Enzon Names Arthur J. Higgins as Its President, CEO and Chairman Elect.Business & Health Editors PISCATAWAY, N.J.--(BUSINESS WIRE)--May 24, 2001 Enzon, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ENZN) announced today that Arthur J. Higgins, age 45, will become President & Chief Executive Officer. Mr. Higgins joins Enzon from Abbott Laboratories Abbott Laboratories (NYSE: ABT) is a diversified pharmaceuticals and health care company. It has over 65,000 employees and operates in 130 countries. The corporate headquarters are in Abbott Park, Illinois, a neighborhood of North Chicago, Illinois. where he was President, Abbott Pharmaceutical Products Division. In this capacity Mr. Higgins has had full profit and loss responsibilities for Abbott's U.S. pharmaceutical business, as well as global responsibility for pharmaceutical research and development. Mr. Higgins brings to Enzon over 20 years of pharmaceutical experience. Prior to his most recent role with Abbott, Mr. Higgins held various positions including Vice President of Pacific Asia Africa, Abbott International Division; Vice President of International Business Development, Abbott International Division; Regional Director of Europe, Africa and Middle East, Abbott Diagnostic Division; and Commercial Director of Europe & regional manager of Northern Europe, Abbott International USA. Previously, Mr. Higgins worked for Bristol-Myers and Sandoz in the UK. Mr. Higgins graduated from Stratchclyde University, Scotland and holds a B.S. degree in biochemistry. On behalf of the Enzon Board of Directors, Randy Thurman, Chairman of Enzon, made the following statement: "We are extraordinarily fortunate to be able to bring someone of Arthur Higgins' caliber to Enzon. Arthur brings a wealth of experience in pharmaceutical research and development, product marketing, organizational leadership and is truly a global executive. Enzon announced last year our intention to work with Peter Tombros on a succession strategy following Peter's decision to step down as 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. . Arthur is uniquely qualified to lead Enzon as we seek to aggressively expand our outstanding pipeline and continue to build on our track record of creating exceptional shareholder value." The Board plans to elect Higgins to the additional position of Chairman of the Board at the December meeting of the board of directors which will follow the annual meeting of stockholders. "Enzon is very fortunate to have Arthur as its new President and CEO. Under Arthur's leadership and direction, I am confident that Enzon will continue to build upon its outstanding pipeline and strategic options," said Tombros. "I am pleased for Arthur and will provide my support and guidance in anyway to help him transition into his role as President and CEO." "I am extremely excited to assume leadership of Enzon, an organization recognized for its excellent and innovative technology and rapid commercial growth. Coming from a large and well-known pharmaceutical company, I intend to apply my experience and organizational skills to ensure that Enzon fully exploits its existing assets, and identifies new opportunities to further accelerate its already impressive growth," said Mr. Higgins. The board also expressed its gratitude and respect for Peter Tombros who has served as CEO of Enzon since 1994. Mr. Thurman said, "Peter has led Enzon during a timeframe when exceptional shareholder value was created and maintained. The measure of Peter's success is the greater than 50-fold increase in Enzon's market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. and creating one of the finest management teams in the industry. We will work closely with Arthur and Peter to ensure a seamless transition." Enzon is a biopharmaceutical company developing advanced therapeutics for life-threatening diseases through the application of its proprietary drug delivery and targeting technologies, PEG Modification, Pro Drug/Transport technology and Single-Chain Antigen-Binding (SCA (Single Connector Attachment) An 80-pin plug and socket used to connect peripherals. With a SCSI drive, it rolls three cables (power, data channel and ID configuration) into one connector for fast installation and removal. (R)) protein technology. Three products are currently marketed which utilize Enzon's technology: PEG-INTRON marketed by Schering-Plough for hepatitis C Hepatitis C Definition Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. , ONCASPAR(R) for Acute Lymphoblastic Leukemia acute lymphoblastic leukemia n. Abbr. ALL Lymphoblastic leukemia occurring mainly in older adults, characterized by rapid onset and progression of symptoms. Also called acute lymphocytic leukemia. (ALL), and ADAGEN(R) a treatment for a form of Severe Combined Immunodeficiency Disease Noun 1. severe combined immunodeficiency disease - a congenital disease affecting T cells that can result from a mutation in any one of several different genes; children with it are susceptible to infectious disease; if untreated it is lethal within the first year or (SCID SCID severe combined immunodeficiency (disease); see under immunodeficiency. SCID abbr. severe combined immunodeficiency SCID severe combined immunodeficiency disease. ), commonly known as the "Bubble Boy Disease." In addition to three approved products, Enzon has several products in various stages of clinical development by itself and with partners, including additional indications for PEG-INTRON with Schering-Plough. PEG-INTRON is in Phase III clinical trials conducted by Schering-Plough for the treatment of malignant melanoma Malignant Melanoma Definition Malignant melanoma is a type of cancer arising from the melanocyte cells of the skin. Melanocytes are cells in the skin that produce a pigment called melanin. and chronic myelogenous leukemia Chronic myelogenous leukemia (CML) Also called chronic myelocytic leukemia, malignant disorder that involves abnormal accumulation of white cells in the marrow and bloodstream. Mentioned in: Bone Marrow Transplantation . Enzon develops and markets products on its own and through strategic alliances, which in addition to Schering-Plough Corporation, include Alexion Pharmaceuticals, Inc., Baxter Healthcare Corporation, Bristol-Myers Squibb Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were Company, Eli Lilly Eli Lilly can refer to:
Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors which are described in the Company's Form 10-K/A, Form 10-Q's and Form 8-Ks on file with the SEC, including without limitation, risks in obtaining and maintaining regulatory approval for indications and expanded indications, market acceptance of and continuing demand for Enzon's products and the impact of competitive products and pricing. This release is also available at www.enzon.com |
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