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"We are extremely pleased to add Paul Wotton to our Board of Directors. Hehas a proven record of success in business development, commercializing newbusiness opportunities, and closing negotiations," said Jack Armstrong,president and CEO of Genaera. "I believe Paul's areas of expertise will beinvaluable to Genaera. The management team and I look forward to workingclosely with Paul and the rest of our Board members to further developstrategic relationships."
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Wotton previously served as CEO of Topigen Pharmaceuticals Inc., where hesuccessfully completed multiple financial transactions that enabled thecompany to advance two preclinical programs to Phase 2 clinical trials. Priorto joining Topigen, Dr. Wotton was global head of business development atSkyePharma PLC, where he managed the business development and marketingfunction as well as implemented the largest drug delivery transaction at thattime. Dr. Wotton has also served in senior-level positions at EurandInternational BV, PENWEST Pharmaceuticals, Abbott Laboratories and Merck,Sharp and Dohme. He also currently serves on the board of Antares Pharma andis past chairman of the Emerging Companies Advisory Board of BIOTECanada.
"I am very pleased to join Genaera's Board. I believe Genaera has theopportunity to develop MSI-1436 as a novel therapy with the potential to treatboth type 2 diabetes and obesity," states Paul Wotton. "I look forward toworking diligently with Jack and his team to competitively position theCompany as a player in the growing metabolic disease market."
About Genaera
Genaera Corporation is focused on advancing the science and treatment ofmetabolic diseases. The Company has significant market opportunities with afirst-in-class molecule, trodusquemine (MSI-1436), that has the potential toredefine the treatment paradigm for obesity and type 2 diabetes and ispresently in a phase 1 trial in obesity. In addition, Genaera has avalue-driven, fully out-licensed partnership with MedImmune, Inc. for a secondcore program that is presently undergoing phase 2 clinical testing in asthma.Genaera is committed to directing resources to its core program and theaggressive clinical development of its key assets to build stockholder value.For further information, please see our website at www.genaera.com.
This announcement contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995 that are subject torisks and uncertainties, known and unknown. Forward-looking statements reflectmanagement's current views and are based on certain expectations andassumptions. Such statements include, among others, statements regarding thepreliminary results, clinical development plans and prospects for Genaera'sprograms including trodusquemine (MSI-1436) and the IL-9 antibody program. Youmay identify some of these forward-looking statements by the use of words inthe statements such as "anticipate," "believe," "continue," "develop,""expect," "plan" and "potential" or other words of similar meaning. Genaera'sactual results and performance could differ materially from those currentlyanticipated and expressed in these and other forward-looking statements as aresult of a number of risk factors, including, but not limited to: Genaera'shistory of operating losses since inception and its need for additional fundsto operate its business; the costs, delays and uncertainties inherent inscientific research, drug development, clinical trials and the regulatoryapproval process; the risk that clinical trials for Genaera's productcandidates including
