Directorate Change (5733U)
19 October 2010 - 5:01PM
UK Regulatory
TIDMMEDG
RNS Number : 5733U
Medgenics Inc
19 October 2010
MEDGENICS ANNOUNCES CHAIRMAN OF THE BOARD
TO TAKE ACTIVE EXECUTIVE ROLE TO HELP INCREASE US ACTIVITIES
Misgav, Israel and London, UK - 19 October 2010 - Medgenics,
Inc. (AIM: MEDG, MEDU), the company that has developed a novel
technology for the manufacture and delivery of therapeutic proteins
continuously in patients using their own tissue, is delighted to
announce that, as of 18 October 2010, Dr. Eugene Bauer has assumed
the role of Executive Chairman of the Board of Directors and has
committed to take a more active role in the strategy and direction,
as well as day-to-day management, of the Company. He was previously
non-executive Chairman.
The Company anticipates increasing its U.S. presence and
building its corporate infrastructure as it continues to seek to
advance its platform technology for the manufacture and delivery of
therapeutic proteins using Biopumps. The Board is, therefore,
delighted that Dr. Bauer will now take an active role in the
executive management of the Company. As Executive Chairman, he will
work closely with the Dr. Andrew Pearlman, CEO, on all aspects of
the Company's activities and, in particular, on financial issues
and investor relations, business development and partnering, team
building and clinical and regulatory activities.
Dr. Andrew Pearlman, CEO of Medgenics, said: "I am delighted
that Dr. Bauer has agreed to widen his role in the Company. This is
the first step in building a significant presence in the U.S. In
coming months, we anticipate hiring additional senior executives to
join Dr. Bauer in our growing U.S. office. Dr. Bauer's vast
clinical experience as Dean of the Stanford University School of
Medicine and the Vice President for Medical Affairs of Stanford
University, as well as his successful experience in the corporate
world, complement the work of the team leading our business
development programme.
Dr. Eugene Bauer also commented: "I am pleased to be able to
augment Medgenics' management team and in particular to play a
larger role in corporate strategy and business development. The
technology offers the hope of bringing a truly personalized
approach to protein therapeutics."
Dr. Bauer has been a member of the Board since March 2001 and
was appointed Non-Executive Chairman in July 2005. He is a Lucy
Becker Emeritus Professor in the School of Medicine at Stanford
University and served as the Dean of the Stanford University School
of Medicine from 1995-2001 and as Vice President for Medical
Affairs of Stanford University from 1997-2000. He was also Chair of
the Department of Dermatology at the Stanford University School of
Medicine from 1988-1995. He currently holds the position of
Chairman of the Board of Directors of Vyteris, Inc., maker of the
first FDA-approved ready-to-use drug delivery patch. He also serves
as a director of a number of other life science and development
stage biopharmaceutical companies and medical services companies,
including MediSync Bioservices and Dr. Tattoff, Inc.
Dr. Bauer is a member of numerous academic societies, including
the Institute of Medicine of the National Academy of Sciences, to
which he was elected in 1997. He has been the recipient of both the
Research Career Development and the MERIT awards from the NIH. He
has published approximately 175 scientific articles and has been
honoured for his research and academic accomplishments by the
Society for Investigative Dermatology (the Montagna Award for
outstanding research by a young investigator and the Stephen
Rothman Award, the Society's highest honour), by the American
Academy of Dermatology (the Sulzberger Award), by the Society for
Investigative Dermatology (President) and by Northwestern
University (Alumni Merit Award).
For further information, contact:
Medgenics, Inc. Phone: +972 4 902 8900
Dr. Andrew L. Pearlman
De Facto Communications Phone: +44 207 861 3838
Mike Wort
Anna Dunphy
Religare Capital Markets (Nomad) Phone: +44 207 444 0800
James Pinner
Derek Crowhurst
SVS Securities plc (Joint Broker) Phone: +44 207 638 5600
Alex Mattey
Ian Callaway
Nomura Code Securities (Joint Phone: +44 207 776 1219
Broker) Phone: +1 646 284 9472
Jonathan Senior
Grayling (Investment Relations
- US)
Leslie Wolf-Creutzfeldt
Notes to Editors:
Medgenics, Inc. is a commercial-stage, biopharmaceutical
company, developing its unique tissue-based Biopump platform
technology to provide sustained-action protein therapy for the
treatment of a range of chronic diseases. The first revenue
generating commercial deal with a well known, multinational,
pharmaceutical company was negotiated in late 2009 and we look
forward to generating additional deals to further commercialise the
Biopump platform technology.
Biopumps are made using needle biopsies taken from the lower
layer of the patient's skin under local anaesthetic and are
processed during 10-14 days to become 30 mm long tissue
biofactories producing the required protein. The requisite number
of Biopumps are injected under the patient's skin to provide
sustained protein production and delivery for many months. The
Company is developing the Biopump to provide substantially greater
safety and reliability in protein treatment in a more cost
effective manner than experienced with the existing injected
protein therapies. Medgenics currently has three products in
development based on this technology, addressing the indications
of:
- anaemia - using EPODURE, a Biopump producing erythropoietin
(EPO)
- hepatitis-C - using INFRADURE - a Biopump producing
interferon-alpha (IFN-a)
- haemophilia - using a Biopump to produce clotting Factor
VIII
The Company's Phase I/II clinical trial using EPODURE to treat
anaemia in patients with chronic kidney disease, has demonstrated
proof of concept of the Biopump. Designed to produce and deliver a
therapeutic dose of EPO steadily for six months or more, EPODURE
Biopumps have already provided effective anaemia treatment in
patients for 6-12 months even at the low administered dose.
Medgenics intends to develop its innovative products and bring
them to market via multiple strategic partnerships with major
pharmaceutical and/or medical device companies. In addition to
treatments for anaemia, hepatitis-C and haemophilia, Medgenics
plans to develop and/or out-license a pipeline of future Biopump
products targeting the large and rapidly growing global protein
therapy market, which is forecast to reach US $95 billion by the
end of 2010. Other potential applications of Biopumps producing
various proteins include multiple sclerosis, arthritis, paediatric
growth hormone deficiency, obesity, and diabetes.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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