Alec Keith, noted entrepreneur-scientist, joins Polydex Pharmaceuticals board as new chairman.SCARBOROUGH, Ontario--(BUSINESS WIRE)--Nov. 13, 1996-- President George Usher becomes CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ; Founder Thomas Usher to work full-time on cystic fibrosis cystic fibrosis (sĭs`tĭk fībrō`sĭs), inherited disorder of the exocrine glands (see gland), affecting children and young people; median survival is 25 years in females and 30 years in males. and contraceptive contraceptive /con·tra·cep·tive/ (-sep´tiv) 1. diminishing the likelihood of or preventing conception. 2. an agent that so acts. research Polydex Pharmaceuticals Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : POLXF) announced today that Dr. Alec D. Keith, a leading entrepreneur-scientist, has joined its board as Chairman. Polydex said that Keith has purchased a significant number of shares in the open market since October of this year. Keith, who holds many U.S. and foreign patents, recently retired as Chairman of Watson Pharmaceuticals Watson Pharmaceuticals, Incorporated (NYSE: WPI) is the 5th largest pharmaceutical company in the United States based on number of prescriptions dispensed. Based in Corona, California, Watson's Generics division markets over 150 pharmaceutical product families, including one of the Inc. (NASDAQ: WATS WATS abbr. Wide-Area Telecommunications Service Noun 1. WATS - a telephone line;long distance service at fixed rates for fixed zones; an acronym for wide area telephone service WATS line ). He was previously CEO and Chairman of Zetachron Inc. Before that, he was VP of R&D at Key Pharmaceuticals and holds the original patent on NitroDur, launched in 1981 as the first nitroglycerine ni·tro·glyc·er·in also ni·tro·glyc·er·ine n. A thick, pale yellow liquid, C3H5N3O9, that is explosive on concussion or exposure to sudden heat. patch. He has a Ph.D. in genetics and began his teaching career in the genetics department at UC Berkeley in 1966, moving later to the biophysics biophysics, application of various methods and principles of physical science to the study of biological problems. In physiological biophysics physical mechanisms have been used to explain such biological processes as the transmission of nerve impulses, the muscle department at Penn State, where he is still Adjunct Professor of Biophysics. "Polydex is honored that Alec Keith, with all the options open to him, has chosen to be an active Chairman and Director of our company," said President George Usher. "His great success in growing small drug companies and his wide contacts and universal respect in the industry can only bring benefit to our shareholders in the future. We are delighted that Dr. Keith has demonstrated his faith in our future by purchasing a significant number of Polydex shares in the open market." Polydex also announced that George Usher has become CEO and his father, Thomas C. Usher, founder and chief scientist of the company, has stepped down as both Chairman and CEO. The senior Usher will lead the company's development of cystic fibrosis and contraceptive drugs as Deputy Chairman. "There are few people in the pharmaceutical industry who have Dr. Keith's entrepreneurial capabilities combined with a solid understanding of the science. It will be a pleasure to work with him," said Thomas Usher. Polydex Pharmaceuticals Limited researches, develops, manufactures and markets biotechnology based products for veterinary, human pharmaceutical and cosmetics industries worldwide. CONTACT: Polydex Pharmaceuticals Limited George Usher, 416/755-2231 e-mail, 76145.1165@compuserve.com or The Cavior Organization Inc. Warren J. Cavior 212/687-6070 e-mail, caviorg@aol.com |
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