Biotech Values

[DewDiligence]

IMCL CEO, Dan Lynch, “resigns”:

[This change was rumored and is not surprising (#msg-8333823). The CSO, Philip Frost, has been appointed as acting CEO. However, Frost is clearly not a CEO type; if they do not fill the CEO slot fairly quickly, I think it’s a signal that IMCL is on the block. Lynch may have been axed because he opposed a buyout deal that contained no future slot for himself.]

http://biz.yahoo.com/bw/051110/20051110005779.html?.v=1

>>
Daniel S. Lynch Resigns as CEO of ImClone Systems

Thursday November 10, 4:01 pm ET

Philip Frost, M.D., Ph.D., Named Interim CEO

Board Initiates External Search for Permanent Replacement

NEW YORK--(BUSINESS WIRE)--Nov. 10, 2005--ImClone Systems Incorporated (NASDAQ: IMCL ) announced today that Daniel S. Lynch, Chief Executive Officer since February 2004, has resigned his positions of CEO and Director by mutual agreement with the Company's Board of Directors.

Philip Frost, M.D., Ph.D., currently Executive Vice President and Chief Scientific Officer, will serve as Interim CEO while the Board conducts an external search for a permanent CEO. Dr. Frost will continue to serve as the Company's Chief Scientific Officer.

The Company will continue to focus its efforts on four strategic objectives: maximizing the commercial and clinical potential of Erbitux®; advancing the Company's pipeline of novel oncology product candidates; completing business development transactions that are strategically and financially compelling; and adding the key assets necessary for the Company to meet its goals.

"We want to thank Dan for his leadership during an important and challenging phase of ImClone Systems' corporate growth and development," stated David M. Kies, Chairman of ImClone Systems. "Dan has been instrumental in positioning the Company for success, with its first commercialized oncology product in Erbitux and many of the components of a fully integrated biopharmaceutical company in place. Dr. Frost is a seasoned and highly respected pharmaceutical executive with over 30 years of experience in researching, developing and commercializing oncology products. We are pleased to have a person of Phil's caliber on our management team to step in and lead the Company during the external search for a permanent CEO."

"ImClone Systems has strong management with proven expertise in each of the critical functional areas of a successful, integrated biopharmaceutical company," said Dr. Frost. "I look forward to working with my colleagues and the Board to ensure a smooth and successful transition to new leadership."

From 1995 until he joined ImClone Systems, Dr. Frost served as Vice President of Oncology and as Co-Director of the Oncology Therapeutic Area Leadership Team at Wyeth. While at Wyeth, Dr. Frost was responsible for the establishment of molecular targeting as the central focus of Wyeth's oncology drug discovery. Dr. Frost was also responsible for establishing numerous academic collaborations with major oncology institutions and was the primary reviewer for Wyeth of all potential oncology alliances in industry and academia. Prior to coming to Wyeth, Dr. Frost served as a consultant for CaP Cure and as a Vice President of Oncology for the Sandoz Research Institute.
<<