SOMERSET, N.J., May 7 /PRNewswire-FirstCall/ -- DOV Pharmaceutical, Inc. (“DOV” or the “Company”) has announced that Joseph S. Zakrzewski has been elected to serve on DOV’s board of directors.
Mr. Zakrzewski is currently the chief executive officer and a director of Xcellerex, a privately held company focused on commercializing its proprietary next generation manufacturing technology for biotherapeutics and vaccines. Mr. Zakrzewski recently served from 2005 through the first quarter of 2007 as the chief operating officer of Reliant Pharmaceuticals, a specialty pharmaceutical company focused on cardiovascular drugs. While at Reliant Pharmaceuticals, Mr. Zakrzewski had responsibility for the company’s pharmaceutical operations, including research and development, business development, supply chain/manufacturing, quality, information technology, and compliance. From 1988 to 2004, Mr. Zakrzewski served in a variety of executive level capacities at Eli Lilly & Company, including research and development, manufacturing, finance and business development. His most recent position at Eli Lilly & Company was vice president, corporate business development, where he had responsibility for all business development activities on a global basis. Mr. Zakrzewski received a B.S. in chemical engineering in 1986, an M.S. in biochemical engineering from Drexel University in 1988, and an M.B.A. in finance from Indiana University in 1992. In addition to his role on the Xcellerex board of directors, Mr. Zakrzewski also serves as a member of the board of trustees of the Licensing Executive Society.
Mr. Zakrzewski will serve as a class II member of the Company’s board of directors. Mr. Zakrzewski, who will fill a previously existing vacancy on the board, was designated as a potential member of the board by the holders of greater than a majority of the Company’s series C convertible preferred stock in accordance with the terms of the Company’s recently consummated exchange offer for its outstanding convertible subordinated debentures.
“We are delighted to have Joe serve as a member of our board,” said Dr. Arnold S. Lippa, executive chairman of DOV’s board. “Joe’s substantial experience with pharmaceutical companies and his strong management skills will be a valuable asset to our board and the Company. We very much look forward to working with Joe to further the development and licensing of our products and add to the value of the Company.”
About DOV
DOV is a biopharmaceutical company focused on the discovery, acquisition and development of novel drug candidates for central nervous system disorders. The Company’s product candidates address some of the largest pharmaceutical markets in the world including depression, pain and insomnia.
Cautionary Note
Statements in this press release that are not historical facts constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. You can also identify forward-looking statements by the following words: may, will, should, expect, intend, plan, anticipate, believe, estimate, predict, potential, continue or the negative of these terms or other comparable terminology. We caution you that forward-looking statements are inherently uncertain and are simply point-in-time estimates based on a combination of facts and factors currently known by us about which we cannot be certain or even relatively confident. Actual results or events will surely differ and may differ materially from our forward-looking statements as a result of many factors, some of which we may not be able to predict or may not be within our control. Such factors may also materially adversely affect our ability to achieve our objectives and to successfully develop and commercialize our product candidates, including our ability to:
-- raise substantial additional capital in order to fund operations; -- pursue and receive stockholder approval of the increase in authorized common stock; -- obtain and maintain all necessary patents, licenses and other intellectual property rights; -- demonstrate the safety and efficacy of product candidates at each stage of development; -- meet our development schedule for our product candidates, including with respect to clinical trial initiation, enrollment and completion; -- meet applicable regulatory standards and receive required regulatory approvals on our anticipated time schedule or at all; -- meet or require our partners to meet obligations and achieve milestones under our license and other agreements; -- obtain and maintain collaborations as required with pharmaceutical partners; and -- produce drug candidates in commercial quantities at reasonable costs and compete successfully against other products and companies.
You should also refer to the risks discussed in our filings with the Securities and Exchange Commission, including those contained in our annual report on Form 10-K for the fiscal year ended December 31, 2006 that was filed on March 30, 2007. We qualify all our forward-looking statements by these cautionary statements. Readers should not place undue reliance on our forward-looking statements. We do not undertake any obligation and do not intend to update any forward-looking statement.
DOV Pharmaceutical, Inc.
CONTACT: Investor Relations and Corporate Communications of DOVPharmaceutical, Inc., +1-732-907-3600
Web site: http://www.dovpharm.com//
