WALTHAM, Mass., April 6 /PRNewswire/ -- Compound Therapeutics, Inc., a biotechnology company leading the development of a new generation of high- potency targeted protein- based drugs, today announced the selection of Alan Crane to the company's board of directors. Mr. Crane is CEO of Momenta Pharmaceuticals, Inc., and a venture partner at Polaris Ventures. In addition the company announced that existing board member, L. Patrick Gage, Ph.D., who was the former President of Wyeth Research, will now also serve as Compound Therapeutics' Executive Chairman.
"The company will draw upon Alan's business leadership and experience in the development of strategic alliances with major pharmaceutical companies, and Pat's experience in the commercialization of therapeutics as our pre- clinical programs progress towards human trials," said Frank Lee, President and CEO of Compound Therapeutics.
As CEO of Momenta, Mr. Crane oversees the entire business and scientific direction of the company. Mr. Crane has also served as Senior Vice President, Corporate Development at Millennium Pharmaceuticals, where he led the company's global merger and acquisition, strategic alliance, and licensing functions. During his tenure, he established a premiere and widely-recognized business development group that was responsible for creating strategic alliances that provided over $2 billion in funding to Millennium. Under his leadership, Millennium forged business partnerships with Aventis, Abbott, Bayer and Monsanto. In past positions, Mr. Crane was vice president of business development at ChemGenics, a marketing executive at DuPont Merck, and a consultant at the Boston Consulting Group. He received his M.B.A. from Harvard Business School, and his B.A. and M.A. from Harvard University. He also attended Harvard Medical School.
"I see a significant opportunity for Compound Therapeutics to develop a new generation of biologics with clinical advantages based on proprietary technology," said Alan Crane. "I am excited about applying my experience to this opportunity given the company's product opportunities, technology, and team."
Dr. Gage, who will assume the position of Executive Chairman in addition to his board responsibilities, has over 30 years of executive management experience, holding positions with prominent pharmaceutical and biotechnology companies. Most recently, he served as President of Wyeth Research and also held the position of Senior Vice President, Science and Technology. While at Wyeth he was responsible for directing the global pharmaceutical and vaccine research and development programs. It was during this time that Wyeth received approval of 10 novel pharmaceutical and vaccine products. In 1989, Dr. Gage joined Genetics Institute, Inc., where he first served as R&D head and then as Chief Operating Officer. He went on to become President in 1997 after American Home Products Corporation completed acquisition of the company. Dr. Gage also spent 18 years at Hoffmann-La Roche in various senior-level scientific research positions including Vice President, Exploratory Research in pharmaceutical research.
"I'm excited to expand my role with the Compound Therapeutics Board at such a critical juncture in the company's development," said Dr. Gage. "The company is well-positioned with strong business and scientific leadership capabilities, and is poised to create a leading portfolio of therapeutics in oncology and other significant disease areas."
About Compound Therapeutics
Compound Therapeutics, Inc., which received $12 million in series A Preferred Stock financing in March 2003, is a privately held biotechnology company developing the next generation of protein-based drugs through the use of an advanced product platform for engineering new proteins. The company's novel protein drugs are being developed with superior therapeutic properties, including higher potency, greater specificity, and less frequent dosing than conventional protein drugs. Using its robust drug discovery platform that includes its proprietary protein display technology, PROfusion(TM), Compound Therapeutics' research and development activities employ an advanced product platform for engineering new proteins in four select disease areas: oncology, inflammation, autoimmune disorders and infectious disease. The company's discovery platform is the foundation for a product-generating capability that synthesizes novel biotherapeutics including proprietary binding proteins, TRINECTINs(TM), and binding proteins linked to enzymes, called Target Addressable Enzymes (Adzymes). Compound Therapeutics is funded by three leading venture capital firms, Atlas Ventures, Flagship Ventures, and Polaris Ventures.
Compound Therapeutics, Inc.