Healthcare Industry News: Bristol-Myers Squibb
News Release - December 5, 2008
Avila Therapeutics Appoints Daniel S. Lynch as Executive ChairmanFormer ImClone Systems CEO Brings Corporate Strategy, Operations Expertise
Waltham, MA – December 5, 2008 – (HSMN NewsFeed) - Avila Therapeutics, a biotechnology company developing a novel class of small molecule drugs, known as covalent drugs, that treat diseases through protein silencing, announced today the appointment of Daniel S. Lynch as executive chairman to Avila’s board of directors. In this role, Mr. Lynch will be actively involved in guiding Avila’s strategy and directing the company’s product development plans for novel covalent drugs. Mr. Lynch brings more than 20 years of experience serving in management positions in the biotechnology and pharmaceutical industries.
Mr. Lynch spent nearly five years at ImClone Systems, serving as Chief Executive Officer and Chief Financial Officer. As CEO, Mr. Lynch led ImClone through a significant turnaround, helping to restore the company's reputation and to secure FDA approval of ERBITUX® (Cetuximab), a novel cancer treatment. As CFO, Mr. Lynch led negotiations to form the major partnership between ImClone and Bristol-Myers Squibb. Earlier in his career, Mr. Lynch served in various financial positions at Bristol-Myers Squibb during a 15-year tenure. He is currently a director of several drug development companies including Ivrea Pharmaceuticals, Stromedix, and U.S. Oncology.
"We are delighted to welcome Dan to the role of Executive Chairman of Avila," said Michael F. Bigham, board of directors’ member of Avila and partner at Abingworth Management, Avila’s lead investor. "Dan's expertise in corporate strategy, operations and business development will be a valuable asset to Avila. His proven abilities to manage novel technologies through clinical development and to drive sound partnering arrangements are natural complements to the existing Avila team."
"Avila stands out as a biotech company with strong potential to rapidly develop a novel class of small molecule drugs for important diseases such as cancer, hepatitis C and inflammation. This potential comes from Avila’s unique and powerful platform for developing covalent drugs that can completely silence disease-causing proteins, with superior properties to existing drugs," said Mr. Lynch. "Avila has a highly talented team, an emerging pipeline of promising drug candidates, the backing of premier investors and the vision and commitment to deliver novel products for patients."
Mr. Lynch holds an M.B.A. from the Darden Graduate School of Business Administration at the University of Virginia and a bachelor of arts in mathematics from Wesleyan University.
About Avila Therapeutics
Avila Therapeutics is developing a whole new therapeutic approach called 'protein silencing' based on a proprietary platform for developing covalent drugs that strongly and resiliently bond to disease-causing proteins, resulting in drugs that can be highly effective against diseases. Avila's covalent drugs have unique therapeutic benefits because they are highly targeted, are effective against mutations, and have long duration of action. Avila is developing a pipeline of novel, protein silencing drugs with a current focus on viral infection, cancer, and autoimmune diseases. Avila was founded in 2007 and is based in Waltham, Massachusetts. For additional information, please visit http://www.avilatx.com.
Source: Avila Therapeutics
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