Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Paracelsian Inc (PRLN) -- Ignore unavailable to you. Want to Upgrade?

To: Elllk who wrote (4188)	2/16/1999 10:22:00 AM
From: Harold Stone	Read Replies (3) \| Respond to of 4342

Larry and All more news. PARACELSIAN ANNOUNCES HEAD OF NEW DRUG DEVELOPMENT DIVISION ITHACA, NY, February 17, 1999 - Paracelsian, Inc. (PRLN:OTCBB) announced today that Hira Gurtoo, Ph.D., has been hired to the position of President of its Drug Development Division. Dr. Gurtoo has served as a Director of Paracelsian (http://www.paracelsian.com) since February 1998. "Dr. Gurtoo is uniquely qualified to lead the development of this core business unit," said Bernie Landes, Paracelsian's President and CEO. "Paracelsian's drug development division is an essential component of the Company's long term success and, for that reason, it requires aggressive leadership," continued Mr. Landes. "While the dietary supplement quality assurance and product development business built on BioFIT(tm) and the environmental monitoring business built on the Ah Immunoassay provide vehicles for reliable and steadily expanding revenue streams, drug development provides the opportunity for explosive appreciation in the Company's value," concluded Mr. Landes. Dr. Gurtoo is a renowned cancer research scientist. He retired earlier this month from a senior position at Roswell Park Cancer Institute in Buffalo, New York. He also was Research Professor of Pharmacology at State University of New York at Buffalo, where he continues to hold an honorary title. In addition to having a degree in Veterinary Medicine, Dr. Gurtoo received his Ph.D. in Biochemistry from Virginia Polytechnic Institute and completed his post-doctoral work at Yale. He has served as a consultant to the National Academy of Sciences and to the NIH and has been published extensively. "Paracelsian's drug development strategy will focus on leveraging the Company's existing assets to create valued added partnerships with major pharmaceutical and diagnostic companies and with research organizations such as Roswell Park Memorial Cancer Institute and the Southern Research Institute," said Dr. Gurtoo. "Initially, we will make an effort to secure value added partnerships to accomplish three goals: 1) development of antiviral therapies based on the Company's Ah receptor patent and its Andrographolide patent, 2) screening of the Company's herbal extracts and the development of active extracts into potential therapeutic agents, and 3) evaluation of the Company's CDK assays as diagnostic and prognostic tools in cancer diagnosis and treatment," added Dr. Gurtoo. "We believe that success in meeting these short-term goals will enable the Company to generate the capital necessary for becoming a recognizable player in the pharmaceutical and biotech industry," concluded Dr. Gurtoo. Notice: This news release may contain forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. SOURCE: Paracelsian