Dr. V. Sohoni Leaves Board of biosys; Company Announces International Market Developments.COLUMBIA, Md.--(BUSINESS WIRE)--July 23, 1996--biosys, Inc. (Nasdaq NM: BIOS) today announced that Dr. Venkat Sohoni resigned from the Board of Directors on June 4th, 1996. On September 1, 1995, Dr. Sohoni resigned as Chief Executive Officer of the Company though he retained his seat on the Board. Subsequently, Dr. Sohoni accepted the position of Managing Director at Hindustan Ciba Geigy, now part of Novartis, and relocated to India. Commenting on the move, Mr. Thomas Parton par·ton n. Any of the point particles believed to be a constituent of hadrons, now known as quarks. No longer in technical use. [part(icle) + -on1.] , Chairman of the Board, expressed regret at Dr. Sohoni's departure, but cited the emergence of potential conflicts of interest as biosys continues its strategic development. "Dr. Sohoni made invaluable contributions to the Company since its inception in 1988, yet characteristically has recognized that his present position may create certain difficulties as the Company continues to grow its business and relationships." Dr. Sahoni will continue to serve in a consulting capacity for Indian operations where biosys is undertaking a major initiative. biosys also announced the formation of a wholly-owned subsidiary which will be managed by Mr. Satya Banerji, biosys' newly appointed Regional Director, India. Mr. Banerji is the former Vice President managing Sandoz' Agricultural Products Group. "India is a country of enormous strategic importance for biosys, as it is the world's third largest insecticide market, with sales of $500 million", commented Dr. Edward Quattlebaum, President and Chief Executive Officer of biosys. "We are encouraged by the level of interest in our current product portfolio by national distributors in India. We are confident that Mr. Banerji's experience will help to optimize market penetration into this important region." In a further international development, Dr. Quattlebaum also announced receipt of the first commercial order for Frustrated PBWtm bands from Mexico for the control of pink bollworm pink bollworm, destructive larva of a moth, Pectinophora gossypiella. Probably of Native American origin, it is a serious pest of cotton in the S United States, chiefly along the Mexican border. in over 12,000 acres of cotton. biosys is a leader in the development and commercialization of biological products worldwide, primarily for insect control applications, based on multiple technologies, including nematodes and baculoviruses, as well as environmentally benign pheromone pheromone Any chemical compound secreted by an organism in minute amounts to elicit a particular reaction from other organisms of the same species. Pheromones are widespread among insects and vertebrates (except birds) and are present in some fungi, slime molds, and algae. products. biosys also has a contract fermentation business unit, which scales up and produces fermentation products for third party clients. biosys has active research programs in a variety of areas, including nematode nematode or roundworm Any of more than 15,000 named and many more unnamed species of worms in the class Nematoda (phylum Aschelminthes). Nematodes include plant and animal parasites and free-living forms found in soil, freshwater, saltwater, and even vinegar and pheromone product development, baculovirus baculovirus group of rod-shaped, double-stranded, DNA viruses which infect and kill a large number of different invertebrate species especially insects, including Lepidoptera, Hymenoptera, Diptera, Neuroplera, Trichoptera, Coleoptera and Homoptera, and also prawns; used as production via both in vivo in vivo /in vi·vo/ (ve´vo) [L.] within the living body. in vi·vo adj. Within a living organism. in vivo adv. and 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. methodologies, and applications of recombinant virus technology. CONTACT: Financial Contact: Kathleen Eppolito/Jonathan Fassberg The Trout Group/ Lippert/Heilshorn & Associates, Inc. (212) 838-5447/ (212) 838-3777 OR biosys, Inc. Dr. Edwin C. Quattlebaum 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. OR Mr. Michael R.N. Thomas Vice President and CFO See Chief Financial Officer. (410) 381-3800 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion