Healthcare Industry News: Millennium
News Release - April 23, 2007
Advancis Pharmaceutical Appoints New Board MemberGERMANTOWN, Md., April 23 (HSMN NewsFeed) -- Advancis Pharmaceutical Corporation (Nasdaq: AVNC ), a pharmaceutical company focused on developing and commercializing novel anti-infective products, today announced that it has appointed Martin Vogelbaum to join the Advancis Board of Directors, expanding the size of its board to seven directors.
Mr. Vogelbaum is a partner with Rho Ventures, a venture capital firm focused on investing in technology and healthcare companies through all stages of capital formation. Prior to joining Rho Ventures, Mr. Vogelbaum spent five years as a general partner of Apple Tree Partners, a life sciences venture capital firm, where he founded several biotechnology companies. Previously, he was a general partner of Oxford Bioscience Partners, which he joined in 1993. Mr. Vogelbaum currently serves on the Board of Directors of several privately- held companies, including Chairman of Gloucester Pharmaceuticals. Mr. Vogelbaum received his AB in biology and history from Columbia University.
"We are delighted to have Martin join our Board of Directors, as he brings a great deal of experience and additional perspective that will be an asset to Advancis as we continue to implement our current initiatives," said Dr. Edward Rudnic, Advancis president and CEO. "I know the entire board joins me in welcoming Martin to our Board of Directors and we look forward to his contributions to our Company."
"I am pleased to be joining the Advancis board," commented Mr. Vogelbaum. "We have been long standing investors in Advancis so I look forward to helping the company achieve its full potential as it moves into its next stage of development."
About Rho Ventures:
Rho has been backing venture-stage companies in the U.S. since its inception in 1981. Venture capital funds under management currently exceed $1 billion. Rho Ventures has invested in over 165 venture stage companies and helped build market leaders across many high growth industries. Previous investments include Ciena Corporation, Commerce One, Compaq Computer Corporation, Diversa Corporation, Human Genome Sciences, Inc., iVillage, Leukosite (currently part of Millennium Pharmaceuticals), MedImmune, Inc., NitroMed, Senomyx, Tercica, Tripod (currently part of Lycos), Vanda Pharmaceuticals and Vicuron. More information on Rho can be found at http://www.rho.com .
About Advancis Pharmaceutical Corporation:
Advancis Pharmaceutical Corporation (Nasdaq: AVNC ) is a pharmaceutical company focused on the development and commercialization of pulsatile drug products that fulfill substantial unmet medical needs in the treatment of infectious disease. The Company is developing anti-infective drugs based on its novel biological finding that bacteria exposed to antibiotics in front- loaded staccato bursts, or "pulses," are killed more efficiently than those under standard treatment regimens. Based on this finding, Advancis has developed a proprietary, once-a-day pulsatile delivery technology called PULSYSTM. By examining the resistance patterns of bacteria and applying its delivery technologies, Advancis has the potential to redefine infectious disease therapy and significantly improve drug efficacy, shorten length of therapy, and reduce drug resistance versus currently available antibacterial products. For more on Advancis, please visit http://www.advancispharm.com .
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on Advancis' current expectations and assumptions. These statements are not guarantees of future performance and are subject to a number of risks and uncertainties that would cause actual results to differ materially from those anticipated. The words, "believe," "expect," "intend," "anticipate," and variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward- looking. Completion of the financing described in this news release is subject to customary closing conditions. If any of the conditions to closing are not satisfied, the closing may not be completed.
The actual results realized by Advancis could differ materially from these forward-looking statements, depending in particular upon the risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. These include, without limitation, risks and uncertainties relating to the Company's financial results and the ability of the Company to (1) raise additional capital and continue as an ongoing concern, (2) increase Keflex 750mg capsules sales, (3) obtain FDA approval for its Amoxicillin PULSYS product candidate, (4) successfully reduce costs, (5) maintain compliance with its outstanding credit facility with Merrill Lynch Capital, (6) reach profitability, (7) prove that the preliminary findings for its product candidates are valid, (8) receive required regulatory approvals, (9) successfully conduct clinical trials in a timely manner, (10) establish its competitive position for its products, (11) develop and commercialize products that are superior to existing or newly developed competitor products, (12) develop products without any defects, (13) have sufficient capital resources to fund its operations, (14) protect its intellectual property rights and patents, (15) implement its sales and marketing strategy, (16) successfully attract and retain collaborative partners, (17) successfully commercialize and gain market acceptance for its Keflex products, (18) successfully obtain sufficient manufactured quantities of its drug products at acceptable rates, and (19) retain its senior management and other personnel. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date. Advancis undertakes no obligation to update or revise the information in this announcement, whether as a result of new information, future events or circumstances or otherwise.
Source: Advancis Pharmaceutical
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