Richaaard et al -- This is BIG news. Reallllly BIG!!!!:
-- WSJ(2/2): Biotech Leader Rathmann Is Quitting Icos For Hyseq --
By Ralph T. King Jr.
Staff Reporter of The Wall Street Journal
George B. Rathmann, a leader in the biotechnology industry, is stepping down
as chairman of Icos Corp. to become chairman of Hyseq Inc., a move likely to
fuel the already hot gene-research field.
Icos reported Dr. Rathmann's departure, naming Paul N. Clark, the company's
president and chief executive, to succeed him. Hyseq is expected to announce Dr.
Rathmann's appointment today. Robert Weist, chairman of Hyseq since 1994, will
become vice chairman.
Dr. Rathmann, 72 years old, built Amgen Inc. into the nation's largest biotech
company then, in 1991, took over at Icos, which has several promising therapies
in late-stage tests, including an impotence drug that eventually may challenge
Pfizer Inc.'s Viagra. In June, he relinquished his operating duties to Mr.
Clark, 52, an Abbott Laboratories executive, and today's announcement "completes
the management transition," Dr. Rathmann said.
Dr. Rathmann said his move to Hyseq, a relatively low-profile company in
Sunnyvale, Calif., reflects his enthusiasm for genomics, the discovery and
analysis of genes, which is rapidly transforming drug research. He cited Hyseq's
"enormous potential," both as a developer of genebased drugs and of new research
tools. He has owned a minor stake in the company since 1993.
Hyseq uses chip technology to gather information on genes that are
particularly hard to find. Based on these discoveries, the company has two drug
candidates, an anti-inflammatory and an anticlotting agent, in preclinical
development.
At 4 p.m. on the Nasdaq National Market, Hyseq was up 56.25 cents at $32.25
and Icos was down 43.75 cents at $34.
With Dr. Rathmann on board, Hyseq could prove especially attractive to
investors and talented scientists.
Early in his career, he earned the nickname "Golden Throat" for his ability to
raise money for early-stage research. At Icos, based in Bothell, Wash., he
persuaded Microsoft Corp. Chairman Bill Gates to buy a sizable stake and join
the board. "I enjoy defining an aggressive strategy and convincing people we are
doing it," Dr. Rathmann said.
(END) DOW JONES NEWS 02-02-00
12:07 AM- - 12 07 AM EST 02-02-00 |
