with the Board and management team to help shape Herald’s commercial strategy, business development priorities, and growth trajectory in the years ahead.”
About Paul P. Friel
Mr. Friel is a results-driven pharmaceutical executive and board member with extensive experience growing revenue, launching products, and building organizations across global and start-up environments. He currently serves as Executive Vice President, Corporate Operations at Catalyst Pharmaceuticals (NASDAQ: CPRX), where he leads Market Access, Patient Services, Commercial Operations, Commercial Analytics, Corporate Project Management, and Information Technology across Catalyst’s portfolio of three approved ultra-orphan therapies in neurology and oncology.
From 2022 to 2024, Mr. Friel served as Chief Commercial Officer and Vice President of Business Development at Elevar Therapeutics, where he led marketing, medical affairs, business development, and sales for the company’s late-stage oncology portfolio, established its specialty distribution, specialty pharmacy, and hub services infrastructure, and completed an in-licensing transaction for camrelizumab from Jiangsu Hengrui Pharmaceuticals valued at more than $1 billion in biobucks. He previously served as Chief Commercial Officer and Vice President of Business Development at BeyondSpring Pharmaceuticals (NASDAQ: BYSI) from 2018 to 2022, where he built the commercial organization, led four capital raises totaling more than $250 million, and helped complete an $800 million business development transaction with Eli Lilly and the spin-out of SEED Therapeutics.
Earlier in his career, Mr. Friel spent more than 24 years at TAP Pharmaceuticals (a joint venture between Takeda and Abbott Laboratories) and Takeda Pharmaceuticals in roles of increasing responsibility. As Head of US Field Sales Operations, he oversaw 2,900 sales and managed markets personnel supporting more than $4 billion in annual sales and six product launches. As President and General Manager of Takeda Canada, he turned around a struggling affiliate, exceeded operating margin in his first plan year, and launched three new products with six Health Canada filings in 18 months. As Senior Commercial Director, Latin America, he led Takeda’s international expansion into Mexico and Brazil from the ground up, securing board approval, hiring executive staff, and filing six new regulatory products in less than a year. He also served as Director of the Integration Project Management Office for the commercial integration of TAP and Takeda, a transaction involving more than 6,500 employees and approximately $500 million in annual savings.
Mr. Friel also serves on the Board of Directors of 28Bio, an on-market testing company focused on drug- induced neurotoxicity screening using CNS-3D brain organoids. He holds an MBA from the University of Kansas and a BS in Business from Kansas State University.
About Herald Therapeutics
Herald Therapeutics, Inc. is a clinical-stage biopharmaceutical company headquartered in Minneapolis, Minnesota, developing ThyrOxy, a thyroid hormone–based therapeutic platform targeting life-threatening lung and cardiac diseases. The Company’s lead programs are in Acute Respiratory Distress Syndrome (ARDS), Infant Respiratory Distress Syndrome (IRDS), and Acute Heart Failure. For more information, please visit heraldtx.com.
Forward-Looking Statements
This press release contains forward-looking statements concerning Herald Therapeutics’ product candidates, including ThyrOxy, its clinical development plans, regulatory strategy, intellectual property position, and commercial potential. Such statements are based on current expectations and assumptions and are subject to known and unknown risks and uncertainties, including those related to clinical trial results, regulatory review, manufacturing, intellectual property, financing, and competitive developments. Actual results may differ materially from those expressed or implied. Herald Therapeutics undertakes no obligation to update any forward-looking statements except as required by law.
Investor & Media Contact
Wade Smith, CEO
Herald Therapeutics, Inc.
wsmith@heraldtx.com | 412-216-9988