Robin:
Here it is:
ITHACA, N.Y., Dec. 13 /PRNewswire/ -- Paracelsian, Inc. (Nasdaq: PRLN) today announced that as part of the Company's planned managerial succession, Keith A. Rhodes, Chairman of the Board, President and Chief Executive Officer, has stepped down as Chief Executive Officer of the Company. Mr. Rhodes will continue to serve as Chairman of the Board and President of the Company until the forthcoming Annual Shareholders' Meeting. The Board of Directors has established a search committee to seek a qualified replacement for Mr. Rhodes experienced in the pharmaceutical and food supplement industries.
Pending the appointment of a new Chief Executive Officer, the Company has established the Office of the Chief Executive consisting of Mr. Rhodes, Arthur A. Koch, Jr., Vice President and Chief Financial Officer of the Company, and John Babbish, Vice President and Chief Science Officer of the Company.
Speaking for the Board, Messrs. Jim Nichols and Ted Nickolis stated that the Company wishes to express its appreciation for the effort that Mr. Rhodes extended on the Company's behalf and for his substantial contribution to the Company throughout his tenure as Chief Executive Officer.
Paracelsian is a biotechnology company engaged in the discovery of useful products from herbal sources. Its discoveries are accomplished by applying the Company's proprietary screening technology, based in signal transduction, to its library of extracts used in Traditional Chinese Medicine.
SOURCE Paracelsian, Inc.
CO: Paracelsian, Inc.
ST: New York
IN: MTC
SU:
12/13/96 17:33 EST prnewswire.com
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