ANN ARBOR, MI , a specialty pharmaceutical company developing
innovative late-stage drug candidates for the treatment of central
nervous system and autoimmune diseases, announced today that
Nicholas Stergis, co-founder of the Company and Vice Chairman of
the board of directors, has joined the executive management team of
Pipex as Chief Executive Officer, replacing Steve H. Kanzer who
will continue to serve as Pipex's Chairman. Daniel J. Dorman, a
director of the Company, has resigned and Dr. Charles L. Bisgaier,
Pipex's President, has resigned from the Company to establish a
Michigan-based venture capital group focused on the life sciences
sector.
Mr. Stergis commented, "Having been a co-founder of Pipex in
2001 and having lead the restructuring over the past several
months, I am excited about our prospects for the remainder of this
year and beyond. We continue to grow and advance our pipeline,
while being well positioned with late-stage products addressing
nearly $30 Billion of pharmaceutical markets. In particular, we
look forward to announcing the results of our double-blind,
placebo-controlled phase II clinical trial results for oral
Z-Monocys in the treatment of dry age-related macular degeneration
(AMD), a progressive CNS disease resulting blindness which affects
nearly 15 million people. We also look forward to reporting on
European clinical results with oral flupirtine in the treatment of
glaucoma, diabetic retinopathy and retinitis pigmentosa."
Mr. Kanzer, Chairman of Pipex commented, "I feel confident in
Nicholas' operational strengths, business acumen, business
development capabilities and look forward to his service as CEO to
create substantial value for our shareholders."
Mr. Stergis continued, "On behalf of the board of directors, our
shareholders and the entire Pipex team, I look forward to Steve's
continued role as Chairman for his dedicated operational role and
achievements as co-founder and CEO since its inception in 2001. I
would also like to thank Dan for his invaluable counsel as a
director and Charlie for his contributions over the last two years
and we wish him the best of luck with his new venture."
Mr. Kanzer continued, "Given Charlie's distinguished seventeen
years of experience and success in the life science sector in Ann
Arbor, I believe that he and his new venture firm will represent an
invaluable asset to the Michigan emerging life science
community."
Mr. Stergis was co-founder of Pipex Therapeutics, Inc., the
predecessor company, and has been Vice Chairman of Pipex's board of
directors since March 2007. He previously served as the Company's
chief operating officer from its founding in 2001 until the merger
with its predecessor company in October 2006. Prior to co-founding
Pipex, Mr. Stergis was co-founder, chief operating officer and
director of Developmental Therapeutics, Inc., a cardiovascular drug
development company, until its acquisition in October 2003 by Titan
Pharmaceuticals, Inc. Mr. Stergis was a founder Vice Chairman of
Encode Pharmaceuticals, Inc., a private drug development company
focused on orphan nephropathic diseases, until its acquisition in
December 2007 by Raptor Pharmaceuticals, Inc., a public
pharmaceutical company developing orphan products formed by
founders of BioMarin Pharmaceuticals. Mr. Stergis was also a
founder and managing partner of Flower Ventures, LLC, an early
stage venture capital group. For the past seven years until July
2008, Mr. Stergis has served as co-founder and managing director of
Accredited Ventures Inc., a venture capital firm specializing in
the biotechnology and pharmaceutical industries and as managing
director of Accredited Equities, Inc., a FINRA member broker-dealer
firm. Mr. Stergis received a MS in Biology from New York University
and a BS in Biology from the University at Albany, State University
of New York.
Dr. Bisgaier commented, "I leave Pipex at a turning point in the
company's developmental cycle. The Company is positioned well for
the further development of the clinical product candidates in its
pipeline. I am truly excited about the long-term prospects of Pipex
and I wish the team well."
Dr. Bisgaier will continue his career in life sciences and
working with start-up and early stage companies in Michigan and the
Midwest. Dr. Bisgaier contributions include the development of
Lipitor while he was at Parke-Davis/Warner-Lambert, he was a
co-founder of Esperion Therapeutics, a company specializing in
novel HDL therapies, which was eventually acquired by Pfizer, and
in his two plus years at Pipex Pharmaceuticals, he added value by
assisting to bring the company public, building the company's
infrastructure, adding programs, resources and contributing to its
intellectual property estate.
About Pipex Pharmaceuticals, Inc.
Pipex Pharmaceuticals, Inc. ("Pipex") is a specialty
pharmaceutical company that is developing four proprietary,
late-stage drug candidates for the treatment of central nervous
system and autoimmune diseases. Pipex's strategy is to exclusively
in-license proprietary, clinical-stage drug candidates and to
complete the further clinical testing, manufacturing and regulatory
requirements sufficient to seek marketing authorizations via the
filing of New Drug Applications (NDAs). Pipex's drug candidates
address the following market opportunities: Multiple Sclerosis
(MS), Dry Age-Related Macular Degeneration (AMD), and Fibromyalgia.
For further information, please visit www.pipexinc.com.
This release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding Pipex's plans for its
product candidates, announcing shortly Pipex's clinical trial
results for Z-Monocys in the treatment of AMD and the clinical
results with oral flupirtine for the treatment of glaucoma,
retinitis pigmentosa and diabetic retinopathy and our ability to
grow and advance our pipeline. Words such as, but not limited to,
"look forward to," "believe," "expect," "anticipate," "estimate,"
"intend," "plan," "targets," "likely," "will," "would," "should,"
and "could," and similar expressions or words identify
forward-looking statements. Such forward-looking statements are
based upon current expectations that involve risks, changes in
circumstances, assumptions and uncertainties. Pipex is at an early
stage of development and may not ever have any products that
generate significant revenue. Important factors that could cause
actual results to differ materially from those reflected in Pipex's
forward-looking statements include, among others, a failure of
Pipex's product candidates to be demonstrably safe and effective, a
failure to obtain regulatory approval for the company's products or
to comply with ongoing regulatory requirements, a lack of
acceptance of Pipex's product candidates in the marketplace, a
failure of the company to become or remain profitable, Pipex's
inability to obtain the capital necessary to fund its research and
development activities, a loss of any of the company's key
scientists or management personnel, and other factors described in
Pipex's report on Form 10-Q for the period ending March 31, 2008.
No forward-looking statements can be guaranteed and actual results
may differ materially from such statements. The information in this
release is provided only as of the date of this release, and Pipex
undertakes no obligation to update any forward-looking statements
contained in this release on account of new information, future
events, or otherwise, except as required by law.
For Further Information, Contact: Nicholas Stergis Vice Chairman
& Chief Executive Officer (734) 332-7800 Thomas Redington
Investor Relations Redington, Inc. (203) 222-7399
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