So far no reaction from the street, presently 3 7/8:
Thursday December 18, 8:45 am Eastern Time
Company Press Release
Calypte Biomedical Corporation Announces Key Management, Board, and Consultant Changes to Position Company for Urine HIV-1 System Commercial Product Launch
BERKELEY, Calif.--(BW HealthWire)--Dec. 18, 1997--Calypte Biomedical Corporation (NASDAQ:CALY - news) announced today a series of significant changes in the company's management, board membership, and consultants in preparation for the marketing of its Urine HIV-1 System. Calypte's Chairman, William A. Boeger, announced, ''It is time to position Calypte for a successful launch of our initial product. Our new management structure is designed to significantly enhance the potential of this product in the commercial marketplace.'' ''Towards this end,'' Mr. Boeger stated, ''David Collins, formerly the Vice Chairman of the Consumer Health Care Business of Johnson & Johnson and President of the Healthcare Products Division of Schering Plough, has been elected Vice Chairman of Calypte and hired as a consultant. Dave will actively lead Calypte's OTC strategy for the HIV product line and guide our product launch.''
In addition, Calypte has elected to the company's Board and hired as a consultant Paul E. Freiman, formerly the Chairman and CEO of Syntex Corporation, and the individual primarily responsible for the marketing success achieved by Syntex's lead product Naprosyn(R) and its subsequent move to an OTC drug named Aleve(R). ''Paul's knowledge of the pharmaceutical and biotech industries and his contacts will be invaluable,'' stated Mr. Boeger. ''As an active consultant, Paul will focus his initial attention on developing and implementing the strategy of the lead compounds of Pepgen, our therapeutic subsidiary.
The Company also announced that Mr. Boeger will re-assume the position of President and CEO, a position he held from 1993 to 1995. Current President, CEO, and board member, Jack Davis will step down after completing a successful job of raising adequate funds to sustain Calypte through FDA approval and product launch. ''We could not have progressed this far without Jack's contributions. We wish him well as he leaves to provide his insights to another early-stage company,'' stated Mr. Boeger.
Additionally, John J. DiPietro, currently Calypte's Vice President of Finance and Chief Financial Officer, has also been named Chief Operating Officer of the company. ''In his two years with the company, John has developed a full understanding of each functional area of Calypte, making him well prepared for his additional role as COO. This promotion allows us to benefit from the full spectrum of John's management experience. Anyone who has worked with John knows his ability to establish a plan and implement it.'' Boeger added, ''I will focus my attention on the timely completion of each step of our strategy, increasing our communications with the investing community, enhancing our marketing and PR efforts, exploring corporate partnerships, the in-licensing of new products, and deriving the full potential from our therapeutic subsidiary.''
Calypte Biomedical Corporation is a Berkeley, California-based health care company dedicated to the development and commercialization of urine-based diagnostic products and services for HIV-1, sexually transmitted diseases, and other chronic illnesses.
Biographies
William A. Boeger has served as Calypte's Chairman of the Board since January 1994. From January 1994 until September 1995, he served as Calypte's Chairman, President and Chief Executive Officer. He has been a director of Calypte since 1991. He is a founder and Managing General Partner of Quest Ventures, and was a General Partner of Continental Capital Ventures, both venture capital partnerships. Prior to that, he worked at Harvard Medical School and Peter Bent Brigham Hospital and served on the faculty of the Amos Tuck School at Dartmouth College. Mr. Boeger also serves as President, Chief Executive Officer and board member of Pepgen Corporation, a therapeutic company owned 44% by Calypte.
John J. DiPietro has served as Calypte's Vice President of Finance and Chief Financial Officer since 1995. His responsibilities include finance, accounting, management information systems, human resources, investor relations and administration. Prior to joining Calypte, Mr. DiPietro was Vice President of Finance and Chief Financial Officer of Meris Laboratories from 1991 to 1995. Prior to that time, he was a senior manager at Price Waterhouse for 8 years and also served as a Credit Manager for Motorola, Inc. from 1983 until 1986. He is a Certified Public Accountant and received his M.B.A. degree from the University of Chicago, Graduate School of Business.
David Collins has served on Calypte's board of directors since December 1995. From 1989 to 1994, he served as executive vice president of Schering-Plough Corporation [NYSE:SGP - news] and president of its Healthcare Products Division, responsible for all OTC and consumer health care products. At Johnson & Johnson, from 1962 to 1988, he also headed that company's consumer products businesses, and held senior management positions including vice chairman of the board of directors for public affairs and planning, vice chairman executive committee, and chairman consumer sector.
Paul Freiman joined Neurobiological Technologies, Inc. as a director in March 1997 and was elected president and CEO in May 1997. Before joining NTI, he was the former chairman and CEO of Syntex Corporation. During his many years with that company, he held a series of key positions both domestically and internationally, including president of the U.S. subsidiary, president and chief operating officer of Syntex Corporation, before ultimately becoming CEO. Mr. Freiman is also a former chairman of the Pharmaceutical Manufacturers Association and was a member of its executive committee and board of directors. |
