SAN DIEGO, Jan. 4 /PRNewswire/ -- NovaCardia, a pharmaceutical company developing small molecule drugs for the treatment of cardiovascular diseases, announced today the appointment of John E. Crawford as Chief Financial Officer. Mr. Crawford is a veteran in the industry with over 25 years of experience as an executive officer of life science companies, spanning young private companies to publicly-held entities.
"After working with John for several years at Corvas, I am confident that his breadth of experience will be a great asset to NovaCardia as we move through Phase III testing for KW-3902 to treat congestive heart failure, establish a clinical program for our recently in-licensed atrial fibrillation compound, and continue building on the financial strength of the company," said Randall E. Woods, President and CEO of NovaCardia.
Mr. Crawford was most recently Chief Financial Officer of Cabrellis Pharmaceuticals, which was purchased by Pharmion last November for $105 million and was a spinout of Conforma Therapeutics. Prior to that, he was Chief Financial Officer of Conforma Therapeutics where he facilitated its $250 million acquisition in May 2006 by Biogen Idec. In 1981, he was the first full-time executive at International Genetic Engineering, Inc. and later was founding president of San Diego-based Corvas International, Inc., shepherding both of the companies through listings on NASDAQ. During his 12-year tenure at Corvas, Mr. Crawford raised over $200 million from equity investors and corporate alliances in his capacity as Chief Financial Officer. Over the course of his career, Mr. Crawford has been a consultant, executive officer and board member for 12 venture-backed and privately-funded technology firms. He holds a bachelor's degree in mathematical sciences from Stanford University and an MBA from the University of Chicago's Graduate School of Business.
"This is an exciting time to be involved with a promising company advancing a late-stage compound for the treatment of congestive heart failure, given the lack of effective treatment options," said Crawford. "I look forward to working with the established management team to see NovaCardia through continued progress in 2007 and beyond."
NovaCardia is a privately held product-focused pharmaceutical company with significant capabilities and experience in cardiovascular drug development. The company is committed to improving the quality of care for patients with cardiovascular disease by developing and commercializing novel, clinical-stage drug candidates. For more information, visit www.novacardia.com.
NovaCardia cautions that statements included in this press release that are not a description of historical facts may be forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in NovaCardia's business including, without limitation, risks related to difficulties or delays in testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization, or that could result in recalls or product liability claims; the scope and validity of patent protection for NovaCardia's products; competition from other pharmaceutical or biotechnology companies; and the company's ability to obtain additional financing to support its operations. All forward-looking statements are qualified in their entirety by this cautionary statement and NovaCardia undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.
CONTACT: Brian Farmer, Director of Corporate Development of NovaCardia,+1-858-509-0455, bfarmer@NovaCardia.com; or Kim Richards, Media & InvestorRelations of Porter Novelli Life Sciences, +1-619-849-5377,email@example.com, for NovaCardia