WAKEFIELD, MA, April 30 /CNW/ - NUCRYST Pharmaceuticals, a developer and
manufacturer of medical products that fight infection and inflammation, today
announced that the Company has realigned its management team to further
advance its cost reduction and growth strategies. The realignment results in
increased management responsibilities for David C. McDowell, Vice President
Operations and the appointment of Edward Gaj, Jr., RPh to the newly created
position of Vice President Marketing.
The Company also announced that it has discontinued the development of,
and out-licensing initiatives for, the current formulation of NPI 32101 silver
to treat inflammatory bowel disease (IBD). Preclinical work will continue on
the use of NPI 32101 silver for the treatment of Clostridium difficile, as
will the Company's other projects to develop line-extensions, product
improvements and new products for the treatment of infection and inflammation
in hospitals, specialty clinics and long-term care facilities.
"I am confident that Dave and Ed's industry expertise, commitment to
success and leadership skills will contribute greatly to NUCRYST's future
growth, and I am pleased to announce this significant expansion of their
responsibilities," said Thomas E. Gardner, Chairman and Chief Executive
Officer.
Effective May 1, 2008, Mr. McDowell, a 24-year veteran of the
pharmaceutical industry will add Research and Development to his current
responsibilities for Manufacturing, Quality/Regulatory and Medical Affairs.
Research and Development currently reports to Katherine J. Turner, PhD, Vice
President Research and Development, who has announced her intention to leave
the Company to pursue other opportunities.
Mr. Gardner added, "Following the Company's decision to consolidate
management of Research and Development activities in Canada, Katherine Turner
advised us of her intention to explore opportunities outside of NUCRYST. I
want to thank Dr. Turner for her contributions during her tenure at NUCRYST,
and we wish her success in her future endeavors."
About Clostridium difficile
Clostridium difficile (also called C. difficile or C. diff) is a
bacterium that is recognized as the major causative agent of colitis
(inflammation of the colon) and diarrhea that may occur following antibiotic
intake. C. difficile infection represents one of the most widespread hospital
infections around the world. C. difficile may complicate the course of
ulcerative colitis or Crohn's disease and it is responsible for a significant
occurrence of diarrhea in AIDS patients. According to the Centers for Disease
Control and Prevention, each year in the United States C. difficile is
responsible for tens of thousands of cases of diarrhea and at least 5,000
deaths.
About NUCRYST Pharmaceuticals
NUCRYST Pharmaceuticals (NASDAQ: NCST; TSX: NCS) develops, manufactures
and commercializes medical products that fight infection and inflammation
using its patented atomically disordered nanocrystalline silver technology.
Smith & Nephew plc sell a range of advanced wound care products under their
Acticoat(TM) trade mark. Acticoat(TM) products incorporate NUCRYST's
SILCRYST(TM) coatings and are sold in over 30 countries. NUCRYST is also
developing pharmaceutical products to address medical conditions that are
characterized by both infection and inflammation. The Company has developed
its proprietary nanocrystalline silver in a powder form, referred to as NPI
32101 for use in medical devices and as an active pharmaceutical ingredient.
Acticoat(TM) is a trademark of Smith & Nephew plc
SILCRYST(TM) is a trademark of NUCRYST Pharmaceuticals Corp.
This news release contains forward-looking statements within the meaning
of securities legislation in the United States and Canada (collectively
"forward-looking statements"). The words "believes", "contribute", "develop",
"advance", "expects", "plans", "anticipates", "estimates", "intends",
"projects", "may", "might", "would", "will", "could", "should" and similar
expressions are intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Forward-looking statements in this news release include, but are not limited
to, statements about: our strategy, future operations, prospects and plans of
management and our ability to successfully develop new products, line
extensions and product improvements, expand the company's business and control
costs. With respect to the forward-looking statements contained in this news
release, readers are cautioned that numerous risks, uncertainties and other
factors could cause our actual results to differ materially from those
indicated in these statements including, but not limited to: difficulties or
delays in the initiation, timing, progress and results of our preclinical
trials and research and development programs relating to the development of
products containing our nanocrystalline silver for treatment of Clostridium
difficile indications; our ability to maintain our collaboration with Smith &
Nephew; our reliance on sales of Acticoat(TM) products with our SILCRYST(TM)
coatings by Smith & Nephew; future sales of Acticoat(TM) may not be sufficient
to adequately fund our research and development plans; our future operation
results are uncertain and likely to fluctuate; we may not be able to retain
existing and obtain new regulatory approvals for our NPI 32101 barrier cream
and any future products; our ability to successfully achieve sustainable cost
reductions; we may not be able to establish successful commercialization
programs, through new corporate collaborations or otherwise, for our NPI 32101
barrier cream or for other future products; competition from other
silver-based pharmaceutical or medical device companies; our ability to raise
additional financing required to fund further research and development,
clinical studies and obtain regulatory approvals, on commercially acceptable
terms or at all; changes in currency exchange rates; our ability to protect
our intellectual property rights and to not infringe on the intellectual
property rights of others; our ability to comply with governmental regulations
and standards; our ability to successfully attract and retain skilled and
experienced personnel; changes in general economic and capital market
conditions; other risks and uncertainties unidentified at this time; and
management's response to these factors. Although we have attempted to identify
the important risks, uncertainties and other factors that could cause actual
results or events to differ materially from those expressed or implied in
forward-looking statements, there may be other factors that cause actual
results or events to differ from those expressed or implied in forward looking
statements. For a more thorough discussion of the risks associated with our
business, see the "Risk Factors" section in our Annual Report on Form 10-K for
the year ended December 31, 2007, filed with the U.S. Securities and Exchange
Commission on EDGAR at www.sec.gov and with securities authorities in Canada
on SEDAR at www.sedar.com. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement and NUCRYST disclaims
any intention or obligation to revise or update any forward-looking statements
whether as a result of new information, future developments or otherwise after
the date hereof.
For further information: Gregory W. Gin, Lazar Partners, (212) 867-1762,
info@nucryst.com
