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DarPharma, Inc. Announces The Formation Of A New Board Of Directors


10/19/2005 5:11:03 PM

CHAPEL HILL, N.C., April 26 /PRNewswire/ -- DarPharma, Inc., a company that develops novel drugs for the treatment of neurological and psychiatric diseases, has announced the formation of its new Board of Directors and appointment of some key members of its management team. The company recently closed another round of bridge financing, and is currently raising its first institutional round to accelerate the clinical validation of its drug candidates.

"The formation of this strong, new Board and our key management hires will provide an essential foundation for DarPharma's promising future," said Dr. Prabhavathi Fernandes, President and CEO of DarPharma. "The expertise brought by our new Board members will be invaluable as DarPharma moves towards registration and commercialization of its first products for schizophrenia and Parkinson's disease."

Dr. Michael Knable, Mr. Louis Leeburg, and Mr. Robert Postlethwait have joined DarPharma's Board of Directors. The new Directors bring extensive experience in the development and commercialization of CNS drugs and in the financial management of growing companies. Dr. Richard Mailman, scientific co- founder and Chairman of DarPharma, and Dr. Fernandes represent the company management on the Board.

In addition to the new Board members, DarPharma has hired Mr. Michael Dombeck, M.B.A., M.P.P., as Director of Business Development, and Mr. Brett Farabaugh as Vice President of Finance. Both of these new members of the DarPharma management team have previously worked with biotechnology companies in the vibrant life sciences community of North Carolina.

Dr. Michael Knable is Executive Director of the Stanley Medical Research Institute, the largest private agency providing funds for schizophrenia and bipolar disorder research. He is also an Assistant Clinical Professor of Psychiatry and Neurology at the George Washington University Medical School and serves on the Board of Directors or Scientific Advisory Boards of multiple biotechnology companies focused on central nervous system therapeutics.

Mr. Louis Leeburg is a business consultant for non-profit endowments as well as individuals. He is a director of LightPath Technologies, Inc., a small cap NASDAQ listed company, and serves in various capacities for numerous private and public charities.

Mr. Robert Postlethwait is a former President of Eli Lilly's Neuroscience Product Group, where he oversaw numerous international launches and line extensions of the blockbuster antidepressant Prozac, and led final development, pre-launch planning and implementation, and global launching of the blockbuster antipsychotic, Zyprexa. Mr. Postlethwait most recently served as a Commissioner on the President's New Freedom Commission on Mental Health.

About DarPharma, Inc.

DarPharma, founded in October 2000, has licensed a large intellectual property portfolio of dopamine D1 agonists and other drug candidates from the University of North Carolina at Chapel Hill and Purdue University. It aims to bring to market the first dopamine D1 receptor full agonists as therapeutics for the management of multiple CNS conditions, including first-ever drug treatments for late-stage Parkinson's disease and the cognitive deficits and negative symptoms associated with schizophrenia. DarPharma's lead compound, DAR-0100, is in an ongoing Phase I/IIa clinical trial in late-stage Parkinson's disease patients and is soon to enter Phase II trials for psychiatric indications.

Currently, DarPharma has active clinical and preclinical programs for six indications, including Parkinson's disease and schizophrenia.

For further information, please contact Mr. Michael Dombeck, Director of Business Development, at (919) 403-4348.

DarPharma, Inc. 215 Cloister Court Chapel Hill, NC 27514 Voice: (919) 403-4348 Fax: (919) 403-4369 http://www.darpharma.com/

DarPharma, Inc.

CONTACT: Michael Dombeck, Director of Business Development of DarPharma,Inc., at +1-919-403-4348



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