Healthcare Industry News: LG Life Sciences
News Release - June 14, 2006
Anadys Pharmaceuticals' Kleanthis G. Xanthopoulos, Ph.D., to Step Down as President & CEO by Year-End to Join San Diego VC FirmTransition Team Initiating Search for President & Chief Executive Officer; Company Promotes Steve Worland to President of Pharmaceuticals; Conference Call Tomorrow at 7:30 a.m. EDT
SAN DIEGO, June 14 (HSMN NewsFeed) -- Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS ) announced today that Kleanthis G. Xanthopoulos, Ph.D., is resigning as President and Chief Executive Officer effective at the end of 2006 or sooner if a successor has been identified and appointed. He will join San Diego-based Enterprise Partners Venture Capital as a Managing Director.
"Kleanthis is an entrepreneur whose passion for building Anadys and cultivating the leadership team is evident in all aspects of his work," said George A. Scangos, Ph.D., the Company's Chairman. "He will continue to have an integral role in the setting of Anadys' strategic direction as a member of our board. The end of the year is the right time for him to make the move given the Company's strong position. In his new role he will be able to share his visionary thinking and operations expertise with other entrepreneurs in the life sciences industry. Although we will miss his inspirational leadership at Anadys, we are happy to see him continuing to contribute as a board member."
Dr. Xanthopoulos commented: "I am proud of our accomplishments at Anadys and excited about our current clinical programs and deep pipeline. I am also excited about continuing to help shape Anadys from a position on the board as well as in having the opportunity to provide other entrepreneurs with counsel in my future role in venture capital. Steve and the other members of our team share a common vision in building a leading pharmaceutical franchise with a focus on antivirals and cancer drugs. I am honored to be part of that."
New Position -- President, Pharmaceuticals
In his new position, Dr. Worland will lead all of Anadys' strategic planning, corporate development and research & development efforts. He has been involved with the development and implementation of the company's strategic plan since joining Anadys in 2001 as Chief Scientific Officer. Dr. Worland was promoted to Executive Vice President, Head of Research and Development, in October 2004. In December 2005 he was named Executive Vice President, Pharmaceuticals. Prior to Anadys, he was Vice President, Head of Antiviral Research, at Agouron Pharmaceuticals, a Pfizer Company. He received a B.S. degree in Biological Chemistry from the University of Michigan and a Ph.D. in Chemistry from the University of California, Berkeley. He was a National Institutes of Health Postdoctoral Fellow in Molecular Biology at Harvard University from 1985 to 1988.
"Steve's contributions have been critical to our successes on both the scientific and business fronts, including our landmark collaboration with Novartis," Dr. Xanthopoulos said. "His promotion will enable him to expand his leadership role with the company."
Webcast of Conference Call
Anadys will host a conference call tomorrow, June 15, 2006, at 7:30 a.m. Eastern Daylight Time to discuss Anadys' executive transition. A live webcast of the call is available online at www.anadyspharma.com. A telephone replay will also be available approximately one hour after completion of the call. To access the telephone replay, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 69567848. The webcast and telephone replay will be available through June 29, 2006.
Anadys Pharmaceuticals, Inc., www.anadyspharma.com, is a biopharmaceutical company committed to advancing patient care by discovering, developing and commercializing novel small molecule medicines for the treatment of hepatitis, other serious infections, and cancer. The company has core expertise in Toll-Like Receptor-based small molecule therapeutics and structure-based drug design coupled with medicinal chemistry. Anadys' clinical development programs include ANA975 for the treatment of HCV and HBV, and ANA380 for the treatment of HBV. In addition, Anadys' therapeutic platform is designed to advance a strong and continual pipeline of drug candidates into the clinic.
Safe Harbor Statement
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause Anadys' actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. In particular, the results of initial clinical trials may not be predictive of future results, and Anadys cannot provide any assurances that any of its product candidates will have favorable results in future clinical trials or receive regulatory approval. In addition, Anadys' results may be affected by risks related to its collaborative relationships with Novartis and LG Life Sciences, competition from other biotechnology and pharmaceutical companies, its effectiveness at managing its financial resources, its ability to successfully develop and market products, the level of effort that its collaborative partners devote to development and commercialization of its product candidates, difficulties or delays in its clinical trials, difficulties or delays in manufacturing its clinical trials materials, the scope and validity of patent protection for its products, regulatory developments involving future products and its ability to obtain additional funding to support its operations. These and other factors that may cause actual results to differ are more fully discussed in the "Risk Factors" section of Anadys' Form 10-Q for the quarter ended March 31, 2006. All forward-looking statements are qualified in their entirety by this cautionary statement. Anadys is providing this information as of this date and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Source: Anadys Pharmaceuticals
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