Healthcare Industry News: ARCA Discovery
News Release - July 11, 2007
J. William Freytag, PH.D. appointed Chairman and Chief Executive Officer of Aspreva PharmaceuticalsVICTORIA, BC, July 11 (HSMN NewsFeed) - Aspreva Pharmaceuticals Corporation (NASDAQ: ASPV ; TSX: ASV ) today announced the appointment of Dr. J. William Freytag, 55, as Chairman and Chief Executive Officer, succeeding Richard Glickman, effective immediately. Mr. Glickman, one of Aspreva's founders and the company's first Chairman and CEO, had announced in May 2007 his planned departure from Aspreva.
As Aspreva's new Chairman and CEO, Dr. Freytag brings tremendous experience in the biotechnology and pharmaceutical industries. Most recently Dr. Freytag served as President, CEO and Chairman of Myogen, Inc., a publicly-traded development-stage biopharmaceutical company, which was acquired by Gilead Sciences in 2006. Prior to Myogen, Dr. Freytag served as Senior Vice President, Technology and Business Development at Somatogen, Inc., and President, Molecular Diagnostics at Boehringer Mannheim Corporation. He also held senior positions in the areas of business operations, strategic planning and business development within the Medical Products Department of E.I. DuPont de Nemours & Co.
"Bill brings substantial knowledge, expertise and experience to Aspreva, and we are fortunate to attract a leader with his outstanding record of accomplishments," said George Milne, lead director of Aspreva Pharmaceuticals. "We also thank Richard for his role in building Aspreva into the company it is today and wish him every success in the future. Aspreva has a world-class management team in place, and with a strong financial position and global clinical and regulatory capabilities, we believe the company is well-positioned for future growth. I am confident that Bill and the team at Aspreva will continue to build on the achievements of the company to establish Aspreva as a leading force in serving patients living with less common diseases."
Dr. Freytag currently serves on the Board of Directors for Immunicon Corporation, ARCA Discovery, Inc. and the Colorado BioScience Association, is a member of the Board of Advisors to the Colorado University Cardiovascular Institute, and serves on the Executive Advisory Council for the Bard Center for Entrepreneurship. Dr. Freytag previously served as Chairman of the Board of Directors for BioStratum, Inc., and served on the Boards of Ischemia Technologies, Inc., Hemosphere, Inc. and LDA Systems. He was also a member of the President's Council of Advisors for Purdue University, and a founder and member of the Board of Directors of the Indiana Health Industry Forum.
Dr. Freytag received a Ph.D. from the University of Kansas Medical Center, and a B.S. in Biochemistry from Purdue University. He also completed a postdoctoral fellowship at the Duke University Medical Center.
About Aspreva Pharmaceuticals
Aspreva is a global pharmaceutical company focused on identifying, developing, and, upon approval, commercializing evidence-based medicines for patients living with less common diseases. Aspreva common stock is traded on the NASDAQ Global Select Market under the trading symbol "ASPV" and on the Toronto Stock Exchange under the trading symbol "ASV". Learn more at www.aspreva.com.
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable securities laws in Canada (collectively, "forward-looking statements"). The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this news release include, but are not limited to, statements about: our strategy, future operations, clinical trials, prospects, plans of management and our ability to successfully expand the company's business.
With respect to the forward-looking statements contained in this news release, we have made numerous assumptions regarding, among other things: our ability to protect our intellectual property rights and to not infringe on the intellectual property rights of others; our ability to comply with applicable governmental regulations and standards; and our ability to succeed at establishing a successful commercialization program for any of our potential products. Readers are cautioned that the plans, intentions or expectations disclosed in any forward-looking statements and underlying assumptions may not be achieved and that they should not place undue reliance on any forward-looking statement. Actual results or events could differ materially from the plans, intentions, expectations, and assumptions expressed or implied in any forward-looking statements as a result of numerous risks, uncertainties and other factors, including those relating to: difficulties or delays in the progress, timing and results of clinical trials and studies; difficulties or delays in obtaining regulatory approvals; the FDA may determine that the design and planned analysis of our clinical trials do not adequately address the trial objectives in support of our regulatory submission; future sales of CellCept may be less than expected; our future operating results are uncertain and likely to fluctuate; we may not be able to develop and obtain regulatory approval for CellCept in the treatment of autoimmune indications and any future products in our targeted indications; we may not be able to establish marketing and sales capabilities and the costs of launching CellCept in the treatment of autoimmune indications and any future products for our targeting indications may be greater than anticipated; the risk that we may not sustain our profitability; our ability to attract and retain collaborations relating to the development and commercialization of new indications; competition from other pharmaceutical or biotechnology companies; our ability to raise additional financing required to fund further research and development, clinical studies, and obtain regulatory approvals, on commercially acceptable terms or at all; economic and capital market conditions; our ability to obtain and protect patents and other intellectual property rights; our ability to operate without infringing the intellectual property rights of others; our ability to comply with applicable governmental regulations and standards; currency exchange rates; and our ability to successfully attract and retain skilled and experienced personnel.
For a more thorough discussion of the risks associated with Aspreva's business, see the "Risk Factors" section in Aspreva's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, filed with the U.S. Securities and Exchange Commission at www.sec.gov and with securities regulatory authorities in Canada at www.sedar.com. Although we have attempted to identify important risks, uncertainties and other factors that could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements, there may be other factors that cause actual results or events to differ from those expressed or implied in the forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement and Aspreva undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof.
Source: Aspreva Pharmaceuticals
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