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AGY Therapeutics, Inc. Appoints Larry K. Powe, M.D., Vice President Of Clinical Development


10/19/2005 5:13:00 PM

SOUTH SAN FRANCISCO, Calif., March 15 /PRNewswire/ -- AGY Therapeutics Inc., a privately held biotechnology company, today announced that Larry K. Powe, M.D., has been appointed vice president of clinical development. Dr. Powe has held a number of top clinical positions with leading biotechnology and pharmaceutical companies, including Amgen, Sanofi-Aventis and Wyeth, as well as posts with the U.S. Department of Health and Human Services and the U.S. Food and Drug Administration. Dr. Powe also served the nation's military as a colonel in the U.S. Medical Army Corps Reserves.

At AGY, Dr. Powe will oversee the development plan and clinical strategy for AGY's lead drug candidate, a novel therapeutic for functional recovery after stroke and other indications involving neuroregeneration. He will plan, design and direct all of the Company's clinical trial programs, including the Phase 2a stroke study. Dr. Powe also will develop regulatory strategy and play a key role in interactions with regulatory authorities.

"Larry brings more than 20 years of relevant experience, ranging from his clinical research and development work in industry, to his time spent working for government health agencies and his academic training and clinical practice in the area of neurology," said Cynthia Ladd, AGY's chief executive officer. "His expertise in neurology and knowledge of clinical development and regulatory demands will be critical to AGY as we work to move our lead product candidate into its first Phase 2 trial."

Prior to joining AGY, Dr. Powe served as director of clinical research at Amgen. Previously, he worked for several years for Sanofi-Aventis (then Rhone-Poulenc Rorer), in positions including director of global medical affairs for neurosciences and women's health, international medical director for central nervous system diseases, and as group director for the neuroendocrine program. Before that, Dr. Powe served as an associate director in the central nervous system section of clinical research and development at Wyeth.

"I've spent my career trying to advance clinical practice and drug development in the area of neuroscience. AGY has an incredible dedication and depth of expertise in this field," said Dr. Powe. "I am compelled by the Company's innovative approach to developing a therapeutic product with the potential to improve the neurological deficits caused by acute cerebrovascular disease. A drug product that could possibly restore or bring about motor recovery after a stroke would have an immense impact on quality of life as well as a substantial cost reduction in the care of stroke survivors. I look forward with great anticipation to helping AGY move forward its stroke product candidate, as well as its other promising agents for central nervous system diseases."

Dr. Powe's work in government includes posts at both the Department of Health and Human Services (HHS) and the Food and Drug Administration (FDA). For the HHS, he worked as a special assistant to the deputy director in the bureau of health professions and health resources administration. At the FDA, he served as a supervisor and leader in the bureau of drugs neurology section and a medical officer in the drug abuse section.

Dr. Powe also has had a distinguished career with the U.S. Military, having risen to the rank of colonel in the U.S. Army Medical Corps Reserves. He served as chief of the neurodiagnostic clinic and of pediatric neurology and as assistant chief of neurology at the Letterman Army Medical Center in San Francisco. He was chief of pediatric neurology and assistant chief of neurology at the Frankfurt Army Regional Medical Center in Germany, and a pediatric neurologist at the Walter Reed Army Medical Center in Washington D.C.

Dr. Powe holds a doctor of medicine degree from Meharry Medical College in Nashville and has completed the executive management program at the UCLA Anderson School of Business. He completed his residency in pediatrics and neurology at Mt. Sinai Hospital and Medical Center, Hines VA Hospital and Cook County Hospital in Chicago and was a pediatric neurology fellow at Cook County Children's Hospital. Dr. Powe is board-certified in both pediatrics and neurology.

About AGY Therapeutics

AGY Therapeutics Inc., a privately held biopharmaceutical company, is dedicated to discovering and developing breakthrough central nervous system (CNS) therapeutics, including treatments for neurodegenerative diseases, CNS injuries, stroke, cognitive diseases and schizophrenia. With its proprietary imAGYne(TM) platform, the company has identified and characterized drug targets and compounds to treat these diseases. With a robust pipeline of clinical and preclinical candidates, the Company soon will start a Phase 2a trial of its lead product candidate for functional recovery from stroke. For additional information, please visit http://www.agyinc.com/.

AGY Therapeutics Inc.

CONTACT: Kristin Nash of WeissCommPartners, +1-415-302-7951, orkristin@weisscommpartners.com, for AGY Therapeutics Inc.


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