Monday November 26, 7:12 pm Eastern Time
Incyte Genomics names Friedman as CEO
(UPDATE: adds details, background, paragraphs 2,4.6)
LOS ANGELES, Nov 26 (Reuters) - Incyte Genomics Inc. (NasdaqNM:INCY - news), which develops and markets databases of genetic information and related products for drug and biotech firms, on Monday said it has named Dr. Paul Friedman, a former Dupont Pharmaceuticals executive, as chief executive officer.
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Due to the management change, Incyte said it will not present its business strategies as planned at a medical conference on Tuesday in New York. Instead, the Palo Alto, California-based company said it will present its business outlook in the first quarter of 2002.
Friedman, formerly president of DuPont Pharmaceuticals Research Laboratories, replaces Roy Whitfield, who has been elected chairman of Incyte's board of directors, Incyte said in a statement. Whitfield succeeds co-founder Randy Scott in the chairman post.
Incyte announced last month plans to restructure, including a 36-percent reduction in the company's 1,100-person workforce. The company, which reported a third-quarter net loss of $17.8 million, said it planned to record a restructuring charge of at least $80 million in the fourth quarter.
Incyte also said on Monday it has named Dr. Robert Stein as president and chief scientific officer. Stein was formerly DuPont Pharmaceuticals executive vice president of research and preclinical development.
Dupont Pharmaceuticals, the drug unit of chemical firm Dupont Co. (NYSE:DD - news), was acquired in October by drugmaker Bristol-Myers Squibb Co. (NYSE:BMY - news).
Shares of Incyte ended Monday up 4 cents at $16.19 on Nasdaq, compared with a 52-week trading range of $10.40 to $32.81. |
