does this explain today's blip upward?
News article received, Thursday, June 03, 1999 2:46:04 PM EST
NEUROGEN APPOINTS TWO NEW MEMBERS TO THE BOARD OF DIRECTORS;
Harry H. Penner, Jr., Neurogen's President and CEO, Elected as Vice Chairman
BRANFORD, Conn., June 3 /PRNewswire/ -- Neurogen Corporation (Nasdaq: NRGN) today announced the expansion of its Board of Directors with the appointment of two new members, Mr. Julian C. Baker and Dr. Felix J. Baker, who manage health care investments for the Tisch family. The Company also announced the appointment of Harry H. Penner, Jr., Neurogen's President and CEO, to Vice Chairman of the Board.
The Baker brothers founded a health care investment fund with the Tisch family in 1994 and have co-managed this fund for the last five years. Their investments include 2.85 million shares of Neurogen, which represents approximately 19.4 percent of Neurogen's common stock. Prior to their partnership with the Tisch family, Julian Baker held various positions in several investment arms of Credit Suisse First Boston, including The Clipper Group. Felix Baker was previously enrolled in the MD/Ph.D. program at Stanford University where he obtained a Ph.D. in Immunology.
"Julian and Felix bring strong biotech investment credentials to the Board, both from a business and scientific perspective, and have been Neurogen shareholders for many years," said Harry Penner, Neurogen's President and CEO. "We are delighted that the Bakers have demonstrated their fund's long term commitment to the Company through their involvement on our Board."
Neurogen is a leader in the discovery and development of new drug candidates to treat large market psychiatric, metabolic and inflammatory disorders. Through its leadership position in developing and integrating new drug discovery technologies, Neurogen has created a growing portfolio of compelling new drug programs which promise improved efficacy and reduced side effects. Through strategic collaborations Neurogen couples its ability to generate multiple drug candidates across its many drug programs with the proven drug development and marketing expertise of world leading pharmaceutical companies. These collaborations hold the promise of valuable royalties and profit sharing upon the commercialization of Neurogen's products. For additional information on Neurogen, please visit the company's website at neurogen.com.
The information in this press release contains certain forward-looking statements that involve risks and uncertainties as detailed from time to time in Neurogen's SEC filings, including its most recent 10-K. Actual results may differ materially from the statements made as a result of various factors, including, but not limited to, risks associated with the inherent uncertainty of Company research, difficulties or delays in development, testing, regulatory approval, production and marketing of any of the Company's drug candidates, adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates, advancement of competitive products, dependence on corporate partners, sufficiency of cash to fund the Company's planned operations and patent, product liability and third party reimbursement risks associated with the pharmaceutical industry.
SOURCE Neurogen Corporation |
