WHO'S NEWS: PROCEPT INC. (THE WALL STREET JOURNAL-JULY 8, 1997)
PROCEPT Inc. (Cambridge, Mass.)--This biotechnology company named Michael S. Weiss, 31 years old, interim chairman, a new position for the company. Mr. Weiss, a senior managing director of Paramount Capital Inc., a New York investment-banking firm, will become permanent chairman if the decision is approved at the next shareholder meeting, Procept said. He also was elected to the board, increasing the number of directors to five. His appointment as interim chairman coincides with a $3 million investment in Procept by Paramount's Aires Fund and Aries Domestic Fund L.P. The two funds now own about 25% of the company and could, if all warrants are exercised, own slighly more than half the company within five years, said Stanley C. Erck, Procept's chief executive officer. |
