Healthcare Industry News: Eli Lilly
News Release - May 6, 2009
Archemix Appoints Ken Bate as President and Chief Executive OfficerCAMBRIDGE, Mass.--(HSMN NewsFeed)--Archemix Corp., a privately-held biotechnology company working to develop aptamer-based therapeutics, announced today the appointment of Kenneth M. Bate as President and Chief Executive Officer. Mr. Bate is a biotech executive with more than two decades of leadership experience in the industry.
As part of the management transition plan, Archemix also announced that the current President and interim CEO Duncan Higgons has accepted a position with another private biotechnology company and will be departing the company.
“Ken's proven track record of record of achievement as a life sciences executive in a variety of roles and as an advisor to the industry makes him an ideal leader for Archemix,” said Peter Barrett, Ph.D. Partner at Atlas Venture and the Lead Director of the Archemix Board of Directors. “We look forward to continued execution of the Archemix business strategy under Ken’s leadership.”
“I am pleased that the Board’s asked me to join Archemix at this exciting time in the company's development,” said Ken Bate, President and CEO of Archemix. “I look forward to the continued implementation of our strategic plans, in order to maximize the potential of aptamers as a new therapeutic class. I am also excited about working with the Archemix team whose hard work, innovation and passion have made the company so successful.”
Mr. Bate joins Archemix from NitroMed where he served as President and CEO. Previously, Mr. Bate held positions as Executive Vice President, Head of Commercial Operations and Chief Financial Officer of Millennium Pharmaceuticals and as Vice President of Sales and Marketing and Chief Financial Officer at Biogen (now Biogen Idec). He is a founding partner of JSB Partners, an investment banking and transaction advisory firm focused on the biopharmaceutical industry. Currently a director of Cubist Pharmaceuticals, Inc. and AVEO Pharmaceuticals Inc., Mr. Bate is a graduate of Williams College and The Wharton School of the University of Pennsylvania, where he earned an M.B.A.
Aptamers are synthetically-derived oligonucleotides, or short nucleic acid sequences, that bind to protein targets with high affinity and specificity and can be designed to have a specified duration of action. Aptamers represent an emerging class of potential therapeutic agents that Archemix believes may have broad application to treat a variety of human diseases.
Archemix is a biotechnology company focused on discovering, developing and commercializing aptamer therapeutics. Using Archemix’s processes for discovering aptamers, which are protected by its broad patent portfolio, Archemix is developing aptamer product candidates for rare hematological diseases. In addition, Archemix has licensed its intellectual property to third parties to develop their own aptamer product candidates in other areas. Currently, Archemix’s licensees are evaluating five different aptamer product candidates in human clinical trials; two in Phase 2 and three in Phase 1. Archemix has additional partnerships with several pharmaceutical and biotechnology companies, including GlaxoSmithKline, Merck Serono, Pfizer, Takeda, Eli Lilly and Isis Pharmaceuticals.
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