BioTransplant Elects Three New Board Members.Business Editors/Health & Medical Writers CHARLESTOWN, Mass.--(BUSINESS WIRE)--Oct. 4, 2002 BioTransplant Incorporated (Nasdaq: BTRN) announced today that it has elected three new members to the Company's Board of Directors. The new members include Donald Hawthorne, President and Chief Executive Officer of BioTransplant, W. Anthony Hitschler, President of Brandywine Asset Management, and Gregg Summerville, Chief Investment Strategist of Kirr, Marbach & Company. Mr. Hawthorne joined BioTransplant as President and Chief Executive Officer in July 2002. He has over 19 years of experience in the healthcare industry and has led six company restructurings that have transformed businesses into financial viability or greater profitability. Mr. Hitschler has over 23 years of experience in the investment management business. Prior to founding Brandywine Asset Management in 1986, he was the President of Provident Capital Management. In addition, he served as the Chairman of the Board of iPhotonics, a fiber optic engineering and manufacturing concern that was sold last year to Solectron. Mr. Summerville joined Kirr, Marbach & Company in 1981 and currently serves on the Board of Directors for Utah Mining. He previously served as a security analyst for the Cummins Engine Company pension fund and as a portfolio manager at Mellon Bank. In addition, Mr. Summerville previously served on the Board of Directors of ProCard, a credit card solutions company. In connection with BioTransplant's June 2002 offering, BioTransplant agreed to consider the nomination to its Board of Directors of up to two additional individuals designated by the investors in the offering. Mr. Hitschler and Mr. Summerville were both nominated to serve on the Board of Directors by the June 2002 investors, pursuant to such agreement. The Company also announced today that on October 1, 2002 Mr. Hawthorne was appointed interim Chief Financial Officer of BioTransplant, and that Rick Capassso, Vice President of Finance and Treasurer will leave his position effective October 15, 2002 to pursue other business opportunities. About BioTransplant BioTransplant Incorporated, headquartered in Charlestown, Mass., is developing a portfolio of products for application in a range of medical conditions See carpal tunnel syndrome, computer vision syndrome, dry eyes and deep vein thrombosis. , including treatment of cancer and autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause , organ and tissue transplantation, for which current therapies are inadequate. Siplizumab (MEDI-507), a lead product the Company exclusively licensed to MedImmune, is in Phase II clinical trials Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II for the treatment of psoriasis psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the . In addition, the Company is developing the AlloMune System, which is designed to treat a variety of hematologic malignancies hematologic malignancy Hematologic cancer Hematology Any CA of blood-forming tissues, BM, or lymph nodes–eg, leukemia and lymphoma , and its distribution partner, Gambro BCT BCT Brigade Combat Team BCT Basic Combat Training BCT Best Conventional Pollutant Control Technology (EPA) BCT Business Cards Tomorrow BCT Banque Centrale de Tunisie (Central Bank of Tunisia) , markets the Eligix family of cell separation products in Europe for use in bone marrow, stem cell stem cell In living organisms, an undifferentiated cell that can produce other cells that eventually make up specialized tissues and organs. There are two major types of stem cells, embryonic and adult. and donor leukocyte leukocyte (l  `kəsīt'): see blood. leukocyte or white blood cell or white corpuscle transplants. This news release contains 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. about BioTransplant that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from those currently anticipated as a result of a number of factors. Important factors that could cause future results to differ materially from such forward-looking statements include, but are not limited to: BioTransplant's ability to secure the additional funding required for its operations and research and development programs; BioTransplant's and its third party collaborators' ability to successfully discover, develop and commercialize its products, obtain and maintain required regulatory approvals in a timely fashion, and overcome other difficulties inherent in developing and commercializing therapeutics, therapeutic devices and therapeutic regimens; market acceptance and penetration of BioTransplant's Eligix(TM) HDM HDM - SPECIAL Cell Separation Systems in the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community ; BioTransplant's ability to obtain and enforce the patent protection required for its products; and BioTransplant's ability to maintain collaborations and distribution arrangements with third parties. For a detailed discussion of these and other factors, see the section entitled "Business -- Factors That May Affect Results" in BioTransplant's 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. for the year ended December 31, 2002, as filed with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this news release. BioTransplant does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. |
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