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Speedel Pharmaceuticals, Inc. Appoints Rolf Hanggi To Board Of Directors



10/19/2005 5:10:27 PM

BASEL, Switzerland and BRIDGEWATER, N.J., May 6 /PRNewswire/ -- Speedel Holding Ltd announced today the appointment of Rolf Hanggi as a non-executive member of its Board of Directors. This appointment was approved at the company's Annual General Meeting held on 28 April 2005. He will also serve on Speedel's Audit & Compliance Committee, and chair the Compensation & Option Committee.

Mr. Hanggi is a financier by profession, and is currently Chairman of Bank Rud, Blass & Cie AG, Zurich. He also holds a number of other non-executive director positions including Vice-Chairman of Roche Holding Ltd, Basel, and Vice-Chairman of Nestle SA, Vevey, Switzerland.

Dr. Fritz Kunz, Chairman of the Board of Directors of Speedel, commented: "Mr. Hanggi has been supporting Speedel for a number of years, and we are delighted to welcome him on our Board. He brings a wealth of financial and corporate expertise which is invaluable as Speedel looks forward to its next phase of growth."

Mr. Hanggi stated: "I am very pleased to have this opportunity of working with the Board of Speedel, as it builds on its foundations as one of Europe's premier young biopharmaceutical companies."

Mr. Hanggi started his career with Swiss Bank Corporation and Union Bank of Switzerland. He then joined Zurich Insurance Company, where he served as Deputy CEO from 1988-1997, and was a Board member from 1993-1997. He was appointed Chairman of Bank Rud Blass in 1994. He completed his law studies at the University of Basel and attended Harvard Business School (ISMP).

The other members of the Board of Speedel Holding Ltd remain unchanged and further details are available on http://www.speedel.com/.

About Speedel

Speedel is a biopharmaceutical company that seeks to create value for patients, partners and investors by developing innovative therapies for cardiovascular and metabolic diseases. Speedel is a world leader in renin inhibition, a promising new approach with significant potential for treating cardiovascular diseases. Our lead compound SPP100 (Aliskiren), a first-in-class renin inhibitor, is partnered with Novartis for Phase III development and commercialisation in hypertension. Our pipeline covers three different modes of action, and in addition to SPP100, includes SPP301 about to enter Phase III, SPP200 in Phase II, SPP630 and SPP635 in early Phase I, and several pre-clinical projects.

Speedel develops novel product candidates through focused innovation and smart drug development from lead identification to the end of Phase II. We either partner with big pharma for Phase III and commercialisation in primary-care indications, or we may ourselves complete Phase III development in specialist indications. Candidate compounds for development and the company's intellectual property come from our late-stage research unit Speedel Experimenta and from in-licensing.

Our team of approximately sixty employees, including 34 experienced pharmaceutical scientists, is located at our headquarters and laboratories in Basel, Switzerland and at offices in New Jersey, USA and Tokyo, Japan. Since being founded in 1998 as a private company, we have raised gross proceeds of CHF 169 million (approximately EUR 109 million or USD 141 million) from private placements of equity securities and a convertible loan and we have had total revenues, principally from milestone payments, of CHF 57.7 million (approximately EUR 37 million or USD 48 million).

Forward-looking statements

This press release includes forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are based on our current expectations and projections about future events. All statements, other than statements of historical facts, regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. The word "may" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations described in these forward-looking statements and you should not place undue reliance on them. There can be no assurance that actual results of our research and development activities and our results of operations will not differ materially from these expectations. Factors that could cause actual results to differ from expectations include, among others: our or our partners' ability to develop safe and efficacious products; our or our partners' ability to achieve positive results in clinical trials; our or our partners' ability to obtain marketing approval and market acceptance for our product candidates; our ability to enter into future collaboration and licensing agreements; the impact of competition and technological change; existing and future regulations affecting our business; changes in governmental oversight of pharmaceutical product development; the future scope of our patent coverage or that of third parties; the effects of any future litigation; general economic and business conditions, both internationally and within our industry, including exchange rate variations; and our future financing plans.

Speedel Holding Ltd

CONTACT: Nick Miles, Director Communications & Investor Relations,Speedel, T: +41-61-206-4000, D: +41-61-206-4014, F: +41-61-206-4001,M: +41-79-446-2521, nick.miles@speedel.com, or Frank LaSaracina, ManagingDirector, Speedel Pharmaceuticals Inc, T: +1-732-537-2290,F: +1-732-537-2292, M: +1-908-338-0501, frank.lasaracina@speedel.com


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