REDWOOD CITY, Calif., Jan. 30 GenelabsTechnologies, Inc. (Nasdaq: GNLB) announced today that James A. D. Smith hasresigned as President, Chief Executive Officer and Director of the company,effective January 29, 2008. Irene A. Chow, Ph.D., Executive Chairman ofGenelabs' Board of Directors, and Frederick W. Driscoll, Genelabs' ChiefFinancial Officer, will assume leadership responsibilities until a successoris appointed.
Dr. Chow stated, "I want to thank Jim for his dedication and many years ofservice to the company. We wish him well in his future endeavors. The companyhas initiated an executive search for a CEO to lead it into the next phase ofits development."
"Genelabs is well-positioned to execute on its internal developmentstrategies and to support its collaboration partners -- Gilead,GlaxoSmithKline and Novartis. We are fully committed and confident about ourability to deliver on our business goal of translating research into novelantiviral therapeutics," stated Mr. Driscoll.
About Genelabs Technologies
Genelabs Technologies, Inc. is a biopharmaceutical company focused on thediscovery and development of pharmaceutical products to improve human health.We have built drug discovery capabilities that can support various researchand development projects. Genelabs is currently concentrating thesecapabilities on discovering novel compounds that selectively inhibitreplication of the hepatitis C virus and advancing preclinical development ofcompounds from this hepatitis C virus drug discovery program. We also havelate-stage products for hepatitis E virus and lupus. We believe that thesehigh-risk, potentially high reward programs focus our research and developmentexpertise in areas where we have the opportunity to generate eitherfirst-in-class or best-in-class products that will address diseases for whichcurrent therapies are inadequate. For more information, please visithttp://www.genelabs.com.
Note: Genelabs(R) and the Genelabs logo are registered trademarks of
Genelabs Technologies, Inc.
NOTE ON FORWARD LOOKING STATEMENTS AND RISKS: This press release containsforward-looking statements including statements regarding the Company'sbusiness strategy. These forward-looking statements are based on Genelabs'current expectations and are subject to uncertainties and risks, includingfailures or setbacks in our hepatitis C virus research and developmentprograms or in our collaborations with Gilead, GlaxoSmithKline and Novartis.Please see the information appearing in Genelabs' filings with the Securitiesand Exchange Commission, including our most recent Annual Report on Form 10-K,under the captions "Risk Factors" and "Forward-Looking Statements" for morediscussion regarding these uncertainties and risks and others associated withthe company's research programs, early stage of development and other riskswhich may affect the company or cause actual results to differ from thoseincluded in the forward-looking statements. Genelabs does not undertake anyobligation to update these forward-looking statements or risks to reflectevents or circumstances after the date of this release.
Contact: Frederick W. DriscollChief Financial Officer 650-562-1424
SOURCE Genelabs Technologies, Inc.