CollaGenex Pharmaceuticals Announces Succession Plan for Chief Executive Officer.Business Editors/Health/Medical Writers NEWTOWN, Pa.--(BUSINESS WIRE)--March 19, 2003 CollaGenex Pharmaceuticals, Inc. (Nasdaq: CGPI CGPI Corporate Goods Price Index (Japan) CGPI Capital Goods Price Index (New Zealand) ) today announced that Brian M. Gallagher, PhD, chairman, chief executive officer and president of CollaGenex, will be leaving the Company to pursue other interests. Dr. Gallagher has agreed to remain in his current position until a successor is appointed, and he will work closely with the Company as a consultant for a period of time thereafter to ensure a smooth transition. Dr. Gallagher has served as the Company's president and chief executive officer since 1994. He became chairman of the company in 1999. Dr. Gallagher is credited with the successful development and launch of the Company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , Periostat(R), and the Company's development into a publicly-traded, specialty pharmaceutical company focused on providing innovative medical therapies to the dental and dermatology markets. The Company has established a search committee of its board of directors and has engaged an executive recruiting firm to help identify a successor to Dr. Gallagher. The ideal candidate will possess extensive leadership experience and a strong track record in all areas of the pharmaceutical business. "Brian has been an effective leader at CollaGenex and instrumental in transforming the Company into a profitable entity," said James E. Daverman, Managing General Partner of Marquette Venture Partners and a member of the Company's board of directors since 1995. "Among his many achievements, Brian's greatest contributions have been his visionary leadership surrounding the many clinical applications of the Company's core IMPACS IMPACS Institute for Media, Policy and Civil Society IMPACS Integrated Manufacturing Planning and Control System IMPACS International Message and Packet Switching Service (R) technology, establishment of the Company's strategic direction and development of a strong management team. We have asked Brian to assist in the transition process because of his unique understanding of the Company and the steps necessary to grow it to the next level." "I have truly enjoyed the opportunity to build CollaGenex into a significant company in the specialty pharmaceuticals arena, and to work with a committed team in executing the Company's growth strategy," commented Dr. Gallagher. "Our foundation is strong, we have proven excellence in our core business and I have total confidence in the management team we have put in place. I look forward to assisting the Company and its next chief executive officer in fulfilling the opportunities that lie ahead for CollaGenex. As CollaGenex moves beyond the dental market into dermatology and other fields, leveraging the broad utility of its core technologies, the Company will be well served by a chief executive officer with demonstrated capabilities in the development and commercialization of a diversified portfolio of specialty pharmaceutical products." The Company and Dr. Gallagher have executed an agreement pursuant to which the Company shall compensate Dr. Gallagher for, among other things, his services during the transition period and to recognize his historical contributions to the Company. As a result of this agreement, the Company will recognize a non-cash compensation charge relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc certain modifications of Dr. Gallagher's stock option agreements of approximately $250,000 in the first quarter of 2003. CollaGenex also entered into a consulting agreement with Dr. Gallagher pursuant to which he will provide consulting services to the Company for a period of 24 months following the appointment of a new chief executive officer. CollaGenex Pharmaceuticals, Inc. is a specialty pharmaceutical company currently focused on providing innovative medical therapies to the dental and dermatology markets. Currently, the Company's 115-person professional dental pharmaceutical sales force markets Periostat(R), which is indicated as an adjunct to scaling and root planing The objective of scaling and root planing, otherwise known as conventional periodontal therapy, is to remove or eliminate the etiologic agents which cause inflammation: dental plaque, its products and calculus,[1] for the treatment of adult periodontitis periodontitis Inflammation of soft tissues around the teeth (see tooth). Poor dental hygiene leads to deposition of bacterial plaque on the teeth below the gum line, irritating and eroding nearby tissues. and is the first and only pharmaceutical to treat periodontal disease Periodontal Disease Definition Periodontal diseases are a group of diseases that affect the tissues that support and anchor the teeth. Left untreated, periodontal disease results in the destruction of the gums, alveolar bone (the part of the jaws where by inhibiting the enzymes that destroy periodontal periodontal /peri·odon·tal/ (per?e-o-don´t'l) 1. pertaining to the periodontal ligament or periodontium. 2. near or around a tooth. per·i·o·don·tal adj. 1. support tissues and by enhancing bone protein synthesis Protein synthesis is the creation of proteins using DNA and RNA. Biological and artificial methods for creation of proteins differ significantly.
Tetracyclines are medicines that kill certain infection-causing microorganisms. Purpose Tetracyclines are called "broad-spectrum" antibiotics, because they can be used to treat a wide variety of discovered during the development of Periostat may be applicable to other diseases involving inflammation and/or destruction of the body's connective tissues, including acne, rosacea Rosacea Definition Rosacea is a skin disease typically appearing in people during their 30s and 40s. It is marked by redness (erythema) of the face, flushing of the skin, and the presence of hard pimples (papules) or pus-filled pimples (pustules), and , meibomianitis and cancer metastasis metastasis /me·tas·ta·sis/ (me-tas´tah-sis) pl. metas´tases 1. transfer of disease from one organ or part of the body to another not directly connected with it, due either to transfer of pathogenic microorganisms or to , among others. CollaGenex is further evaluating Periostat, as well as a series of novel, proprietary compounds known as IMPACS(R) (Inhibitors of Multiple Proteases and Cytokines Cytokines Chemicals made by the cells that act on other cells to stimulate or inhibit their function. Cytokines that stimulate growth are called "growth factors. ), to assess whether they are safe and effective in these applications. In addition, CollaGenex has licensed the Restoraderm(TM) technology, a unique, proprietary dermal dermal /der·mal/ (der´mal) pertaining to the dermis or to the skin. der·mal or der·mic adj. Of or relating to the skin or dermis. drug delivery system, in order to develop a range of topical dermatological products with enhanced pharmacologic and cosmetic properties. To receive additional information on the Company, please visit our website at www.collagenex.com which does not form part of this press release. This press release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Investors are cautioned that forward-looking statements involve risks and uncertainties, which may affect the Company's business and prospects. The Company's business of selling, marketing and developing pharmaceutical products is subject to a number of significant risks, including risks relating to the implementation of the Company's sales and marketing plans for Periostat and other products that the Company markets, risks inherent in research and development activities, risks associated with enforcement of the Company's intellectual property rights, including risks relating to the outcome and consequences of the patent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. against West-ward Pharmaceutical Corporation, risks associated with conducting business in a highly regulated environment and uncertainty relating to clinical trials of products under development, all as discussed in the Company's periodic filings with the U.S. Securities and Exchange Commission. Periostat(R), Metastat(R), Dermostat(R), Nephrostat(R), Osteostat(R), Arthrostat(R), Rheumastat(R), Corneostat(R), Gingistat(R), IMPACS(R), PS20(TM), The Whole Mouth Treatment(R), Restoraderm(TM) and Dentaplex(R) are United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. trademarks of CollaGenex Pharmaceuticals, Inc. Periostat(R), Nephrostat(R), Optistat(R), Xerostat(R) and IMPACS(TM) are European Community European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. trademarks of CollaGenex Pharmaceuticals, Inc. Periostat(R), Nephrostat(R), Optistat(R), Xerostat(R), IMPACS(R), Dentaplex(R), Restoraderm(R), Dermastat(R), Periocycline(R), Periostatus(R) and Periostan(R) are United Kingdom trademarks of our wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , CollaGenex International Limited. CollaGenex(R), PS20(R), "C" Logo(R) and The Whole Mouth Treatment(R) are European Community and United Kingdom trademarks of CollaGenex International Limited. Periocycline(TM) and Periostan(TM) are European Community Trademarks of CollaGenex International Limited. All other trade names, trademarks or service marks are the property of their respective owners and are not the property of CollaGenex Pharmaceuticals, Inc. or any of our subsidiaries. |
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