Pharmacyclics Announces Appointment of New Management Team and Board Director to Accelerate Its Future Growth
Robert W. Duggan, our Chairman of the Board, has been appointed CEO of thecompany after acting as interim CEO for the past five months. Mr. Duggan isconsidered one of the founders of robotic surgery. He served as Chairman ofthe Board of Directors of Computer Motion, Inc., a computerized surgicalsystems company, from 1990 to 2003 and Chief Executive Officer from 1997.Computer Motion was acquired by Intuitive Surgical, Inc. in 2003. Mr. Duggancurrently serves as a director of Intuitive Surgical, Inc. Mr. Duggan has beena private venture investor for more than 30 years and has participated as adirector of, investor in and advisor to numerous small and large businesses inthe medical equipment, computer local and wide area network, PC hardware andsoftware distribution, digital encryption, consumer retail goods and outdoormedia communication industries. He received the Congressman's Medal of Meritand in 2000 he was named a Knight of the Legion of Honor by President JacquesChirac. He is a member of the University of California at Santa BarbaraFoundation Board of Trustees. Mr. Duggan has been a member of Pharmacyclics'Board of Directors since September 2007.
Glenn C. Rice, Ph.D has been appointed President and COO. Dr. Rice hasover 25 years of oncology drug development experience in the biopharmaceuticalindustry including research, preclinical and clinical trials as well asextensive experience in licensing, partnerships and M&A. He was the CEO andFounder of Bridge Laboratories (a large and pioneering international drugdevelopment contract research organization); Vice President of Biosciences atSRI International (management of 180 scientists and staff), Vice President ofResearch for ILEX Oncology, a NASDAQ listed company, (acquired by Genzyme for$1B) and CEO and founder of Convergence Pharmaceuticals (acquired by ILEX). Hehas also co-founded the Critical Path Institute (a not for profit focused onregulatory innovation in Tucson AZ), EmergingMed, Inc. (a web based clinicaltrial prequalification and management service), and was part of the initialfounding management of Cytokine Networks, Inc. Dr. Rice is currently aninventor on over 20 patents or patent applications and has authored over 75manuscripts and book chapters.
Mr. Duggan commented, "Pharmacyclics has already benefitted greatly fromGlenn's extensive biotechnology research and product development backgroundthat includes oncology, inflammation, neurobiology and cardiovasculardiseases. Glenn's experience in regulatory affairs, international businessdevelopment and fundraising will be an added plus as we evaluate opportunitiesto grow our business."
Dr. Maky Zanganeh has been previously appointed as Vice President ofBusiness Development for Pharmacyclics. Dr. Zanganeh most recently accepted aposition as Director General for the French government initiative bioclusterproject in France. Prior to that she served as Vice President of BusinessDevelopment for Robert Duggan & Associates. From 1998 to 2003, Dr. Zanganehwas worldwide President Director General for Europe, Middle East and Africaand also became Vice President of Training & Education for Computer MotionInc., the world initiator of medical robotics. Dr. Zanganeh received herdegree from Louis Pasteur University in Strasbourg, France and her MBA fromSchiller International University in France. She is fluent in French, German,Persian & English. Mr. Duggan added, "Maky is a gifted communicator andnegotiator. Her persistence on a given course has few equals. She adds a greatdeal to our potential success."
Rainer (Ramses) Erdtmann has been appointed to head the Finance Departmentand oversees all financial matters for the company. Mr. Erdtmann began hiscareer in Europe as an investment banker. He was accepted into the InvestmentBanking Program of Commerzbank in Germany after he graduated with distinctionfrom the Westfaelische Wilhelms Universitaet in Muenster, majoring inFinancing and Banking. He was later recruited by the asset management arm ofCommerzbank and became a portfolio manager for international clients. Theportfolio assets under management exceeded $1Billion Dollars. In 1994 he co-founded a German-based real estate company, United Properties Immobilien &Anlagen GmbH, which to date has successfully developed over 30 differentprojects and manages a portfolio of over 250 units. His main area ofresponsibility has been setting up the organization and overseeing thefinancial aspects of its operations. Mr. Erdtmann came to the US in the mid-nineties to manage the assets for a US equity pool and several Europeaninvestors. He became actively involved in some of the holding companies andserved on several of their boards. Building on his European network, he hassince consulted high net-worth individuals and closed-end funds, and activelyadvised in the selection of US investments for over $500 Million. Furthermorehe finalized over $120 Million of equity and debt transactions for privateequity partnerships. "I have known Ramses for over 15 years, he has a stronganalytical background, I am glad we could recruit him for this task," said Mr.Duggan.
Jason Adelman has been appointed as a new Board Member and member of theAudit Committee for Pharmacyclics. Mr. Adelman is the founder and SeniorManaging Director of Burnham Hill Partners LLC ("BHP"), an investment andmerchant banking firm headquartered in New York City. Mr. Adelman hasextensive financing and merger and acquisition experience, typically involvingcomplex balance sheets and operational restructurings. Prior to founding BHP,Mr. Adelman was Managing Director of Investment Banking in the New York officeof H.C. Wainwright & Company, Inc.
Mr. Adelman began his career at Coopers and Lybrand LLP where he worked inthe financial services industry consulting practice, with a particular focuson the hedge fund industry. Mr. Adelman is also the co-founder and a ManagingMember of Cipher Capital Partners, a private investment entity that hasinvested, through its managed accounts, approximately $250 million in capitalsince 2006. Mr. Adelman graduated from the University of Pennsylvania with aBA, cum laude, in Economics (1991) and graduated from Cornell Law School(1994), where he was Editor of the Cornell International Law Journal. Mr.Adelman also serves on the audit and compensation committees of Trio-TechInternational, an Amex listed company. "Jason was a lead investment banker forComputer Motion. He was of major assistance on several of our pipetransactions and played a meaningful role in our successful merger agreementwith Intuitive Surgical. He brings excellent experience and financial acumento our Board," said Bob Duggan Chairman and CEO of Pharmacyclics.
Pharmacyclics(R) is committed to creating and developing novelpharmaceutical products that treat serious unmet medical needs in oncology andautoimmune diseases. Its deep and broad pipeline includes four innovative drugcandidates that are currently under clinical development. The Company isheadquartered in Sunnyvale, California and is listed on NASDAQ under thesymbol PCYC. To learn more about how Pharmacyclics advances science to improvehuman healthcare visit us at http://www.pharmacyclics.com.
NOTE: Other than statements of historical fact, the statements made inthis press release about future plans for and the timing of initiation of ourclinical trials, progress of and reports of results from preclinical andclinical studies, expected effect of our products under development, clinicaldevelopment plans and product development and corporate partnering activitiesare forward-looking statements, as defined in the Private SecuritiesLitigation Reform Act of 1995. The words "project," "believe," "will," "may,""continue," "plan," "expect," "intend," "anticipate," variations of suchwords, and similar expressions also identify forward-looking statements, buttheir absence does not mean that the statement is not forward-looking. Theforward-looking statements are not guarantees of future performance and aresubject to risks and uncertainties that may cause actual results to differmaterially from those in the forward-looking statements. Factors that couldaffect actual results include risks associated with unexpected delays inclinical trials and preclinical studies and the timing for making relatedregulatory filings; the fact that data from preclinical studies and Phase 1 orPhase 2 clinical trials may not necessarily be indicative of future clinicaltrial results; our ability to obtain future financing and fund the productdevelopment of our pipeline; the initiation, timing, design, enrollment andcost of clinical trials and preclinical studies; our ability to establishsuccessful partnerships and collaborations with third parties; the regulatoryapproval process in the United States and other countries; and our futurecapital requirements. For further information about these risks and otherfactors that may affect the actual results achieved by Pharmacyclics, pleasesee the company's reports as filed with the U.S. Securities and ExchangeCommission from time to time, including but not limited to its annual reporton Form 10-K for the period ended June 30, 2008 and its subsequently filedquarterly reports on Form 10-Q. Forward-looking statements contained in thisannouncement are made as of this date, and we undertake no obligation topublicly update any forward-looking statement, whether as a result of newinformation, future events or otherwise.
SOURCE Pharmacyclics, Inc.
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