Healthcare Industry News: bivalirudin
News Release - February 13, 2006
Panacos Appoints Dr. John D. Richards Vice President, Manufacturing OperationsWATERTOWN, Mass.--(HSMN NewsFeed)--Feb. 13, 2006--Panacos Pharmaceuticals, Inc. (Nasdaq:PANC ), a biotechnology company dedicated to developing the next generation of antiviral therapeutic products, today announced that John D. Richards, D.Phil. has joined the company as Vice President, Manufacturing Operations. Dr. Richards will have responsibility for overseeing manufacture and quality of pharmaceutical products for clinical trial use and commercial distribution.
Prior to joining Panacos, Dr. Richards was a Vice President at The Medicines Company, with responsibility for product manufacturing and quality. Since 1997 he has been a key member of The Medicines Company's management team that developed and launched Angiomax® (bivalirudin) in the US and oversaw the release and distribution of the drug in 35 countries internationally. From 1993 until he joined The Medicines Company in October 1997, Dr. Richards was Director of Process Development and Manufacturing at Immulogic Pharmaceutical Corporation. From 1989 to 1993, Dr. Richards was a Technical Manager at Zeneca PLC, a pharmaceutical company, where he developed and implemented processes for the manufacture of pharmaceutical active intermediates. In 1986, Dr. Richards helped establish Cambridge Research Biochemicals, a manufacturer of products for pharmaceutical and academic customers. Dr. Richards holds an M.A. and a D.Phil. in organic chemistry from the University of Oxford, United Kingdom, and has carried out post-doctoral research work at the Medical Research Council's Laboratory of Molecular Biology in Cambridge, United Kingdom.
Dr. Samuel K. Ackerman, Panacos' President and CEO, commented, "We are extremely pleased to have John join the management team at Panacos. John's depth of experience in pharmaceutical development and manufacturing will be a considerable asset to us as we develop PA-457 and our growing pipeline of additional antiviral compounds."
"I am delighted to join the talented team at Panacos," said Dr. Richards. "As the first of a potentially valuable pipeline, PA-457 represents a unique and exciting opportunity to work with a new mechanism drug candidate for a critical indication."
Panacos is developing the next generation of anti-infective products through discovery and development of small molecule oral drugs for the treatment of HIV and other major human viral diseases. Panacos' lead candidate, PA-457, is the first in a new class of oral HIV therapeutics under development called maturation inhibitors, discovered by Panacos scientists and their academic collaborators. By targeting a novel step in the virus life cycle, maturation inhibitors are designed to have potent activity against a broad range of HIV strains, including those resistant to existing classes of drugs. Drug resistance is the most pressing problem in HIV therapy and the leading cause of treatment failure. Panacos' proprietary discovery technologies focus on novel targets in the virus life cycle, including virus maturation and virus fusion.
Except for the historical information contained herein, statements made herein, including those relating to the progress in PA-457's clinical development and the Company's other research and development programs, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks as set forth in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.
Source: Panacos Pharmaceuticals
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