Incyte said it will not present its business strategies as planned...
Ha !
Instead, the Palo Alto, California-based company said it will present its business outlook in the first quarter of 2002...
Let's hope they have one by then.
nig
(edit) Full PR below -
PALO ALTO, Calif., Nov. 26 /PRNewswire/ -- Incyte Genomics, Inc. (Nasdaq: INCY - news), the leading genomics information company, today named Paul A. Friedman, M.D. -- formerly President of DuPont Pharmaceuticals Research Laboratories -- to be Incyte's Chief Executive Officer. In addition, Incyte named Robert Stein, M.D., Ph.D. -- formerly DuPont Pharmaceuticals Executive Vice President of Research and Preclinical Development -- as President and Chief Scientific Officer to provide the scientific leadership for both the database and therapeutic discovery businesses.
Incyte's current Chief Executive Officer and co-founder, Roy A. Whitfield, has been elected chairman of Incyte's Board of Directors, succeeding cofounder Randy Scott, Ph.D. Dr. Friedman, Dr. Stein and Julian Baker, Managing Partner of Baker/Tisch Investments, have also been elected to the Board.
``Dr. Friedman and Dr. Stein are proven leaders who together created an impressive therapeutic pipeline at DuPont while building substantial value for DuPont's shareholders,'' said Roy A. Whitfield, Chief Executive Officer for Incyte. ``Incyte's intellectual property portfolio -- consisting of the industry's largest compilation of antibody, protein and gene patents -- provides them significant pharmaceutical opportunities to apply their leadership skills to expand the database and intellectual property licensing business and develop new medical therapeutics.''
Dr. Friedman held the position of President, DuPont Pharmaceuticals (formerly DuPont Merck Pharmaceuticals) Research Laboratories, from 1994 until the acquisition of DuPont Pharmaceuticals by Bristol Myers Squibb for $7.8 billion in September 2001. During his tenure, the number of high-quality drug candidate compounds nominated for clinical development tripled, reaching 10 in the year 2000. Notable among these is Sustiva, now a leading medicine for the treatment of HIV infection. Prior to joining DuPont Merck, Dr. Friedman was Senior Vice President, Research, Merck and Co., and before that was Associate Professor of Medicine and Pharmacology at Harvard Medical School. Dr. Friedman is a Diplomat of the American Board of Internal Medicine and is a Member of the American Society of Pharmacology and Experimental Therapeutics, the American Society of Clinical Investigation, and the American Society of Biological Chemists.
Dr. Stein joined Dr. Friedman at DuPont Merck Pharmaceuticals as Executive Vice president, Research and Preclinical Development in 1996. Dr. Stein and Dr. Friedman had previously worked together at Merck & Co. from 1982 until 1990, at which time Dr. Stein was Senior Director and Head Department of Pharmacology. Prior to joining DuPont Merck in 1996, Dr. Stein was Senior Vice President and Chief Scientific Officer of Ligand Pharmaceuticals, Inc. Dr. Stein holds a B.S. in Biology and Chemistry from Indiana University and a M.D. and Ph.D. in Physiology and Pharmacology from Duke University.
``Genomic information will drive a new era of drug discovery and development,'' said Paul A. Friedman, M.D. ``Incyte has tremendous resources -- the leading position in the genomic information business with almost all pharmaceutical companies subscribing to its databases, an intellectual property portfolio that is unmatched in the biotechnology and pharmaceutical industries, great scientific teams well-experienced in the commercial application of genomic information and a strong balance sheet -- and as such is uniquely positioned to lead this new paradigm of therapeutic discovery efforts.''
Julian Baker is currently a managing partner of Baker/Tisch Investments. Mr. Baker co-founded a biotechnology investing partnership in 1994 with Felix Baker, Ph.D., his brother, and the Tisch Family. Over the past several years, the Bakers have also partnered with major university and other endowments to develop Baker/Tisch Investments, which has grown into one of the largest private investment funds focused on publicly-traded life sciences companies. Prior to founding Baker/Tisch Investments, Mr. Baker was employed for five years by the private equity investment arms of CS First Boston. Mr. Baker is a graduate of Harvard University.
Because of the timing of these announcements, Incyte Genomics will not present at the Robertson Stephens Medical Conference in New York as scheduled for tomorrow, November 27th. The company intends to present its strategies, which will reflect the contributions from its new executives, in the first quarter of 2002... |
