Biotech Values

[DewDiligence]

MNTA Appoints James Sulat as Chairman of the BoD

[Sulat became a MNTA director six months ago (#msg-29957373). What’s remarkable about Sulat’s career is that he has served as an executive officer of three companies that were acquired: MEMY (acquired by Roche a few days ago), Moore Wallace (acquired by R.R. Donnelley & Sons in 2004), and Chiron (acquired by Novartis in 2006). Coincidence? Perhaps.

Sulat replaces Peter Barrett, a VC with Atlas Ventures who has been on MNTA’s BoD since 2003. Barrett’s departure is somewhat surprising insofar as Atlas is one of MNTA’s largest shareholders with a 6.7% stake (#msg-28899840). This PR does not say whether the BoD will be reduced from 11 to 10 directors or whether Barrett’s slot will eventually be filled.]

http://finance.yahoo.com/news/Momenta-Pharmaceuticals-pz-13755410.html

›Friday December 5, 2008, 9:00 am EST

CAMBRIDGE, Mass., Dec. 5, 2008 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (NasdaqGM: MNTA ), a biotechnology company specializing in the characterization and engineering of complex drugs, announced today that James R. Sulat, a member of the Board of Directors since June 2008, has been named Chairman of the Board. He succeeds Peter Barrett, who is leaving the Board after 5 years of service, including serving as Chairman since June 2005.

``Jim is a respected and valued member of our Board, and we are very pleased to name him as Chairman,'' stated Craig Wheeler, President and Chief Executive Officer of Momenta. ``His wealth of industry experience, coupled with his deep knowledge of Momenta, provide us with great confidence in his ability to help guide the Company through our next phase of growth and development,'' he continued.

``I would also like to thank Peter Barrett and recognize his many contributions. As an active Board member for over 5 years he guided Momenta through several important transitions, and his service is very much appreciated,'' he concluded.

Mr. Sulat is a senior healthcare executive with extensive expertise in finance and general management. He most recently served as the Chief Financial Officer and as a Director of Memory Pharmaceuticals, which signed a definitive agreement to be acquired by Roche in November 2008. He previously served as President and Chief Executive Officer of Memory Pharmaceuticals. From 2003 to 2004, Mr. Sulat was a Senior Executive Vice President of Moore Wallace Incorporated and, following the acquisition of Moore Wallace by R.R. Donnelley & Sons Company in 2004, became Chief Financial Officer of R.R. Donnelley. From 1998 to 2003, Mr. Sulat served as Vice President and Chief Financial Officer of Chiron Corporation. He also serves as a director of Maxygen, Inc. and Intercell AG.

Mr. Sulat received a B.S. in Administrative Sciences from Yale University, and an M.B.A. and an M.S. in Health Services Administration from Stanford University.‹