Chelsea Therapeutics makes Oliveto permanent CEO

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CHARLOTTE, N.C. (AP) — Chelsea Therapeutics said Monday that it has named Joseph Oliveto as its permanent president and CEO after he'd held the positions on an interim basis for a year and a half.

Chelsea said Oliveto also was named as a company director. The new assignments were effective Wednesday. He has worked for Chelsea Therapeutics since June 2008.

Oliveto was named interim president and CEO in July 2012 as part of an executive shake-up. That month, the Food and Drug Administration said the company should run another clinical trial of its drug Northera because an ongoing trial probably wouldn't generate enough evidence to support an application for approval. The company said it would cut jobs and spending, and founder and CEO Simon Pedder and two directors resigned. Kevan Clemens also stepped down as chairman.

Northera is designed to prevent dizziness and fainting in Parkinson's disease patients. The FDA still hasn't cleared the drug, but on Jan. 15, a panel of experts said the agency should grant marketing approval.

Chelsea Therapeutics Inc. has no approved drugs, and its shares have doubled in value since the panel recommendation. Its shares rose 5 cents to $4.64 in morning trading Monday.

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