Healthcare Industry News: chronic kidney disease
News Release - January 5, 2006
Affymax Appoints Paul B. Cleveland as Chief Financial Officer and Executive Vice President of Corporate DevelopmentChristopher Dammann Joins as Vice President of Business Development
PALO ALTO, Calif., Jan. 5 (HSMN NewsFeed) -- Affymax, Inc., a clinical-stage pharmaceutical company, today announced the appointment of Paul B. Cleveland as chief financial officer and executive vice president of corporate development, and Christopher Dammann as vice president of business development. Mr. Cleveland will be responsible for finance, administration, and corporate strategy and planning, and will have oversight over business development. Mr. Dammann will be responsible for business development, including supporting the Company's initiative to identify and secure corporate alliances, including for its lead product candidate Hematide(TM). A novel peptide-based drug designed to stimulate the production of red blood cells, Hematide is being studied in Phase 2 clinical trials in the U.S. and Europe in patients with anemia associated with chronic kidney disease or cancer.
"We are pleased to have Paul and Chris join our team. Paul's extensive background in mergers and acquisitions and finance will be critical in driving the strategic direction of the Company and securing the financial resources to pursue our development plans," said Arlene M. Morris, Affymax's president and chief executive officer. "Chris brings to Affymax substantial experience in partnering strategies, deal structuring, and mergers and acquisitions. His expertise in identifying partners will be invaluable to Affymax as we seek to secure a major partner for Hematide in Japan and subsequent partnerships in the rest of the world."
Mr. Cleveland joins Affymax from Integrated Finance Ltd., an investment bank where he was a managing director. In that role, he advised large international corporations on financial and mergers and acquisitions strategy. Previously, he was managing director and head of West Coast mergers and acquisitions for JPMorgan (formerly Hambrecht & Quist). While there, he was responsible for more than 50 completed transactions involving healthcare and technology companies ranging in size from $100 million to more than $20 billion. Earlier in his career, Mr. Cleveland was a corporate lawyer at Cooley Godward in Palo Alto, Calif., and Sidley & Austin and Davis Polk & Wardwell in New York. Mr. Cleveland has lectured widely on the topics of mergers and acquisitions, securities laws, and the duties of directors of public companies. He earned his J.D. from Northwestern University School of Law in Chicago and his A.B. from Washington University in St. Louis.
"I am looking forward to working with the Affymax management team and board of directors to develop the future strategy and direction of the Company and ensure its continued financial strength," said Mr. Cleveland. "Hematide is an exciting product candidate aimed at a huge existing market, which gives us a number of attractive potential paths forward."
Before joining Affymax, Mr. Dammann was an independent consultant, advising biotechnology clients on their partnering strategies. Earlier, he served as executive director of corporate partnering at Clearview Projects, a business development consulting firm. There, he was a member of the management team and was responsible for leading client engagement teams and for facilitating partnering discussions on behalf of international biotechnology clients. At ALZA Corporation, he was director of corporate development, where he worked on mergers and acquisitions, including the Johnson & Johnson buyout of ALZA. Earlier in his career, Mr. Dammann served as manager of strategic finance with Coulter Pharmaceuticals and worked on the Bexxar SmithKline collaboration agreement. He earned an M.B.A. from Indiana University and a B.S. in chemistry from the University of South Dakota.
Affymax, Inc. is a clinical-stage pharmaceutical company that is developing a rich pipeline of synthetic peptide-based drugs against clinically validated targets for the treatment of kidney diseases and cancer. Hematide(TM), the Company's first product candidate to enter the clinic, is a novel peptide-based drug designed to stimulate the production of red blood cells. It is in Phase 2 trials for the treatment of anemia associated with chronic kidney disease or cancer. For more information go to www.affymax.com.
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