DNAPrint Announces Changes to Board of Directors
SARASOTA, Fla.--(BUSINESS WIRE)--Feb. 26, 2002--DNAPrint genomics, Inc. (OTCBB:DNAP), a Utah corporation, announced today that it has changed the composition of its board of directors. Effective today, Jack Luchese and Hector Gomez, MD, Ph.D. replaced Matthew Veal and Carl Smith as company directors. Tony Frudakis, Ph.D., who is currently the CEO and CSO of the Company's Florida operating subsidiary, has assumed the position of Chairman of the Board. Also, Dr. Frudakis has succeeded Mr. Smith as CEO.
The transition is part of a planned progression. Until now, Messrs. Veal and Smith have served concurrently as CFO and CEO of both DNAPrint genomics, Inc. and Tampa Bay Financial, Inc. (TBF), a Sarasota, Fla. based venture capital firm. Messrs. Veal and Smith are stepping aside to help advance the company to its next stage of development. Current funding agreements between DNAPrint and TBF remain in place, but TBF has 36 months to satisfy the balance on its year two commitment. That funding will supplement the company's expected revenue from license fees, product sales, service fees and grants. In addition, the company has secured a $2 million investment from a group of private investors that includes Dr. Frudakis.
Jack Luchese joins DNAPrint's board with over thirty years of experience in both large international organizations and small start-up ventures. He has spent more than 12 of those years at the senior executive/Board-level, and is currently President, CEO, and a Director of CytRx Corporation (NASD: "CYTR"), an Atlanta based biopharmaceutical company specializing in the development of critical-care pharmaceuticals and pharmaceutical development services. Over the past nine years, Mr. Luchese established a healthy drug development pipeline and led CytRx through ten transactions raising over $85 million. Prior to joining CytRx, Mr. Luchese served as President of the Armour Pharmaceutical Company, a division of Rhone-Poulenc Rorer Inc. Prior to that, he served fifteen years at Johnson and Johnson Pharmaceuticals in a variety of capacities.
Hector Gomez MD, Ph.D. is a seasoned biotech leader and clinical pharmacologist, with expertise in the business and science of developing novel therapeutics for common diseases. Dr. Gomez has previously served as President and CEO of Transcend Therapeutics, Inc., Vice President of Medical Affairs for Vertex Pharmaceuticals and as an Executive Director with Ciba-Geigy Corporation. Prior to 1988, Dr. Gomez was a Senior Director at Merck/MSDRL Corporation. He currently serves on the Board of Directors of Zengen, Inc. His research career to date has focused on the clinical pharmacology of Hypertension, Hypokalemia, Hyperglycemia, Hyperuricemia and Hypercholesteremia drugs.
"With this transition of board composition, we have taken a substantial step in expanding our funding opportunities and promoting growth," said Dr. Frudakis. "In addition to providing us with a new ability to grow, we hope this transition will provide us with the seasoned talent to guide this growth. Our goal is to achieve a NASDAQ listing for our shareholders."
About DNAPrint genomics, Inc.:
DNAPrint genomics Inc. was founded by a team of scientists with research and commercial experience in high-level mathematical and statistical modeling, programming and molecular genetics. Our quest is to become the leader in the development of complex pharmacogenomics classifiers for a personalization of drug prescription. The Company is traded on the NASDAQ OTC Bulletin Board under the ticker symbol: DNAP. For more information about the company, please visit dnaprint.com.
All statements in this press release that are not historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act as amended. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, uncertainties relating to technologies, product development, manufacturing, market acceptance, cost and pricing of DNAPrint's products, dependence on collaborations and partners, regulatory approvals, competition, intellectual property of others, and patent protection and litigation. DNAPrint genomics, Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in DNAPrint's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.
CONTACT: DNAPrint genomics, Inc., Sarasota
For Scientific inquiries:
Tony Frudakis, Ph.D., 941/366-3400
or
Other inquiries
Tim Wilkins, 941/923-1949 |
