Replies to post #1593 on Biotech Values

[winchem21]

Glad to see GENR bringing on board technical expertise in this area and significantly ramping up R&D expenditures during the fourth quarter to get things moving.

The "Acting Capacity" hints of a temporary arrangement, perhaps until the closing of a deal later this year.

While the IL9, MSI1436, and chloride channel IP have significant potential, all will require significant capital, time, and involve increased technical risk. The moves today appear to reflect these realities in light of available resources.

Funding gained from success with squalamine and AMD would result in GENR being in a position to retain a greater fraction of future revenues from success in any of these other areas.

Overall, today's developments appear to be positive for shareholders and provide evidence of management making necessary decisions to increase the value of the company.

wc21

[DewDiligence]

Musical chairs continues in GENR’s executive suite

[In late 2003, Dr. Roger Vogel came to GENR from Merck with great fanfare, and in ealy 2004 Vogel replaced COO Ken Holroyd and was given the job of overseeing clinical development (#msg-2692534). Now, Dr. Vogel has evidently left the company, although today’s PR says that he will remain involved as a “consultant.” The new hire, Dr. Michael Gast, appears to be eminently qualified but the question remains: why is Dr. Vogel leaving?

With the departure of Dr. Vogel, every high-level executive position in the company except the CEO has turned over at least once in the past year and a half. In addition to Dr. Vogel and Dr. Holroyd, chief regulatory liaison Dr. Angeline Shashlo has also left. As some of these executives –possibly including Dr. Vogel-- have had to forfeit lucrative stock options upon leaving the company, it makes you wonder about their motivation.]

http://biz.yahoo.com/prnews/050208/nytu114_1.html

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Genaera Corporation Appoints Michael J. Gast, MD, PhD as Chief Medical Officer

Tuesday February 8, 8:31 am ET

PLYMOUTH MEETING, Pa., Feb. 8 /PRNewswire-FirstCall/ -- Genaera Corporation (Nasdaq: GENR) today announced that Michael J. Gast, MD, PhD, has joined the Company as Executive Vice President and Chief Medical Officer. Dr. Gast will lead all clinical research activities including continued clinical development and planning for commercialization of squalamine for the treatment of age related macular degeneration ("AMD") as well as the Company's other clinical development programs.

"We welcome Michael as the newest member of Genaera's executive management team," commented Roy C. Levitt, President and Chief Executive Officer. "Michael is an industry leader with an exceptionally broad background spanning 'bench to bedside' including extensive clinical development and management experience in the pharmaceutical industry. His wide range of experience with US and International regulatory filings and his expertise in managing global clinical trials will be important for leading our clinical development efforts and accomplishing Genaera's aggressive development goals. We look forward to working closely with Michael to build upon our recent positive Phase II data in AMD as we prepare for Phase III studies and commercialization of squalamine for the therapy of this most serious cause of adult blindness."

Prior to joining Genaera, Dr. Gast spent ten years at Wyeth Pharmaceuticals. Dr. Gast most recently served as Vice President, Scientific Affairs within Wyeth Global Medical Affairs, where he was responsible for oversight of Phase IV clinical research programs. Previously at Wyeth, Dr. Gast served as Vice President, Women's Health Clinical Research and Development. Prior to that, Dr. Gast spent twenty-one years at the Washington University School of Medicine. During his tenure on the faculty at the Washington University Department of Obstetrics and Gynecology, Dr. Gast served as Director of the Division of Reproductive Endocrinology and Infertility and Director of the Endocrine Clinical Laboratories. Dr. Gast received his MD from The Ohio State University College of Medicine and his PhD in Molecular Biology from Washington University. He currently holds adjunct faculty appointments at the Washington University School of Medicine and the University of Pennsylvania School of Medicine.

Dr. Roger Vogel, who has served as a consultant and Acting Chief Medical Officer, will continue to advise and assist the Company as a consultant in the development of Genaera's AMD program.
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