BEDMINSTER, N.J., Feb. 26 /CNW/ -- NPS Pharmaceuticals, Inc. (Nasdaq:
NPSP) announced today that Dr. Tony Coles will be stepping down from his
positions as president, chief executive officer and a director effective March
17, 2008 to become president, chief executive officer and a director of Onyx
Pharmaceuticals, Inc. (Nasdaq: ONXX). He will be succeeded by NPS executive
vice president and chief operating officer Dr. Francois Nader, who will become
president and chief executive officer of NPS.
NPS chairman Peter Tombros stated: "On behalf of the NPS board, I wish
Tony much success in his new position and congratulate Francois on his
promotion. Francois has been instrumental in developing our new business plan
and we are confident that he will lead NPS successfully in the years ahead. He
is uniquely well-qualified to guide NPS because of his demonstrated expertise
in clinical research and corporate strategy, his many years of pharmaceutical
industry experience and his superb management skills. I am confident that he
will be a very effective chief executive as the company focuses on executing
an ambitious clinical program.
"I also thank Tony for his outstanding service during a challenging
period in the company's history. Under his leadership, we shifted our
business plan to focus on developing our late-stage products in new specialty
indications, raised a significant amount of cash to fund these pipeline
investments and consolidated our long-term debt to strengthen the company's
balance sheet. We appreciate his lasting contributions to NPS and wish him
well in his future endeavors."
Dr. Nader stated: "I appreciate the board's confidence in me to lead NPS
and look forward to building upon the vision and strategy we defined last
year. With the completion of our restructuring and recapitalization in 2007,
NPS has the necessary human and financial resources to maximize the value of
its late-stage assets. I am excited about our opportunities to help patients
and create value for shareholders, and join Peter in offering our best wishes
to Tony in his new position and our sincere thanks for his leadership at NPS."
Dr. Nader joined NPS in 2006 as chief medical and commercial officer. He
was promoted to executive vice president and chief operating officer in 2007
and appointed to the NPS board of directors in January 2008. Previously, he
was a venture partner at Care Capital, LLC and chief medical officer of its
Clinical Development Capital unit. He was also senior vice president,
integrated healthcare markets and North America medical and regulatory affairs
with Aventis Pharmaceuticals, and held similar positions at Hoechst Marion
Roussel and its predecessor companies. Before joining Hoechst Marion Roussel,
Dr. Nader served as head of global commercial operations at the Pasteur
Vaccines division of Rhone-Poulenc.
Conference Call Information
A conference call will be held today at 10:00 a.m. Eastern Time. To
participate in the call, dial (800) 659-1966 with pass code 85375871.
International callers may dial (617) 614-2711 and use the same pass code. The
conference call is also available as a webcast, which can be accessed on the
company's home page, http://www.npsp.com. A conference call replay will be
available until March 4, 2008. To access the replay, dial (888) 286-8010 or
(617) 801-6888 for international callers, with pass code 19985458. The
webcast will be available for iPod(R) download for the same period.
About NPS Pharmaceuticals
NPS Pharmaceuticals is developing high value specialty therapeutics for
gastrointestinal and endocrine disorders. The company is currently advancing
two late-stage programs: GATTEX(TM) (teduglutide) is in Phase 3 clinical
development for intestinal failure associated with short bowel syndrome and
parathyroid hormone 1-84 [rDNA origin] injection is in Phase 2 clinical
development as a hormone therapy for hypoparathyroidism (parathyroid hormone
1-84 [rDNA origin] injection). NPS has also completed a Phase 3 osteoporosis
study for PREOS(R) (parathyroid hormone 1-84 [rDNA origin] injection). NPS
complements its internal programs with strategic partnerships, which include
Amgen, GlaxoSmithKline, Kirin, and Nycomed. Additional information is
available at http://www.npsp.com.
Statements made in this press release, which are not historical in
nature, constitute forward-looking statements for purposes of the safe harbor
provided by the Private Securities Litigation Reform Act of 1995. These
statements are based on the company's current expectations and beliefs and are
subject to a number of factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. Risks associated to NPS's business include, but are not limited
to, the risk of successfully advancing its preclinical and clinical pipeline
and gaining marketing approvals for its product candidates, as well as other
factors expressed in NPS's periodic filings with the U.S. Securities and
Exchange Commission, including its Annual Report on Form 10-K and Form 10-Qs.
All information in this press release is as of the date of this release and
NPS undertakes no duty to update this information.
For further information:
For further information: Susan Mesco of NPS Pharmaceuticals, Inc.,
+1-908-450-5516, email@example.com Web Site: http://www.npsp.com