Celtic Pharma Appoints Reinaldo Diaz

NEW YORK, April 5 /PRNewswire/ -- Celtic Pharmaceutical Holdings LP ("Celtic Pharma"), the global private equity firm focused on the biotechnology and pharmaceutical industries, announces today the appointment of Reinaldo M. Diaz as a Managing Director and Partner, with responsibility for U.S. Origination.

Mr. Diaz has more than 25 years of experience as an asset manager and investment banker in the pharmaceutical and biotech industries. Since 1997 he has been Managing Partner at Diaz & Altschul Capital Management, LLC. He has also served as Managing Partner and Chief Investment Officer at Delta Opportunity Funds, a group of hedge funds with over $100m in assets under management at its peak. Previously, Diaz was Managing Director and Head of the Healthcare Group at Schroder Wertheim & Co., Inc. He was also previously co-founder and President of PaineWebber Development Corporation, where he participated during the eighties in the financing of Genentech, Amgen and other successful leaders among the first generation of biotechnology companies.

"Reinaldo brings to Celtic Pharma extensive investment banking experience from many years of building pharmaceutical and biotech companies and financing their product development, which will be an immediate and invaluable asset as we look to evaluate new opportunities to build our portfolio of late-stage products," said Stephen Evans-Freke, Managing General Partners of Celtic Pharma.

"Celtic's innovative private equity model of building a broad portfolio of attractive late-stage pharmaceutical products is a very exciting opportunity and I look forward to helping build the first private equity firm with a 'virtual pharma' model," said Diaz.

Dr. Diaz has served on the board of directors of Alkermes, Amgen Development Corporation, Genentech Development Corporation III, Genzyme Development Corporation and several private companies. He is currently on the board of directors of Valentis, Berkeley HeartLabs and Tenex Greenhouse Ventures. He is a graduate of Harvard College and Harvard University Graduate School of Business.

About Celtic Pharmaceutical Holdings LP

Celtic Pharmaceutical Holdings LP (Celtic Pharma) is a global private equity investment firm focused on the biotechnology and pharmaceutical industries. Celtic Pharma was founded by Stephen Evans-Freke and John Mayo, CBE and is based in Bermuda, with offices in New York and London. Celtic Pharma acquires and invests in late stage pharmaceutical programs and drives these programs through the final stages of regulatory approval. Celtic Pharma's aim is to bridge the gap between the established pharmaceutical companies' new product pipeline crisis and the biotech industry's capital drought. For further information, please visit Celtic Pharma's website at http://www.celticpharma.com.

Celtic Pharmaceutical Holdings LP

CONTACT: Kathy Armstrong of Celtic Pharma, +1-212-616-4042,kathy@celticpharma.com; or Matt Dallas of Financial Dynamics,+1-212-850-5627, mdallas@fd.com

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