NEWTON, Mass., Oct. 25 /PRNewswire-FirstCall/ -- Clinical Data, Inc. today announced the formation of the Corporate Executive Committee, effective immediately. Israel M. Stein, M.D., President and Chief Executive Officer of the company, stated "As our company continues to grow, these leadership and organizational changes are an important step in consolidating corporate functions, clarifying accountabilities, reducing bureaucracy and ensuring executive focus on Clinical Data's key business priorities." The role of the Committee, which will be comprised initially of four members representing the key functions of the organization, will be to drive corporate strategy, transactions, financial plans and enterprise policy.
The members of the Executive Committee are: * Israel M. Stein, M.D., President and Chief Executive Officer * Drew J. Fromkin, Executive Vice President and Chief Marketing Officer * Caesar J. Belbel, Executive Vice President and Chief Legal Officer * Mark D. Shooman, Senior Vice President, Chief Financial Officer, and Chief Accounting Officer
Dr. Stein has been a director and President and Chief Executive Officer of Clinical Data since its inception in 1972.
Mr. Fromkin, whose appointment to the newly created position of Executive Vice President and Chief Marketing Officer was announced by Clinical Data last week, will be responsible for strategic commercialization initiatives including business development, reimbursement and medical economics, as well as new market strategies. Mr. Fromkin's appointment to the Executive Committee highlights Clinical Data's focus on expanding its market opportunities, particularly as the company builds upon its pharmacogenomics platform.
Mr. Belbel joined Clinical Data in 2003 as Vice President, General Counsel and Secretary, and has been promoted twice, first to Senior Vice President and more recently to Executive Vice President and Chief Legal Officer of the company. In this role, Mr. Belbel will continue to be responsible for all of Clinical Data's legal affairs, including management and protection of the company's intellectual property rights and supervision of its regulatory compliance activities.
Mr. Shooman jointed Clinical Data in 2003 as Senior Vice President and Chief Financial Officer, and has recently been appointed to the position of Chief Accounting Officer of the company. In his role, Mr. Shooman will continue to be responsible for the overall financial plans and accounting practices of the organization, overseeing treasury, accounting, human resources, budget, tax and audit activities of the organization and its subsidiaries.
About Clinical Data
Clinical Data, Inc. is a worldwide leader in developing and commercializing pharmacogenomics and clinical diagnostics to improve patient care. The company's genomic services are marketed to the pharmaceutical, biotech, diagnostic, academic and agricultural marketplaces. The company is utilizing pharmacogenomics to develop molecular diagnostics and more efficacious therapeutics by finding genetic markers to guide drug development and utilization. Its diagnostic and instrumentation business has a market focus on the physician office, hospital and small to medium sized laboratory segments.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains certain forward-looking information that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding: our ability to successfully integrate the operations, business and technology obtained in our recent acquisition of Genaissance Pharmaceuticals and to be obtained in our announced acquisition of Icoria; our ability to obtain regulatory approval for, and successfully introduce our new products; our ability to expand our long-term business opportunities; our ability to maintain normal terms with our customers and partners; financial projections and estimates and their underlying assumptions; and statements regarding future performance. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: our ability to consummate the acquisition of Icoria and to achieve the expected synergies and operating efficiencies from the Genaissance acquisition and the Icoria acquisition; the strength of our intellectual property rights; competition from pharmaceutical, biotechnology and diagnostics companies; the development of and our ability to take advantage of the market for biomarker and pharmacogenomic products and services; general economic downturns; and other risks contained in our various SEC reports and filings. Readers are cautioned not to place undue reliance on these forward- looking statements that speak only as of the date hereof. CLDA does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are also urged to carefully review and consider the various disclosures in CLDA's recent SEC reports and filings, including but not limited to, its Annual Report on Form 10-K for the fiscal year ended March 31, 2005, and its 2004 and 2005 quarterly reports on Forms 10-QSB and 10-Q.
Clinical Data, Inc.CONTACT: Mark D. Shooman, Sr. Vice President & Chief Financial Officer ofClinical Data, Inc., +1-617-527-9933 Ext. 41
Web site: http://www.clda.com/
