CAT, INCY, SNAP: it's clearly change of management week -
Synaptic Pharmaceutical Announces CEO Succession Plan
PARAMUS, N.J.--(BUSINESS WIRE)--Nov. 27, 2001--Synaptic Pharmaceutical Corporation (Nasdaq:SNAP - news) today announced the implementation of a CEO succession plan. Under that plan, the Board has begun a recruitment process for a new President and CEO, with the support of a leading executive search firm. Upon the hiring of her successor, Kathleen P. Mullinix, Ph.D., intends to retire from her roles as President, CEO, and Director, after 13 years of leadership at Synaptic. Dr. Mullinix will continue as President and CEO during the transition and executive search process.
``I am very proud of what Synaptic has accomplished since its founding in 1988,'' said Dr. Mullinix. ``The Company has become a leader in GPCR-based drug discovery, has established unparalleled expertise in the elucidation of GPCR biology and function, and has built an industry-leading intellectual property position related to GPCR-based drug discovery. Synaptic has harnessed that expertise and intellectual property to build a strong and growing pipeline of proprietary product candidates targeted at important, novel GPCR-based mechanisms, as well as to establish a broad range of collaborations and license agreements with pharmaceutical companies.
``One year ago, I announced a new strategy for Synaptic,'' Dr. Mullinix continued. ``Under that strategy, Synaptic is now focusing more of its own resources on its internal development programs, with the intent of bringing selected drug candidates through clinical proof of concept in Phase II studies prior to partnering. Since announcing the new strategy, the Company has made great progress in demonstrating its ability to create value through that strategy. In August, we announced a $41 million financing, providing the Company with the cash resources necessary to strengthen its drug development capabilities and advance its internal product pipeline. Later this quarter, we plan to file an IND on the Company's first internal drug development program, a drug candidate to treat depression, targeting a novel GPCR receptor-based mechanism.
Dr. Mullinix continued, ``With the company in a stronger financial position than at any time in its history, and with the filing of our IND imminent, I believe the Company has turned an important corner. Synaptic is now well positioned to execute its new strategy. I have great confidence in the Synaptic organization and its existing management team, and am committed to helping the Board to recruit a world-class executive with the right experience to lead Synaptic through the new challenges it will face going forward.''
John Lyons, a member of Synaptic's Board of Directors, stated, ``On behalf of the Board and on behalf of the entire Company, I wish to thank Kathy for her enormous contribution to the creation and growth of Synaptic. Kathy founded Synaptic 13 years ago and has worked tirelessly to build the Company. She put in place the Company's new strategy and has built a strong and capable organization to execute it.''... |
