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 NORTHVALE, N.J., Aug. 20 /PRNewswire/ -- Alteon Inc. (NASDAQ: ALTN) announced today that Mr. Charles A. Faden, the company's chairman and chief executive officer, intends to retire at the end of the year. Following his retirement, Mr. Faden will became chairman emeritus and will serve as a consultant to the company.
 Until his retirement, Mr. Faden will remain chairman and effective immediately, Jere E. Goyan, Ph.D., Alteon's president and chief operating officer, will assume the additional post of acting chief executive officer.
 A founder of the company, Mr. Faden has been chairman of the board and chief executive officer of Alteon Inc. since the company was formed in early 1987. He completed the technology transfer agreements on which the company is based with the Rockefeller University, established the company at its present headquarters/laboratory facility and recruited a staff of scientists and business people to develop the company's programs and move its lead compound into human clinical trials.
 He negotiated two venture capital financings and strategic business alliances with Yamanouchi Pharmaceutical Co., Ltd. and Marion Merrell Dow Inc. providing for joint development and joint marketing of the company's core technologies. Under his leadership the company completed an initial public offering of common stock in 1991 with Alex Brown and Lehman Brothers as underwriters. Mr. Faden has been a pharmaceutical executive for more than 30 years and prior to joining Alteon, held a number of senior positions with leading companies in the industry in the U.S. and abroad.
 Commenting on Mr. Faden's retirement, Dr. Goyan said, "We at Alteon will sorely miss Mr. Faden's leadership as CEO. However, thanks in great measure to his many accomplishments since founding of the company in 1987, he leaves us poised to move forward in building a specialized pharmaceutical company. Furthermore, he has indicated his willingness to remain as a consultant to the company and we look forward to his guidance and advice in this new role."
 Alteon is a development stage pharmaceutical company engaged in the discovery and development of products for the treatment of the complications of diabetes and aging. These products are designed to inhibit, reverse and measure damage to cells, tissues and organs caused by advanced glycosylation end-products (A.G.E.s) which are formed as a result of glucose in the body's circulatory system.
 -0- 8/20/93
 /CONTACT: Charles A. Faden, chairman and CEO of Alteon Inc., 201-784-1010, or Anthony Russo, Ph.D., of Noonan/Russo Communications Inc., 212-696-4455/

CO: Alteon, Inc. ST: New Jersey IN: MTC SU: PER

TS-SM -- NY009 -- 4625 08/20/93 09:13 EDT
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Publication:PR Newswire
Date:Aug 20, 1993

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