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Cognate Therapeutics, Inc. Announces Appointment Of Brandon J. Price As Chief Executive Officer

10/19/2005 5:13:19 PM

BALTIMORE, Oct. 7 /PRNewswire/ -- Cognate Therapeutics, Inc. today announced the appointment of Brandon J. Price as Chief Executive Officer and member of the Board of Directors, effective September 12, 2005. Dr. Price brings with him a distinguished 28-year career in the biopharmaceutical industry. Alan K. Smith will continue at Cognate as the company's President and Chief Operating Officer.

Dr. Price came to Cognate from Cardinal Health, the 16th largest company in the U.S. and a leading provider of services to pharmaceutical and biopharmaceutical companies, where he was Vice President of Biotechnology Services. Prior to that, Dr. Price was President and CEO of Goodwin Biotechnology, Inc., a biologics contract manufacturing organization, and he was the first CEO of CropTech Corporation where he developed the company's business plan and raised its first round of private financing. Dr. Price was the VP of Marketing and Sales for BioReliance and a key member of the due diligence and road show teams that led the company's IPO in 1997. He was also Senior VP and Chief Operating Officer of Magenta Corp., BioReliance's biomanufacturing subsidiary. He has held senior-level management positions at Damon Biotech in the U.K. and Ortho Diagnostic Systems, a Johnson & Johnson Company.

In addition, Dr. Price co-founded the Institute for Cell Analysis at the University of Miami (FL), and Quality Biotech, a biosafety testing company. Dr. Price has served as Board Chairman of the Virginia Biotechnology Association and Maryland's counterpart, MdBIO. Dr. Price was named as the 2001 Biotechnology Leader of the Year in Virginia, and was appointed by Governor Warner as co-chair of the Virginia Biotechnology Initiative. Dr. Price currently sits on the Board of Galen Bio and Prairie Plant Systems, private biotechnology companies, and George Mason University Intellectual Properties, Inc. Dr. Price also serves on the Advisory Councils for the Keck Graduate Institute in Claremont, CA and the Biological Systems Engineering Department at Virginia Tech University.

Dr. Price holds a Ph.D. in Biophysics from the University of Michigan in Ann Arbor and is the author of more than 50 articles in the scientific and business literature.

Dr. Price observed, "I am genuinely excited about the opportunity to build a leading player in the new field of cell-based therapies, a field with astonishing promise for the treatment of human disease."

"Cognate is well positioned to accelerate its biopharmaceutical services business over the next 6-12 months. During this time, Cognate will scale up the manufacturing for several late stage clinical trials for one its clients, and early stage trial activity for other clients. Dr. Price's extensive experience in growing small businesses into leading players in the biotechnology services sector will be very valuable in guiding Cognate's growth," commented Linda F. Powers, Cognate's Chairman of the Board.

About Cognate Therapeutics, Inc.

Cognate Therapeutics, Inc. was formed to provide full commercialization support to emerging companies developing varied cellular technologies, encountering translational challenges in development, manufacturing, quality, regulatory and delivery. The expertise of the management team and staff provides a cost-effective solution to the need in the current market for early focus on product development and clinical phase planning, without the need for extensive capital outlay.

Cognate is also developing a pipeline of therapeutic product candidates using adult stem cells for cardiac, peripheral vascular and orthopedic indications. Cognate has a substantial intellectual property portfolio base covering the use of adult bone marrow stromal cells and adipose-derived stem cells for use in cardiovascular indications. Cognate has a fully integrated company with highly experienced technical staff and management team, along with a fully validated cGMP Manufacturing facility and state of the art research and development laboratories. Cognate also has the ability to rapidly advance technology from early research stages through pre-clinical & process development, GMP manufacturing and scale-up, regulatory submission to the clinic.

Statements made in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "intends," and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward- looking statement. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.

Cognate Therapeutics, Inc.

CONTACT: Alan Smith of Cognate Therapeutics, +1-410-455-5697

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