Avalon Pharmaceuticals Announces Resignation of Director Dr. Alan Walton.GERMANTOWN, Md. -- Avalon Pharmaceuticals, Inc. (Nasdaq:AVRX), today announced that Alan Walton Alan Walton (born 1936) is an American businessman and member of 20 Boards of Directors and presently is Chairman of Oxford Bioscience Corporation,[1] and two other boards. Walton was instrumental in the development and funding of the Human Genome Project. , Ph.D., D.Sc., age 71, has resigned from the Avalon Pharmaceuticals' Board of Directors effective November 1, 2007. Dr. Walton is a co-founder of Avalon and has served with tireless distinction as the Company's Chairman from its inception in 1999 until July of this year when Bradley G Bradley G (real name "Bradley Green") is an British DJ and Dance music producer. He began his career as a guitarist in a band called "Destiny" who played the London club scene in the mid 1990s. . Lorimier assumed the Chairman's role. "It has been very gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to see the development of Avalon as a company. With the maturity of their drug discovery technology, AvalonRx([R]), a strong product pipeline, and a growing list of partners like Novartis and Merck, I believe our original vision for Avalon is being achieved. With a strong Board of Directors now in place as a public company, it is a good time for me to step aside," said Dr. Walton. "Avalon is indebted to Alan for his many strategic contributions to the Company," said Kenneth C. Carter, Ph.D., President and 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. . "His visionary leadership has helped us establish an approach to drug discovery and development using genomic biomarkers that will ultimately contribute to better therapeutics for patients who need them critically." Avalon has initiated a search for a replacement for Dr. Walton on the Board of Directors. About Avalon Pharmaceuticals Avalon is a biopharmaceutical company focused on the discovery, development and commercialization of first-in-class cancer therapeutics. Avalon's lead product candidate, AVN AVN Aviation AVN Avenue AVN Adult Video News AVN Avascular Necrosis AVN Atrioventricular Node AVN Aviation Model (weather forecast model, now Global Forecast System) AVN Air Vanuatu (ICAO code) 944, an IMPDH inhibitor, is in Phase II clinical development. Avalon also has preclinical programs to develop inhibitors of the Beta-catenin and Aurora/Centrosome pathways, discovery programs for inhibitors of the Survivin and Myc pathways and partnerships with Merck, MedImmune, ChemDiv, Medarex, and Novartis. AvalonRx[R] is the company's proprietary platform which is based on large-scale biomarker identification and monitoring, used to discover and develop therapeutics for pathways that have historically been characterized as "undruggable." Avalon is headquartered in Germantown, Md. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This announcement contains, in addition to historical information, certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Such statements reflect the current views of Avalon management and are based on certain assumptions. Actual results could differ materially from those currently anticipated as a result of a number of factors, risks and uncertainties, including those specified under the "Risk Factors" section of our 2006 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and updates contained in subsequent filings we make with the Securities and Exchange Commission. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion