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Auspex Pharmaceuticals Appoints Michael Grey as Chief Executive Officer and R. Gary Gilmore as Chief Financial Officer


1/7/2009 7:58:39 AM

VISTA, Calif.--(BUSINESS WIRE)--Auspex Pharmaceuticals, a clinical stage company developing next-generation medicines with improved safety and performance through the targeted deuteration of clinically validated drugs, today announced the appointment of Michael Grey as President and Chief Executive Officer and R. Gary Gilmore as Chief Financial Officer. Mr. Grey has also joined the company’s board of directors.

“We are pleased to have Mike and Gary join the Auspex team,” said Dr. Pratik Shah, the company’s Chairman. “Mike’s extensive experience and track record in building companies involved in drug discovery, development, and commercialization, along with Gary’s many years as a senior corporate finance executive, will be invaluable in leading Auspex in the next phase of its development.”

“Auspex has the earliest and broadest position on the application of deuteration technology to validated medicines and has built an attractive pipeline of promising drug candidates,” said Mike Grey. “The lead program, SD-254, a Selective Serotonin-Norepinephrine Reuptake Inhibitor, has demonstrated in clinical trials an improved profile compared to Effexor XR, the leading treatment for depression. Auspex has demonstrated it can produce potential best-in-class drugs, while reducing the risk, time and cost of drug development, and I look forward to working with Gary and other members of the Auspex team to advance SD-254 and the rest of the pipeline.”

Mike Grey has over 30 years experience in the pharmaceutical and biotechnology industries. Prior to Auspex, Mr. Grey was President and CEO of SGX Pharmaceuticals, which was recently acquired by Eli Lilly. Prior to joining SGX, Mr. Grey was President and CEO of Trega Biosciences, Inc., which was acquired by LION bioscience, AG. Prior to Trega, he was President of BioChem Therapeutic Inc., the pharmaceutical division of BioChem Pharma, Inc., and was President and Chief Operating Officer of Ansan, Inc., an early stage biopharmaceutical company. Previously, he served in various roles with Glaxo, including head of worldwide business development.

Gary Gilmore has over 20 years experience in corporate finance, including nearly 15 years as CFO. Before joining Auspex, Mr. Gilmore was CFO of Althea Technologies, Inc., a contract manufacturing organization servicing the pharmaceutical and biotechnology industries. Prior to Althea, he was CFO for Preventsys, Inc., which was acquired by McAfee. He was also CFO of Holocom Networks, Inc. and has provided extensive management consulting services to Fortune 500 companies and start-up organizations including Ligand Pharmaceuticals, AMCC, and Peregrine Systems.

About Auspex Pharmaceuticals

Auspex Pharmaceuticals, founded in 2001, is a clinical stage company developing next-generation medicines with improved safety and performance. It is a pioneer in the targeted application of deuterium, a naturally occurring, safe and stable isotope of hydrogen, to clinically validated drugs. The goal of the company’s targeted deuteration strategy is to impart greater safety over existing agents, while maintaining or improving efficacy through the judicious use of deuterium as a replacement for metabolically labile hydrogen atoms. The company has applied this targeted deuteration strategy to established drug molecules across a wide range of therapeutic areas and has secured a proprietary position on more than a hundred compounds. The company has built a pipeline of promising drug candidates and the lead program, SD-254, is being readied for the initiation of Phase 2 clinical trials for the treatment of depression. The Auspex approach can rapidly generate potential best-in-class therapeutics for significant markets, while reducing the time, cost and risk of drug development. For more information on Auspex Pharmaceuticals, please visit the company's website at http://www.auspexpharma.com.

Contact:

Auspex Pharmaceuticals, Inc. R. Gary Gilmore, 760-599-1800 Chief Financial Officer Fax: 760-599-1801 ggilmore@auspexpharma.com or Kureczka/Martin Associates Joan Kureczka, 415-821-2413 (Media) Jkureczka@comcast.net

Source: Auspex Pharmaceuticals, Inc.

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