CAMBRIDGE, Mass., Nov. 8 /PRNewswire-FirstCall/ -- Advanced Magnetics today announced that, in a planned succession, Jerome Goldstein, Chairman, CEO and Founder of the company, has been appointed Executive Chairman and Dr. Brian J.G. Pereira, the company’s President, has been appointed CEO, effective immediately. The company also announced today that Ron Zwanziger, Chairman and Chief Executive Officer of Inverness Medical Innovations, Inc., and Michael Narachi, Chairman of Naryx Pharma, Inc., have been appointed to its Board of Directors. Additionally the company announced that Professor Edward B. Roberts, PhD, Theodore Steinman, MD and Sheldon Bloch will not stand for re-election at the company’s Annual Meeting of Stockholders in February 2007. The company is continuing to evaluate additional qualified candidates to join the Board of Directors.
“As Advanced Magnetics prepares for the next phase of its corporate evolution, we must continue to make bold changes, including changes at the highest levels of the company, to ensure its success,” stated Jerome Goldstein. “Elevating Brian to the chief executive role and strengthening the depth and breadth of commercialization skills on our Board of Directors moves us in that direction. Brian has played a pivotal role in leading the company and advancing the ferumoxytol development program over the past year and I intend to do everything I can to support him and ensure his success as CEO. We are excited to have two individuals with the skills and experience of Ron Zwanziger and Michael Narachi on our team as we begin preparing for the commercial launch of ferumoxytol.” Mr. Goldstein continued: “I want to thank Ed Roberts, Ted Steinman and Shelly Bloch for their efforts over many years. Their advice and counsel have been invaluable to us.”
“Jerry has been, and will continue to be, a driving force behind this company,” stated Brian J.G. Pereira. “He has provided visionary leadership to the company over the past twenty-five years and has positioned the company for its future successes. I look forward to continuing to work with Jerry as we proceed through this very exciting time for the company.” Dr. Pereira continued: “I have very large shoes to fill, and I hope to live up to the expectations of our Board, employees, investors and patients.”
Mr. Goldstein is a co-founder of Advanced Magnetics and has served as CEO, Treasurer and Chairman of the Board of Directors since the company was founded in November 1981. Mr. Goldstein was President of the company from 1981 to 1997 and from 2001 to 2005. In his new role as Executive Chairman, he will be responsible for the effective performance of the Board of Directors and will continue to work closely with Dr. Pereira, acting in an advisory capacity to him and other executives. In addition to leading Board activities, Mr. Goldstein will collaborate with Dr. Pereira on corporate strategy and direction and in advancing both the ferumoxytol and Combidex(R) programs.
Dr. Pereira has been a Director of the company since July 2004 and was elected President of the company in November 2005. Dr. Pereira served as President and Chief Executive Officer of the New England Health Care Foundation, a physician’s group at Tufts-New England Medical Center, from 2001 to 2005, and held various other positions at Tufts-New England Medical Center from 1993 to 2001. He is a Professor of Medicine at Tufts University School of Medicine and at the Sackler School of Biomedical Sciences of Tufts University. Dr. Pereira served as President of the National Kidney Foundation from 2002 to 2004, and has served on the editorial board of twelve scientific journals. He also serves as a director of the National Kidney Foundation, Kidney Care Partners, Wellbound Inc., and Satellite Health Care Inc. In addition, Dr. Pereira is a member of the advisory boards of Amgen, Inc. and Sigma-Tau Pharmaceuticals, Inc. along with several other organizations.
Mr. Zwanziger has served as Chairman and Chief Executive Officer of Inverness Medical Innovations, Inc. since 2001. Inverness Medical is a major global developer, manufacturer and marketer of advanced, pioneering consumer and professional medical diagnostic products. From 1992 to 2001, he served in the same capacity at Inverness Medical Technology, Inc., a consumer-focused company he co-founded that developed proprietary technologies and manufacturing processes. In November 2001, Inverness Medical Technology was sold to Johnson & Johnson for $1.3 billion. From 1981 to 1991, Mr. Zwanziger was Chairman, CEO and Founder of Medisense, Inc., a company which focused on sensor technology. Under his guidance, Medisense launched the first electronchemical blood glucose monitor in 1987. Medisense was acquired by Abbott Laboratories for approximately $900 million. Mr. Zwanziger received his undergraduate degree from Imperial College in 1975 and an MBA from the Harvard Business School in 1981.
Michael Narachi is currently Chairman of Naryx Pharma, Inc. He recently retired as an Officer and Vice President of Amgen Inc., where he served as General Manager of Amgen’s Anemia Business from 1999 to 2003. In this role, Mr. Narachi led an integrated medical, marketing and sales team whose chief aim was to eliminate anemia and its complications. Mr. Narachi joined Amgen in July 1984 as a Molecular Biology Research Associate. He held various positions throughout the organization including: Product Development Team Leader for NEUPOGEN(R); Director of Clinical Operations in Thousand Oaks, CA and Cambridge, UK; VP of Development and Representative Director for Amgen Japan; Head of Corporate Strategic Planning; Chief Operations Officer of Amgen BioPharma, Amgen’s Colorado-based company which developed new therapies for inflammatory diseases; and VP, Licensing and Business Development. Mr. Narachi received a BS and MA degree in Molecular Genetics form the University of California at Davis in 1984. He received an MBA from the Anderson Graduate School of Management at UCLA.
Ferumoxytol, the key product in the company’s development pipeline, is in Phase III multi-center clinical trials for use as an IV iron replacement therapeutic in chronic kidney disease patients, whether or not on dialysis.
Combidex, the company’s other product under development, is an investigational functional molecular imaging agent consisting of iron oxide nanoparticles for use in conjunction with magnetic resonance imaging, or MRI, to aid in the differentiation of cancerous from normal lymph nodes.
About Advanced Magnetics
Advanced Magnetics, Inc. is a developer of superparamagnetic iron oxide nanoparticles used in pharmaceutical products. As a leader in our field, we are dedicated to the development and commercialization of our proprietary nanoparticle technology for use in therapeutic iron compounds to treat anemia, as well as novel imaging agents to aid in the diagnosis of cancer and cardiovascular disease. For more information about us, please visit our website at http://www.advancedmagnetics.com, the content of which is not part of this press release.
Contact: Lisa Gordon, VP of Business Development and Strategy Advanced Magnetics, Inc. (617) 498-3321 lgordon@advancedmagnetics.com
Advanced Magnetics
CONTACT: Lisa Gordon, VP of Business Development and Strategy of AdvancedMagnetics, Inc., +1-617-498-3321, lgordon@advancedmagnetics.com
Web site: http://www.advancedmagnetics.com/
