Isolagen Announces New Officers
June 09 2006 - 5:46PM
PR Newswire (US)
EXTON, Pa., June 9 /PRNewswire-FirstCall/ -- Isolagen, Inc.
(AMEX:ILE) recently announced the appointments of Nicholas Teti as
Chairman and CEO; Declan Daly as Chief Financial Officer (CFO) and
Executive Vice President; and Steven Trider as Senior Vice
President - Global Business and Market Development. In connection
with the commencement of employment of Messrs. Teti, Daly, and
Trider, it has issued options to each. The terms of employment with
the company are more fully disclosed in the company's Current
Report on Form 8-K filed with the Securities and Exchange
Commission on June 9, 2006 and include the issuance of the
following stock options. Mr. Teti received an option to purchase
2,000,000 shares of common stock vesting quarterly over three years
at an exercise price of $1.88 per share and a performance option to
purchase 500,000 shares of common stock at an exercise price of
$1.88 per share that vests upon the occurrence of certain events
set forth in Mr. Teti's employment agreement, most notably the
disposition of the company at a value of $25 or more per share. Mr.
Daly received an option to purchase 325,000 shares of common stock
vesting annually over three years at an exercise price of $1.87 per
share. Mr. Trider received an option to purchase 200,000 shares of
common stock vesting annually over three years at an exercise price
of $1.87 per share. About Isolagen, Inc. Isolagen specializes in
the development and commercialization of autologous cellular
therapies for soft and hard tissue regeneration. The company's
product candidates are based on its proprietary Isolagen Process.
Based on the accumulated experience of the company through its
retrospective study, clinical trials and treatment of patients in
the United Kingdom, the company believes that the Isolagen Process
utilizes the patient's own cells to create safe and effective
therapies to treat the underlying cause of the patient's condition.
Autologous cellular therapy is the process whereby a patient's own
cells are extracted, allowed to multiply and then injected into the
patient. Isolagen's product candidates are designed to be minimally
invasive and non-surgical. For additional information, please
visit: http://www.isolagen.com/ . DATASOURCE: Isolagen, Inc.
CONTACT: investors, Lee M. Stern of The Trout Group,
+1-212-477-9007, or ; or media, Mike Beyer of Sam Brown Inc.,
+1-773-463-4211, or , both for Isolagen, Inc. Web site:
http://www.isolagen.com/
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