Cubist Pharmaceuticals Discloses Executive Undergoing Medical Treatment.Business Editors/Health/Medical Writers BIOWIRE2K LEXINGTON, Mass.--(BUSINESS WIRE)--March 5, 2003 Cubist Pharmaceuticals, Inc. (Nasdaq: CBST CBST Center for Biophotonics Science and Technology CBST Congregation Beth Simcha Torah (NYC) CBST Complete Binary Search Tree ) today announced that its Chairman & 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. , Scott M. Rocklage, Ph.D., is currently undergoing outpatient cancer treatment. Although a private matter, the company felt it appropriate to make a public announcement about Dr. Rocklage's condition due to his and Cubist's commitment to openness and fair disclosure. Cubist recently announced that it had received notice from the U.S. Food & Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) that the FDA has accepted the New Drug Application for its investigational antibiotic Cidecin(R) (daptomycin for injection) and has granted the filing priority review status. The company also announced that it had chosen the achievement of this important milestone to announce Cubist's succession plan, under which Michael W. Bonney, Cubist's current President & COO, will succeed Dr. Rocklage as CEO at the company's Annual Meeting of Shareholders in June 2003. Discussions with Cubist's Board of Directors on this succession plan began as the company commenced preparation for the expected 2003 launch of CIDECIN, well before the recent discovery of Dr. Rocklage's illness. "Throughout my treatment," Dr. Rocklage commented, "I intend to continue in my role and carry out my responsibilities to the best of my ability. My physicians and I do not expect my condition to adversely affect Cubist's operations in any way and I look forward to working closely with the entire senior management team during what promises to be an exciting year for the company." Cubist's Board Member David W. Martin, Jr., MD, also commented on the announcement: "We wish Scott a quick return to excellent health and we expect everyone to respect his right to personal privacy during this time. We, of course, look forward to continuing to work with Scott in his ongoing role as Chairman, while he focuses on Board leadership, capital formation, strategic development, corporate communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. and ambassadorship." About Cubist Cubist Pharmaceuticals, Inc. is focused on becoming a global leader in the research, development and commercialization of novel pharmaceuticals to combat serious and life-threatening infections. Cubist has submitted a New Drug Application (NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any ) with the U.S. Food & Drug Administration (FDA) for Cidecin(R) (daptomycin for injection) for the treatment of complicated skin and skin structure infections (cSSSI) and is conducting additional Phase 3 studies in both infective infective /in·fec·tive/ (in-fek´tiv) 1. capable of producing infection. 2. infectious (1). in·fec·tive adj. Capable of producing infection; infectious. endocarditis/bacteremia and vancomycin-resistant enterococcal (VRE VRE vancomycin-resistant enterococcus. VRE Vancomycin-resistent enterococcus, see there ) infections. The CIDECIN NDA is currently under review at FDA under priority review status. Cubist has broadened its pipeline to include multiple pre-clinical drug candidates, including an oral version of ceftriaxone ceftriaxone /cef·tri·ax·one/ (cef?tri-ak´son) a semisynthetic, ß–resistant, third-generation cephalosporin effective against a wide range of gram-positive and gram-negative bacteria, used as the sodium salt. (OCTX), a broad-spectrum cephalosporin cephalosporin (sĕf'əlōspôr`ĭn), any of a group of more than 20 antibiotics derived from species of fungi of the genus Cephalosporium and closely related chemically to penicillin. Cephalosporins, e.g. antibiotic, and CAB-175, a next generation cephalosporin antibiotic with demonstrated in vitro in vitro /in vi·tro/ (in ve´tro) [L.] within a glass; observable in a test tube; in an artificial environment. in vi·tro adj. In an artificial environment outside a living organism. activity against methicillin-resistant Staphylococcus aureus methicillin-resistant Staphylococcus aureus Methicillin-aminoglycoside resistant Staphylococcus aureus, MRSA An organism with multiple antibiotic resistances–eg, aminoglycosides, chloramphenicol, clindamycin, erythromycin, rifampin, tetracycline, (MRSA MRSA Methicillin-resistant Staphylococcus aureus. See MARSA. ). Cubist is headquartered in Lexington, MA. Cubist Safeharbor Statement Statements contained herein that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements made by the Company. These factors include, but are not limited to: (i) the Company's ability to successfully complete product research and development, including pre-clinical and clinical studies and commercialization; (ii) the Company's ability to obtain required governmental approvals; (iii) the Company's ability to attract and/or maintain manufacturing, sales, distribution and marketing partners; (iv) the Company's ability to develop and commercialize its products before its competitors; and (v) the Company's ability to finance its operations. Additional factors that would cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company's filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in the Company's recent SEC filings. Cidecin(R) is a registered trademark of Cubist Pharmaceuticals, Inc. Additional information can be found at the Company's web site at www.cubist.com |
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