Healthcare Industry News: GSK
News Release - December 14, 2006
Adolor Elects Michael R. Dougherty Chief Executive OfficerEXTON, Pa.--(HSMN NewsFeed)--Adolor Corporation (Nasdaq: ADLR ) announced today that Michael R. Dougherty, the company's current senior vice president and chief operating officer, was elected president and chief executive officer and a member of the Board of Directors. Mr. Dougherty succeeds David Madden who has served as interim president and chief executive officer since August 2005. Mr. Madden will continue as chairman of the company's Board of Directors.
"In my role as chairman of the Board and interim CEO, I've had the opportunity to work closely with Mike over the last year and one half and believe he brings the right combination of biotechnology industry experience, broad operational and financial expertise and a commitment to Adolor that makes him the right choice to move the company forward," said Dave Madden, chairman of the board, Adolor Corporation. "The Board and I are pleased to be able to elect a full time president and CEO from within the company, demonstrating opportunities for growth and advancement within Adolor."
"I am honored and enthusiastic about serving as president and CEO of Adolor," said Michael Dougherty, president and chief executive officer, Adolor Corporation. "I have tremendous confidence in our organization, our ability to respond to current challenges, and the opportunities that lie ahead. And, on behalf of the employees of Adolor, I would like to extend our appreciation to Dave Madden for his leadership as interim CEO, and look forward to his continued contributions as Chairman of the Board."
Mr. Dougherty, 48, has more than 20 years of experience in various senior management positions at successful entrepreneurial healthcare companies. Mr. Dougherty joined Adolor in November 2002 as senior vice president of commercial operations. He was elected senior vice president and chief operating officer in November 2005. Mr. Dougherty joined Adolor from Genomics Collaborative, Inc., a privately held functional genomics company, where he was president and chief operating officer. From 1993 to 2000, Mr. Dougherty held senior positions with Magainin Pharmaceuticals, Inc., now Genaera Corporation, including president and chief executive officer. Prior to that, Mr. Dougherty was chief financial officer and senior vice president of Centocor, Inc., now a wholly owned subsidiary of Johnson & Johnson.
About Adolor Corporation
Adolor Corporation (Nasdaq: ADLR ) is a biopharmaceutical company specializing in the discovery, development and commercialization of novel prescription pain management products. EnteregŪ (alvimopan) is Adolor's lead product candidate under development for the management of the gastrointestinal side effects associated with opioid use. Adolor and GlaxoSmithKline (GSK) are collaborating in the worldwide development and commercialization of EnteregŪ in multiple indications. Adolor also has a number of discovery research programs focused on the identification of novel compounds for the treatment of pain. By applying its knowledge and expertise in pain management, along with ingenuity, Adolor Corporation is seeking to make a positive difference for patients, caregivers and the medical community. For more information, visit www.adolor.com.
This release, and oral statements made with respect to information contained in this release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements.
Further information about these and other relevant risks and uncertainties may be found in Adolor's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Adolor urges you to carefully review and consider the disclosures found in its filings, which are available in the SEC EDGAR database at http://www.sec.gov and from Adolor at http://www.adolor.com. Given the uncertainties affecting pharmaceutical companies in the development stage, you are cautioned not to place undue reliance on any such forward-looking statements, any of which may turn out to be wrong due to inaccurate assumptions, unknown risks, uncertainties or other factors. Adolor undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.
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