Healthcare Industry News: Advanced Magnetics
News Release - February 14, 2007
Inotek Pharmaceuticals Announces Additions to its Board of DirectorsBEVERLY, Mass.--(HSMN NewsFeed)--Inotek Pharmaceuticals Corporation announced today the addition of two new members to its Board of Directors: Davey S. Scoon, MBA and Dennis H. Langer, M.D., J.D.
Mr. Scoon is the non-executive Chairman of Tufts Health Plan, Chair of the Board of Trustees for Allianz Global Investors and a Board Member and Chair of the Audit Committee for Advanced Magnetics, Inc. He is also the Chairman of the Audit Committees of NitroMed and CardioKine. Mr. Scoon is an audit committee financial expert having been a CFO in the manufacturing, financial services and retailing industries. He brings with him an extensive background in risk management, M&A experience and a thorough working knowledge of Sarbanes Oxley. Mr. Scoon's previous corporate experience includes Chief Administrative and Financial Officer of Tom's of Maine, Chief Administrative and Financial Officer of Sunlife Financial-US, Executive Vice President and Chief Operating Officer of Liberty Funds Group and Certified Public Accountant with Price Waterhouse & Company.
Dr. Langer is currently Managing Partner of Phoenix IP Ventures, LLC, a venture capital firm in Philadelphia. Prior to joining Phoenix IPV, he was most recently President, North America, Dr. Reddy's Laboratories, an emerging global pharmaceutical company. Previously, Dr. Langer was with GlaxoSmithKline (GSK) for nine years. His last position with GSK was as a member of the R&D Executive Team and as Senior Vice President, Project and Portfolio Management. In addition, he was also responsible for Alliance Management. Prior to the merger of Glaxo Wellcome and SmithKline Beecham, Dr. Langer was Senior Vice President of Product Development Strategy and Senior Vice President of Research and Development, Healthcare Services with SmithKline Beecham. He also held senior management positions with major pharmaceutical companies such as Searle, Abbott and Eli Lilly. Dr. Langer also served as the first President and Chief Executive Officer of Neose Technologies, Inc.
"We are fortunate that Mr. Scoon and Dr. Langer have decided to join Inotek's Board of Directors," said Dr. Andrew Salzman, Inotek's CEO and President. "Mr. Scoon's extensive financial experience through his Board and Corporate work further strengthens our financial leadership while Dr. Langer will provide essential guidance and insight as we advance our three platform programs through clinical development toward global commercialization."
About Inotek Pharmaceuticals
Inotek Pharmaceuticals Corporation (www.inotekcorp.com) is a Phase 2, drug-development company with a deep pipeline of small molecule compounds targeting the key biological processes involved in cell survival and tissue injury. Inotek was founded in 1996 and currently has 140 employees, located in its corporate headquarters and main research laboratories in Beverly, Massachusetts and its clinical operations and GMP production facilities in Israel. Inotek has developed integrated capabilities from early discovery through Phase 2 clinical development.
Inotek's three platform programs have resulted in seven novel molecules in various stages of preclinical and clinical development which target: 1) PARP, a fundamental DNA repair and inflammation target; 2) free radicals & oxidants; and 3) purines with a specific focus on adenosine receptors and inosine. The Company's lead Phase 2 clinical program is focused on the development of potent oral and i.v. inhibitors of the nuclear enzyme poly (ADP-ribose) polymerase or PARP. In 2006, the Company executed a $600+ million global partnership with Genentech relating to Inotek's PARP inhibitor program in cancer. Inotek's other clinical stage products include an oral anti-inflammatory compound being developed as a treatment for inflammatory bowel disease and an i.v. compound for acute atrial fibrillation. Two additional clinical candidates are expected to enter Phase 1 clinical trials in 2007.
Source: Inotek Pharmaceuticals
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