Acucela Inc. announced that after a long and thoughtful strategic planning process to recruit a new President and Chief Operating Officer, Acucela has appointed Brian O'Callaghan, who currently sits on Acucela's Board of Directors, to the newly created position, effective immediately. Ryo Kubota, MD, PhD, who is also Acucela's Founder, will remain as Acucela's Chairman of the Board and Chief Executive Officer. In a separate development, Acucela's Chief Financial Officer, David Lowrance, will be leaving the company for family reasons.

As a result of Mr. Lowrance's departure, Mr. O'Callaghan will also assume the role of Interim CFO. Mr. Lowrance resigned his position as Acucela's CFO, effective September 4, 2014, and his last date of employment with the Company is September 19, 2014. Mr. Lowrance has agreed to provide consulting services to facilitate an orderly transition.

In his new role as President and COO, Mr. O'Callaghan's primary responsibilities will include contributing to and overseeing Acucela's strategy and leading the Company's interests in global initiatives. A top priority for Mr. O'Callaghan will be to enhance Acucela's executive leadership team, beginning with the appointment of a new CFO. Brian O'Callaghan has served on the Company's Board of Directors since September 2013.

He was most recently Chairman and CEO of Sonrgy Inc.