Healthcare Industry News: organ transplant
News Release - May 11, 2006
AtheroGenics Announces Promotions of Three Senior ExecutivesATLANTA, GA--(Healthcare Sales & Marketing Network)--May 11, 2006 -- AtheroGenics, Inc. (NasdaqNM:AGIX ), a pharmaceutical company focused on the treatment of chronic inflammatory diseases, today announced the promotion of Mark P. Colonnese to Executive Vice President, Commercial Operations; Rob Scott, M.D. to Executive Vice President, Research and Development; and W. Charles Montgomery, Ph.D. to Senior Vice President, Business Development and Alliance Management. Mr. Colonnese and Drs. Scott and Montgomery will continue to serve on the Company's executive committee and report to Russell M. Medford, M.D., Ph.D., President and Chief Executive Officer of AtheroGenics.
"We are pleased to recognize the leadership and talent of these executives, who have been key leaders in AtheroGenics' growth and progress," stated Dr. Medford. "This organizational change is an important step in the Company's continued transition towards becoming a commercial-stage pharmaceutical company."
Mark Colonnese has served as the Company's Senior Vice President for Finance and Administration and Chief Financial Officer since February 2002. Since commencing his employment at AtheroGenics in 1999 as Vice President, Finance and Administration and Chief Financial Officer, Mr. Colonnese has played a pivotal role in guiding the Company through major corporate milestones, including its initial public offering in 2000 and several subsequent public financings. In his new role, Mr. Colonnese will take responsibility for establishing a newly formed commercial organization at AtheroGenics. The organization will include marketing and sales operations at the Company, as well as the team conducting commercial manufacturing activities in collaboration with corporate partner, AstraZeneca. Mr. Colonnese will also continue to lead the finance and administration organization for the Company.
Rob Scott, M.D. joined AtheroGenics in August 2002 as the Company's Senior Vice President, Clinical Development and Regulatory Affairs and Chief Medical Officer. He is the principal architect of the Company's ARISE Phase III clinical trial and the overall development program for AGI-1067, a novel oral compound being studied for the treatment of atherosclerosis. In his new position as Executive Vice President of Research and Development, Dr. Scott's functional areas of responsibility include all of drug development, including clinical and non-clinical activities; discovery research; and regulatory affairs. Dr. Scott will also continue to provide important input regarding the commercialization of AGI-1067.
W. Charles Montgomery, Ph.D. joined AtheroGenics as Vice President, Business Development in March 2004 and was the leader of the team responsible for negotiating and finalizing the Company's strategic alliance with AstraZeneca. As Senior Vice President, Business Development and Alliance Management, Dr. Montgomery is responsible for sourcing new business opportunities, including structuring and negotiating the terms of product acquisition and licensing deals. Dr. Montgomery will also manage partnership relations, and will actively support the Company's commercial operations team in the development of strategic marketing plans and related activities.
AtheroGenics is focused on the discovery, development and commercialization of novel drugs for the treatment of chronic inflammatory diseases, including heart disease (atherosclerosis), rheumatoid arthritis and asthma. The Company has two drug development programs currently in the clinic. AtheroGenics' lead compound, AGI-1067, is being evaluated in the pivotal Phase III ARISE clinical trial as an oral therapy for the treatment of atherosclerosis, in collaboration with AstraZeneca. AGI-1096 is a novel, oral agent in Phase I that is being developed for the prevention of organ transplant rejection in collaboration with Astellas. AtheroGenics also has preclinical programs in rheumatoid arthritis and asthma utilizing its proprietary vascular protectant® technology. For more information about AtheroGenics, please visit http://www.atherogenics.com.
This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that relate to events or developments that we expect or anticipate will occur in the future are deemed to be forward-looking statements, and can be identified by words such as "believes," "intends," "expects" and similar expressions. Such statements are subject to certain factors, risks and uncertainties that may cause actual results, events and performances to differ materially from those referred to in such statements. These risks include statements which address operating performance, events or developments that we expect or anticipate will occur in the future, such as projections about clinical trial results, our future results of operations or our financial condition, research, development and commercialization of our product candidates, anticipated trends in our business, and other risks that could cause actual results to differ materially. These and other risks are discussed in AtheroGenics' Securities and Exchange Commission filings, including, but not limited to, the risks discussed in AtheroGenics' Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and in our Quarterly Report on Form 10-Q for the first quarter of 2006. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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