TIDMMEDG TIDMMEDU
RNS Number : 6415G
Medgenics Inc
02 July 2012
Press Release 2 July 2012
Medgenics, Inc.
("Medgenics" or the "Company")
Medgenics Appoints Former Celgene CEO Dr. Sol Barer as Chairman
of the Board
Barer led biotechnology company Celgene to $25 billion market
capitalization
Medgenics, Inc. (NYSE MKT: MDGN and AIM: MEDU, MEDG), the
developer of Biopump(TM) , a novel technology for the sustained
production and delivery of therapeutic proteins in patients using
their own tissue, today announced that former Celgene Corporation
Chairman and Chief Executive Officer, Sol J. Barer, PhD. (age 65)
has been appointed as the Chairman of the Board. Eugene Bauer,
M.D., who has served as Chairman since 2005, will continue his
active involvement as a Director and consultant to the company.
"It is an honor and a great day for Medgenics to welcome Dr.
Barer as Chairman of our Board. An energetic leader, Dr. Barer
brings the extensive knowledge, experience, and vision he
demonstrated in helping build Celgene into a $25billion biotech
leader, to help us drive Medgenics towards a full realization of
the potential we see for our technology," stated Andrew L.
Pearlman, Ph.D., President and Chief Executive Officer of
Medgenics. "We view Dr. Barer's decision to join Medgenics as
testament to our technology and its potential to transform protein
therapeutics to the benefit of patients, doctors and payers."
Dr. Barer spent most of his professional career with Celgene
Corporation, one of the largest, global biopharmaceutical
companies, with a market capitalization of approximately $25
billion, products in over 70 countries with revenues of $4.7
billion in 2011. He was Chairman of Celgene from January 2011 until
June 2011, Executive Chairman from June 2010 until January 2011 and
Chairman and Chief Executive Officer from May 2006 until June 2010.
Previously, he was appointed President in 1993 and Chief Operating
Officer in 1994 before assuming the CEO position. He also served as
Senior Vice President, Science and Technology, and Vice
President/General Manager, Chiral Products, from October 1990 to
October 1993, and Vice President, Technology, from September 1987
to October 1990.Dr. Barer also is a consultant to Celgeneon
strategic matters and research and development.
"I am extremely pleased to join Medgenics as Chairman of the
Board and to be part of a revolutionary approach addressing the
$130 billion annual protein therapy market," stated Dr. Barer.
Dr. Bauer added, "I have known Dr. Barer for some time through
mutual business interactions. His joining the Board of Medgenics is
a transformational event in the Company's evolution and represents,
for me, an independent validation of the potential power of the
Medgenics technology. It is a privilege to work with him."
Dr. Barer serves as a director and scientific advisor to several
public and private corporations, and sits on the board of trustees
for several not-for profit organizations. Dr. Barer holds numerous
professional awards from organizations around the world including
universities and foundations.
In connection with Dr. Barer's appointment, the Compensation
Committee of Medgenics' Board of Directors granted Dr. Barer an
inducement award consisting of stock options covering up to 900,000
shares of the Company's common stock, $0.0001 par value per share
("Common Stock"), at a per share exercise price of $ 10.80,
representing the closing price of the Common Stock on the last
trading day before the grant date. 300,000 shares underlying such
options vested immediately and the remaining underlying shares will
vest equally on each of the first and second anniversaries of Dr.
Barer's appointment, subject to his continuous service through each
vesting date. The Compensation Committee of Medgenics' Board of
Directors, which is comprised solely of independent directors,
granted this award on June 30, 2012 pursuant to a stand-alone award
agreement outside of Medgenics' Stock Incentive Plan as inducements
material to Dr. Barer's acceptance of his appointment to the Board
of Directors and his position as Chairman of the Board in
accordance with Section 711 of the NYSE MKT Company Guide and
subject to approval of NYSE MKT of an additional listing
application covering the shares underlying such options. Medgenics
has filed with the U.S. Securities and Exchange Commission, earlier
today, a Current Report on Form 8-K regarding the appointment of
Dr. Barer which includes a full description of this inducement
grant.
About Medgenics
Medgenics is developing and commercializing Biopump(TM), a
proprietary tissue-based platform technology for the sustained
production and delivery of therapeutic proteins using the patient's
own skin biopsy for the treatment of a range of chronic diseases
including anemia, hepatitis, and hemophilia, among others.
Medgenics believes this approach has multiple benefits compared
with current treatments, which include regular and costly
injections of therapeutic proteins.
Medgenics has three long-acting protein therapy products in
development based on this technology:
-- EPODURE(TM) to produce and deliver erythropoietin for many
months from a single administration, which has demonstrated
elevation and stabilization of hemoglobin levels in anemic patients
for periods of six months to more than 36 months in a Phase I/II
dose-ranging trial in Israel and has received approval for a Phase
IIa trial in dialysis patients and is in the process of launching
the trial in Israel. An Investigational New Drug application has
been cleared by the FDA to initiate a Phase IIb study to evaluate
the safety and efficacy of EPODURE in the treatment of anemia in
dialysis patients in the U.S.
-- INFRADURE(TM) for sustained production and delivery of
interferon-alpha for use in the treatment of hepatitis is awaiting
final approval of the Israeli Ministry of Health of two Phase I/II
trials in Israel in hepatitis C, slated to commence Q3 2012 and has
received Orphan Drug designation from the FDA to treat hepatitis
D.
-- HEMODURE(TM) for sustained production and delivery of
clotting Factor VIII therapy for the sustained prophylactic
treatment of hemophilia is now in development.
Medgenics is focused on the development and manufacturing of its
innovative Biopumps, aiming to bring them to market via strategic
partnerships with major pharmaceutical and/or medical device
companies.
In addition to treatments for anemia, hepatitis and hemophilia,
Medgenics plans to develop and/or out-license a pipeline of future
Biopump products targeting the large and rapidly growing global
protein therapy market, which is forecast to reach $132 billion in
2013. Other potential applications for Biopumps include multiple
sclerosis, arthritis, pediatric growth hormone deficiency, obesity
and diabetes.
Forward-looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and as that term is defined
in the Private Securities Litigation Reform Act of 1995, which
include all statements other than statements of historical fact,
including (without limitation) those regarding the Company's
financial position, its development and business strategy, its
product candidates and the plans and objectives of management for
future operations. The Company intends that such forward-looking
statements be subject to the safe harbors created by such laws.
Forward-looking statements are sometimes identified by their use of
the terms and phrases such as "estimate," "project," "intend, "
"forecast," "anticipate," "plan," "planning, "expect," "believe,"
"will," "will likely," "should," "could," "would," "may" or the
negative of such terms and other comparable terminology. All such
forward-looking statements are based on current expectations and
are subject to risks and uncertainties. Should any of these risks
or uncertainties materialize, or should any of the Company's
assumptions prove incorrect, actual results may differ materially
from those included within these forward-looking statements.
Accordingly, no undue reliance should be placed on these
forward-looking statements, which speak only as of the date made.
The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based.
As a result of these factors, the events described in the
forward-looking statements contained in this release may not
occur.
For further information, contact:
Medgenics, Inc. Phone: +972 4 902 8900
Dr. Andrew L. Pearlman
andrew.pearlman@medgenics.com
LHA Phone: 212-838-3777
Anne Marie Fields
afields@lhai.com
@LHA_IR_PR
Abchurch Communications Phone: +44 207 398 7719
Adam Michael
Joanne Shears
Jamie Hooper
jamie.hooper@abchurch-group.com
Nomura Code Securities (NOMAD and Phone: +44 207 776 1200
Joint Broker)
Jonathan Senior
Giles Balleny
SVS Securities plc (Joint Broker) Phone: +44 207 638 5600
Alex Mattey
Ian Callaway
@yahoofinance on Twitter, become a fan on Facebook
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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