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Promedior Announces Appointment of Dominick Colangelo as Chief Executive Officer



1/6/2009 6:42:09 AM

MALVERN, Pa.--(BUSINESS WIRE)--Promedior, Inc. today announced the appointment of Dominick C. Colangelo as Chief Executive Officer and a member of the company’s board of directors. Mr. Colangelo joins Promedior after a nearly 15-year pharmaceutical industry career at Eli Lilly and Company and most recently as Executive Vice President, Corporate Development and Operations at Oscient Pharmaceuticals. Mr. Colangelo succeeds Tim Pelura, Ph.D, who will assume a new role as chief scientific officer of the company.

“Nick brings a tremendous amount of corporate development, commercial, and pharmaceutical operations experience to Promedior,” said Joseph Zakrzewski, Chairman of Promedior’s board of directors. “He is ideally suited to lead Promedior’s next stage of growth as the company prepares to begin clinical development of its lead product candidate.”

“Promedior has developed a novel platform with tremendous potential for the treatment of fibrotic diseases and has rapidly advanced its first product candidate, PRM-151, into position to begin clinical development in 2009,” commented Mr. Colangelo. “With strong internal research and development capabilities, a scientific advisory board comprised of prominent fibrosis experts from leading medical centers and universities around the world, and numerous collaborations with leading investigators and institutions in the field of fibrosis, Promedior is well positioned to become a leader in the development of novel therapies for the treatment of fibrotic diseases.”

“Fibrosis is the hallmark of many debilitating clinical conditions affecting all organ systems and tissues, such as pulmonary fibrosis and liver cirrhosis,” said Jim Broderick, M.D., General Partner of Morgenthaler Ventures and a co-founder of Promedior. “We are excited about the unique approach Promedior is taking to address this significant unmet medical need, which focuses on targeting the specific cell populations that orchestrate fibrosis and tissue remodeling to promote healing without scarring.”

During his tenure at Oscient Pharmaceuticals, Mr. Colangelo was responsible for the company’s corporate development activities and pharmaceutical operations, including supply chain and manufacturing, quality, compliance, sales and marketing, legal, and clinical and regulatory affairs. He joined Oscient after nearly a decade with Eli Lilly and Company in a variety of positions of increasing responsibility in finance, the product team organization, and corporate business development. Mr. Colangelo held positions as an international tax attorney, Director of Strategy and Business Development for Lilly’s Diabetes and Growth Disorders Product Group, and as Managing Director of Lilly Ventures. He holds a B.S.B.A. in Accounting from the State University of New York at Buffalo and a J.D. degree from the Duke University School of Law.

About Promedior, Inc.

Promedior is a product-focused biopharmaceutical company developing novel therapeutics for the treatment of fibrotic disorders and diseases. Fibrosis is a key component of multiple diseases affecting all organ systems and tissues and is a leading cause of morbidity and mortality for millions of people worldwide. Promedior has developed a novel platform to treat fibrotic diseases which focuses on targeting the specific cell populations that orchestrate fibrosis and tissue remodeling. This new paradigm for treating fibrotic diseases is upstream and dominant to traditional approaches and takes advantage of universal biology common to all tissues to promote healing without scarring. Promedior’s lead product, PRM-151, recombinant human Serum Amyloid P (rhSAP), is a highly conserved natural human protein that operates at the crossroads between innate immunity, inflammation, and matrix deposition. PRM-151 has demonstrated an outstanding safety profile and robust preclinical efficacy in all organ systems and tissues and all widely-accepted disease models. Promedior expects to begin clinical development of PRM-151 in 2009.

With a leadership team and scientific advisory board on the cutting edge of fibrosis research, and numerous collaborations with leading investigators and institutions in the field of fibrosis around the world, Promedior is positioned to be a leader in the development of new therapies for the treatment of fibrotic disorders and diseases. Promedior is backed by leading institutional healthcare investors including Morgenthaler Ventures, Polaris Venture Partners, HealthCare Ventures and Easton Capital. Learn more about Promedior at www.promedior.com.

Contact:

Promedior, Inc. Dominick Colangelo Chief Executive Officer 610-560-1435

Source: Promedior, Inc.


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