Biotech Values

[DewDiligence]

Holroyd out, Vogel in:

[COO Ken Holroyd’s departure could mean that Holroyd is dissatisfied over the pace of GENR’s respiratory programs. Holroyd is not an ophthalmic guy (Levitt isn’t either), and it is now evident that the company will make or break its fortune primarily in ophthalmology. Vogel is clearly a fine match with this corporate direction.]

http://biz.yahoo.com/prnews/040326/sff035_1.html

>>
Genaera Announces Appointment of Chief Medical Officer and Other Management Change

Friday March 26, 8:30 am ET

PLYMOUTH MEETING, Pa., March 26 /PRNewswire-FirstCall/ -- Genaera Corporation (Nasdaq: GENR - News) today announced that Roger Vogel, MD, has agreed to serve as Acting Chief Medical Officer. In this capacity, Dr.Vogel will lead the development of squalamine for the treatment of age-related macular degeneration ("AMD") as well as the Company's other development programs during 2004.

"Dr. Vogel is a recognized expert and industry veteran who has been working with Genaera in a consulting capacity since December 2003," noted Roy C. Levitt, President and Chief Executive Officer. "Going forward, we plan to aggressively pursue the development of squalamine for wet age-related macular degeneration. One of our most important 2004 corporate objectives is the initiation of several key U.S. macular degeneration clinical trials for squalamine. Genaera has benefited greatly from Dr. Vogel's leadership and in particular his extensive ophthalmic expertise in the preparation of its IND filing and the development of protocols for its anticipated clinical trials of squalamine to treat age-related macular degeneration. We are very pleased to expand and formalize Dr. Vogel's role at the Company."

Dr. Vogel has over 25 years of experience including senior roles at Merck & Co. Inc. in ophthalmology and infectious diseases. During his career, Dr. Vogel has led the clinical development of numerous pharmaceuticals and the submission of eight NDA/PLAs [sic].

Genaera Corporation also announced today that Chief Operating Officer and Executive Vice President Kenneth J. Holroyd, MD, MBA, has stepped down from his position. Dr. Holroyd will continue to assist the Company in a consulting capacity. "I'm proud of what the Genaera team has accomplished together over the past several years," commented Dr. Holroyd. "At this time, with the squalamine IND for macular degeneration filed, I am certain I am leaving the Company in good hands with an outstanding management team and group of employees, and am confident that squalamine and Genaera's other development programs have a very bright future. I feel this is an appropriate juncture for me to actively pursue other business interests of mine."

"On behalf of myself, the Board of Directors and the employees of Genaera, I want to thank Ken for all his service to Genaera. Ken has worked very hard over the years to make Genaera successful and we wish him every success in his future endeavors," commented Dr. Levitt.
<<