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Biotech / Medical : MEDX ... anybody following?
MEDX 31.43-0.7%Nov 7 9:30 AM EST
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From: Icebrg5/17/2007 6:25:52 AM
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An interesting choice of a person to fill the position as CEO.

- He doesn't appear to have any experience working at development stage biotech companies, having spent his working life in major league pharmaceutical companies plus a couple of years at Chiron.

- His reputation is not the best after Chiron's vaccine debacle, but I won't hold that against him. The purchase of Powderject appears to have been more or less decided when he took over. And as newcomer to Chiron, I doubt he had much time to influence things at the production side of a plant in Liverpool before disaster struck.

- He appears to have given up Chiron, when Novartis came bidding, without much of a fight - if any.

- He got a lot of bad press, while at Chiron, but seems to have had a solid business career before that.

- He is only 49 years old, which doesn't seem to indicate that he was hired just to have the company sold off.

- His employment conditions appear to be "decent" (if such a word can be used in this environment). He takes less than what he did at Chiron.

- His involvement with other companies in the sector is very limited. He is represented on only two boards, of which one appointment (IMGN) is very recent. His position at the board of VPHM is about a year old. As a matter of fact he re-joined that board, where he also served during the period 1998 - 2003 (evidently having to give up that position, when he became the CEO of Chiron)

A mixed bag, one might argue.

Erik
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