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IVREA Pharmaceuticals Appoints Daniel S. Lynch As President And Chief Executive Officer



2/1/2007 9:20:53 AM

QUINCY, Mass., Feb. 1 /PRNewswire/ -- Ivrea Pharmaceuticals, Inc., a privately-held specialty pharmaceutical company focused on developing and commercializing novel treatments for dermatologic conditions, announced today the appointment of Daniel S. Lynch as president and chief executive officer.

Mr. Lynch spent nearly five years at ImClone Systems, Inc. as both CFO and CEO. As CEO, Mr. Lynch led ImClone through a significant turnaround, helping to restore the company's reputation and receive FDA approval of ERBITUX® (Cetuximab), an important and novel treatment for cancer patients. As CFO, Mr. Lynch led negotiations with Bristol-Myers Squibb, resulting in one of the most significant Biotech-Big Pharma transactions in history. Prior to ImClone, he held the position of chief financial officer of Derby Cycle Corporation, a private-equity portfolio company. Before that, Mr. Lynch held positions of increasing responsibility in finance at Bristol-Myers Squibb over a fifteen year period. He is a member of the board of directors of U.S. Oncology, Inc.

"Dan brings over 20 years of healthcare leadership to Ivrea including substantial experience in strategy development, operational execution, research & development, business development and finance," said Peter Barrett, of Atlas Venture and chairman of Ivrea's board of directors. "Dan's proven management ability will be invaluable as we take Ivrea to the next stage of development and leverage our proprietary technology."

"Ivrea is poised to make significant progress in the development of its pipeline of novel dermatologic treatments, including our unique, proprietary gel for the treatment of onychomycosis, a market estimated to be approximately $1.5 billion worldwide," said Lynch. "Ivrea has a combination of great people, truly unique technology, the backing of a superb investor group, unrivaled expertise on our Medical Advisory Board, and the passion to deliver new products to the marketplace."

Mr. Lynch holds an M.B.A. from the Darden Graduate School of Business Administration at the University of Virginia, and a bachelor of arts in mathematics from Wesleyan University.

About Ivrea

Ivrea is a specialty pharmaceutical company focused on clinical development and commercialization of novel prescription pharmaceuticals for the treatment of dermatologic conditions. The company currently has two programs in clinical trials that leverage our proprietary topical delivery technologies: IVR 101/102 which combines our proprietary gels with known fungicidal active ingredients, thus creating unique dermatological prescription products for the treatment of onychomycosis that offer the safety of topical application while simultaneously providing the efficacy associated with oral medications; and IVR 103 which utilizes our proprietary platform technology to reduce the level of irritation associated with all trans retinoic acid (also called tretinoin) while uniquely maintaining efficacy in treating acne. The company's investors include Atlas Venture, Easton Capital, and CHL Medical Partners. For additional information about Ivrea Pharmaceuticals, visit the company's website, www.ivreapharma.com.

Source: Ivrea Pharmaceuticals, Inc.

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