Healthcare Industry News: Beckman Coulter
News Release - September 25, 2006
Anadys Pharmaceuticals Appoints James T. Glover as Senior Vice President of Operations and Chief Financial OfficerSAN DIEGO, Sept. 25 (HSMN NewsFeed) -- Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS ) announced today that it has appointed James T. Glover to the new position of Senior Vice President of Operations and Chief Financial Officer, effective today. He will be responsible for the company's operational and financial activities and will report to Kleanthis G. Xanthopoulos, Ph.D., President and Chief Executive Officer.
Mr. Glover joins Anadys from Beckman Coulter, Inc., a $2.4 billion global clinical diagnostics and biomedical research company, where he served as Senior Vice President and Chief Financial Officer since 2003. During his 23-year tenure at Beckman Coulter, he was responsible for numerous finance activities.
"I am very pleased to welcome Jim to Anadys' experienced and deep management team," said Kleanthis G. Xanthopoulos, Ph.D., Anadys' President and CEO. "His financial knowledge and experience, as well as his operational management skills, are exceptional. I am confident that he will make an outstanding contribution at Anadys in the years ahead."
"I am delighted to become a member of the Anadys team," said Mr. Glover. "During my meetings and conversations with the senior management and board members of Anadys, I've been impressed with the strength of Anadys' dedication to developing innovative and powerful medicines for viral diseases and cancer. I look forward to contributing to that vision and commitment."
"Jim is a financial veteran with extensive operational and governance experience, and we very much look forward to working with him," said Mark Foletta, Senior Vice President, Finance, and Chief Financial Officer of Amylin Pharmaceuticals, Inc., and a member of Anadys' Board of Directors and chairman of the Anadys Board's Audit Committee.
At Beckman Coulter, Mr. Glover, a certified public accountant, held a variety of financial management positions, most recently as Senior Vice President and Chief Financial Officer. He holds a Master of Business Administration from Pepperdine University and a B.S. in Accounting from California State Polytechnic University.
Inducement Stock Option Grant
The Compensation Committee of the Company's Board of Directors has approved an inducement grant to Mr. Glover of a non-qualified stock option to purchase 175,000 shares of Anadys' Common Stock, with a date of grant of September 25, 2006, Mr. Glover's first day of employment with Anadys. This option award was granted without stockholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv) and with the following material terms: an exercise price of $2.99 which is equal to the fair market value of Anadys' common stock on the grant date (as determined by the closing price on the prior trading day), a term of 10 years, and a vesting schedule providing that 1/4th of the shares will vest on the one year anniversary of the grant date and 1/48th of the total shares will vest monthly thereafter over the next three years. Although this option was granted outside the Company's 2004 Equity Incentive Plan, it is subject to substantially identical terms and conditions as those contained in the Company's 2004 Equity Incentive Plan.
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 viral diseases and cancer. The Company has core expertise in structure-based drug design coupled with medicinal chemistry and Toll-Like Receptor-based small molecule therapeutics. Anadys' clinical development programs include ANA380 for the treatment of HBV, currently in mid-stage clinical development, and ANA975 for the treatment of HCV and HBV, which was suspended while in Phase Ib clinical trials due to pre-clinical toxicology observations in animals. The IND covering ANA975 is currently on full clinical hold; however, plans for new pre-clinical studies are underway in an effort to resume the ANA975 clinical program. Overall, 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 statements include, but are not limited to, references to the strength of Anadys' dedication to developing innovative and powerful medicines for viral diseases and cancer. 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, there is no guarantee that the FDA will lift the clinical hold on the ANA975 IND, that Anadys and Novartis will be able to agree on future development activities for ANA975 or that the clinical development of ANA975 will be able to be resumed. In addition, 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 not have unforeseen safety issues, will have favorable results in future clinical trials or will receive regulatory approval. Furthermore, Anadys' results may be affected by risks related to its collaborative relationships with Novartis and LGLS, 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 pre-clinical studies or 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 Anadys' SEC filings, including the "Risk Factors" section of Anadys' Form 10-Q for the quarter ended June 30, 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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