HAYWARD, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Kosan Biosciences Incorporated (Nasdaq: KOSN - News) announced today that Daniel V. Santi, M.D., Ph.D., has resigned as Chief Executive Officer and Chairman of the Board of Directors of the company. Robert G. Johnson, Jr., M.D., Ph.D., Kosan’s current Executive Vice President, Development and Chief Medical Officer, will serve as acting CEO on an interim basis until a permanent CEO is appointed by the Board of Directors. Dr. Santi will continue to serve as an advisor to the company.
Dr. Santi said, “I was privileged to co-found Kosan in 1995 and to lead the company since 1998. The company has gathered some of the most talented people in the business, and has grown from a strong technology based company to one with five product candidates in human clinical trials. With increased focus on the development pipeline and the drive to advance one or more lead compounds into pivotal trials, the company is well positioned for success. Therefore, it is an appropriate time for a new CEO to lead Kosan in its next phase of growth.”
“Dan has done a terrific job in transitioning Kosan from an early stage polyketide technology company to one with a diverse development pipeline,” said Peter Davis, lead independent director of Kosan’s Board of Directors. “Dan’s technical expertise, strategic vision, integrity and enthusiasm have been key to the success of the company. He has built a company with world class talent that will be his legacy for many years to come.”
Robert Johnson joined Kosan in 2000, when the company was just establishing its development organization. Since Dr. Johnson has joined Kosan, the company has filed five investigational new drug applications (INDs), has five product candidates in Phase I and II clinical trials and has built experienced pre-clinical and clinical groups from the ground up. The Board has full confidence in Dr. Johnson’s ability to lead the company through this transition.
About Kosan
Kosan Biosciences is advancing two new classes of anticancer agents through clinical development. Kosan is developing Hsp90 (heat shock protein 90) inhibitors in collaboration with the NCI. Kosan’s proprietary formulation of 17-AAG (KOS-953) is in Phase I and II clinical trials for multiple myeloma and Her2 breast cancer. In addition, intravenous and oral formulations of a second-generation Hsp90 inhibitor, KOS-1022 (DMAG), are currently in Phase I clinical trials. Kosan is also developing KOS-862 (Epothilone D) in Phase II clinical trials in breast cancer, and a follow-on Epothilone D analog, KOS-1584, is in Phase I clinical trials. This program is partnered with Roche through a global development and commercialization agreement. Kosan has generated a pipeline of additional product candidates targeting gastrointestinal motility, infectious diseases and cancer based on its proprietary technologies for discovering, developing and manufacturing polyketide analogs. Polyketides are an important class of natural products that have yielded numerous pharmaceuticals for the treatment of cancer, infectious diseases, high cholesterol, transplant rejection and other diseases. For additional information about Kosan Biosciences, please visit the company’s website at www.kosan.com.
This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Kosan disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the safe harbor for forward-looking statements contained in the Act. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These statements include, but are not limited to, statements that reflect management’s current views as to the impact of the resignation of Kosan’s CEO, the future management of Kosan, Kosan’s ability to advance one or more of its lead compounds into pivotal trials and the clinical potential of Kosan’s current product candidates. There are a number of important factors that could cause the results of Kosan to differ materially from those indicated by these forward-looking statements, including, among others, Kosan’s ability to retain its current employees and recruit additional qualified management personnel, the risk that clinical trials of Kosan’s product candidates may not successful and other risks detailed from time to time in Kosan’s SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2005 and other periodic filings with the SEC. Kosan does not undertake any obligation to update forward-looking statements.
Source: Kosan Biosciences Incorporated
