Market was much higher at the time of his hire, so it makes the numbers look bad, but I think he's done an excellent job.
Incyte Genomics Names Paul A. Friedman, M.D., Chief Executive Officer and Robert Stein, M.D., Ph.D., President and Chief Scientific Officer
Roy Whitfield Elected Chairman of the Board
Palo Alto, CA, November 26, 2001—Incyte Genomics, Inc. (Nasdaq: INCY), 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." |
