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Biotech / Medical : Biotech Valuation
CRSP 57.48+2.8%9:39 AM EST

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To: scaram(o)uche who wrote (14919)1/24/2005 6:35:20 PM
From: sim1  Read Replies (1) of 52153
 
Praecis Founder, CEO Gefter to Retire
Monday January 24, 5:49 pm ET
Praecis Pharmaceuticals Names McLaughlin New Chief Executive to Succeed Retiring Gefter

WALTHAM, Mass. (AP) -- Drug maker Praecis Pharmaceuticals Inc. on Monday said it named Kevin F. McLaughlin to succeed Malcolm L. Gefter, who is retiring as chief executive.

Gefter, Praecis's founder, will remain chairman and was named to the newly created position of chief scientific officer in which he will advise the company on research and development projects. He has served as chairman since 1994 and chief executive since 1996.

McLaughlin joined the company in 1996 and served as chief financial officer until September, when he was named president and chief operating officer. McLaughlin was also elected to the company's board.

Praecis Pharmaceuticals shares fell 10 cents, or nearly 6 percent, to close at $1.60 on the Nasdaq.
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