CombiChem Promotes Lee R. McCracken to Senior Vice President of Corporate Development and New Business Ventures.SAN DIEGO--(BW HealthWire)--Jan. 19, 1999 - CombiChem Inc. (Nasdaq NMS See NetWare Management System. :CCHM CCHM Century Campus Housing Management CCHM Cherokee County Historical Museum CCHM CombiChem Inc (stock symbol) CCHM Centre Culturel Haut-Marnais (French) CCHM Certificate in Chinese Herbal Medicine ) announced today the promotion of Lee R. McCracken to Senior Vice President of Corporate Development and New Business Ventures. Lee will continue to have overall leadership responsibilities for the Business Development function. "As CombiChem expands the application of its proprietary computational technology, we look forward to Lee's continuing leadership in both corporate and commercial development, particularly in exciting new areas for CombiChem such as Materials Science," stated Vicente Anido, Jr., Ph.D., president and chief executive officer. McCracken joined CombiChem in May 1996 as Vice President of Business Development and has been responsible for the commercial development of CombiChem's computational discovery services business. Prior to joining CombiChem, McCracken served in a variety of business development and general management positions with Watson Pharmaceuticals and Allergan. Previously, McCracken was a venture capitalist Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. with 3i Corp. and Union Venture Corp. McCracken received his MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from The Anderson School at UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX , his MS Computer Science from the University of Dayton The University of Dayton is one of the ten largest Catholic schools in the United States and is the largest of the three Marianist universities in the nation. It is also home to one of the largest campus ministry programs in the world. , and his BS Marketing from Santa Clara University. CombiChem Inc., based in San Diego, is a computational drug discovery company that is applying its proprietary design technology and rapid synthesis capabilities to accelerate the discovery process for new drugs. CombiChem believes its approach offers pharmaceutical, biotechnology and agrochemical agrochemical Any chemical used in agriculture, including chemical fertilizers, herbicides, and insecticides. Most are mixtures of two or more chemicals; active ingredients provide the desired effects, and inert ingredients stabilize or preserve the active ingredients or aid companies the opportunity to conduct their discovery efforts in a more productive and cost effective manner. Using its proprietary Discovery Engine(TM) process, CombiChem focuses on the generation, evolution, and optimization of new lead candidates for its collaborative partners, who will then develop, manufacture, market, and sell the resulting products. CombiChem has established collaborative agreements with Athena Neuroscience Inc., a 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. of Elan Corp., plc., ICOS Corp., ImClone Systems Inc., Novartis Crop Protection AG, Ono Pharmaceutical Co. Ltd., Roche Bioscience, Sumitomo Pharmaceuticals Co., Ltd., and Teijin Ltd. Except for the historical and financial information contained herein, the matters discussed in this news release may contain forward-looking statements which involve risks and uncertainties, including significant fluctuations in quarterly financial performance depending on factors such as timing of revenues recognized and achievement of milestones, a dependence on the efforts of third parties, a new and uncertain technology employed by CombiChem, dependence on intellectual property rights, the competitive nature of the industry in which CombiChem and the joint venture operate and risks of obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of certain technology. Actual results may differ materially from those projected. Forward-looking statements represent the judgment of CombiChem as of the date of this release. CombiChem disclaims, however, any intent or obligation to update any forward-looking statements. CombiChem's releases are on the Web at www.combichem.com. |
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