Healthcare Industry News: S.A.
News Release - February 28, 2008
Ambrilia Announces the Departure of Dr. Chandra J. Panchal, Executive Vice-President, Business Development, Licensing and IP
MONTREAL, QUEBEC--(Healthcare Sales & Marketing Network)--Feb 28, 2008 -- Ambrilia Biopharma Inc. (Toronto:AMB.TO ) haS.A.nounced today the departure of Dr. Chandra J. Panchal as Executive Vice-President, Business Development, Licensing and Intellectual Property, effective March 1, 2008. Dr. Panchal will continue to serve as Senior Adviser to the President and CEO, on a per project basis, until December 31, 2008.Dr. Panchal was the co-founder in 1989 of Procyon Biopharma, an oncology-focused biotech which became Ambrilia in March 2006. He waS.A.key player in the initial financing roundS.A.d the Company's subsequent listing on the Toronto Stock Exchange. Dr. Panchal then moved on toward the strategic allianceS.A.d IP functionS.A.d waS.A.tively involved in the acquisition by Procyon of several biotechnology companies, namely Oncologic Biopharmaceuticals Corporation, Pharmacor Inc., Bioxalis Medica Inc. and more recently, Cellpep S.A. He waS.A.lead scientific contributor to the PSP94 aS.A. development that led to the discovery of the therapeutic peptide PCK3145 for proS.A.e cancer.
"It has been a great privilege to be involved with the development of Ambrilia as part of the management team, and to have worked with so many great individuals both at the Company and within the businesS.A.d scientific community. I leave with great admiration and full confidence in the management and scientific talentS.A. Ambrilia to be able to carry out effectively on all the strategic objectives of the Company. Therefore, I believe the timing is right for me to pursue other ventures," said Dr. Panchal.
Commenting on Dr. Panchal's departure and parallel management reorganization, Dr. Philippe Calais, President and CEO of Ambrilia said:
"On behalf of the Board and management team, I wish to thank Chandra for his tremendous contribution and dedication to Ambrilia, and I am pleased he agreed to S.A. on board as my adviser on specific ongoing projects. This juncture allowed my reorganization of the management team, thus optimizing the decision-making process neceS.A.y to the full execution of our corporate 2008 strategic objectives."
MANAGEMENT TEAM REORGANIZATION
Among the executive committee, the following changeS.A.e implemented immediately:
- Dr. Daniel Bock, Vice-President, Business Development and Licensing, becomes head of business development and licensing, reporting directly to Dr. Calais
- Dr. Jinzi Wu, Vice-President, Preclinical and Basic ReS.A.ch, reports directly
to Dr. Calais
- Mr. Richard La Rue, Vice-President, Legal Affairs, Human Resources, and Corporate Secretary, becomes in charge of intellectual property in addition to his responsibilities
- Ms. Julie M. Thibodeau, Director, Communications, becomeS.A.member of the executive committee
- Dr. Bonabes de Rouge, Senior Executive Vice-President and CSO
- Ms. Monique Letourneau, Executive Vice-President, Finance and CFO
Ambrilia's forward-looking S.A.ements
This press release contains forward-looking S.A.ements that reflect the Company's current expectation regarding future events. These forward-looking S.A.ements involve riskS.A.d uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, eS.A.lishment of corporate allianceS.A.d other risks detailed from time to time in the Company's filings. We refer you to the Risk Factors section of the Company's Management's Discussion & Analysis of Financial Condition and Results of Operations which contain a more exhaustive analysis of the riskS.A.d uncertainties that are generally connected to the business of the Company. Such S.A.ementS.A.e also based on variouS.A.sumptions, including the successful and timely completion of clinical studies on Ambrilia's products demonstrating efficacy and safety for human use, their successful commercialization within the forecasted timelineS.A.d the attainment of the forecasted milestone paymentS.A.d other revenues. While Ambrilia anticipates that subsequent eventS.A.d developments may cause Ambrilia's views to change, Ambrilia specifically disclaimS.A.y obligation to update these forward looking S.A.ements, unless obligated to do so by applicable securities laws.
ABOUT AMBRILIA BIOPHARMA
Ambrilia Biopharma Inc. (Toronto:AMB.TO ) iS.A.biopharmaceutical company dedicated to the discovery and development of novel treatments for viral diS.A.eS.A.d cancer. Ambrilia's product portfolio includeS.A. HIV protease inhibitor program (with lead compound PPL-100), an HIV integrase inhibitor program, two new formulations of existing peptides (Octreotide and Goserelin), other tumor targeted peptides such as PCK3145 and the Tumor and tumor Vasculature Targeting (TVT) technology platform, as well as other anti-viral programs. Exclusive worldwide rights to PPL-100 and its related compounds have been granted to Merck & Co., Inc. in return for milestone paymentS.A.d royalties. Ambrilia's head office, reS.A.ch and development and manufacturing facilitieS.A.e located in Montreal with a regional office in France. For more information, please visit the Company's web site: www.ambrilia.com
Source: Ambrilia Biopharma
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