PRINCETON, N.J., May 4 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, today announced that Michio “Mich” Soga, the company’s Executive Vice President and Chief Financial Officer, has resigned from the company to pursue other opportunities. At the same time Pharmacopeia also announced the promotion of Brian M. Posner to Executive Vice President and Chief Financial Officer. Prior to his promotion, Mr. Posner served as the company’s Vice President and Chief Accounting Officer. In his new role, Mr. Posner will report directly to Les Browne, Ph.D., Pharmacopeia’s President and Chief Executive Officer, and will serve as a member of the company’s executive management team.
“Though Mich has been with Pharmacopeia only a short while, he has contributed significantly to the many great milestones we’ve achieved during the past year,” stated Dr. Browne. “We are grateful to Mich for his contributions in 2005 and 2006, and we wish him well in all his future endeavors. We are also pleased to acknowledge the critical role Brian Posner has played at Pharmacopeia over the past seven years, and we welcome him in his new position as Chief Financial Officer.”
“I am pleased to have had the opportunity to be part of the executive management team at Pharmacopeia during an exciting time,” commented Mr. Soga. “I leave knowing that Pharmacopeia’s financial operations are in Brian’s capable hands.”
Mr. Posner has been with Pharmacopeia since 1999. He has more than twenty years’ experience in public accounting and financial management, including Big 4 experience with PricewaterhouseCoopers. Prior to joining Pharmacopeia, Mr. Posner was Chief Financial Officer of Phytomedics, an early-stage biopharmaceutical company. He received a B.A. in Accounting from Queens College and an M.B.A. in Managerial Accounting from Pace University. Mr. Posner is also a Certified Public Accountant.
Pharmacopeia’s most advanced internal programs are: dual angiotensin (AT1) and endothelin (ETA) receptor antagonists (DARA) (for cardiovascular disease); JAK3 inhibitors (immunomodulators for multiple potential indications, including transplant rejection, psoriasis and rheumatoid arthritis); CCR1 antagonists (with potential in inflammatory diseases such as rheumatoid arthritis and multiple sclerosis); adenosine A2A antagonists (with potential in neurodegenerative diseases, including Parkinson’s and Alzheimer’s); and avb3/avb5 inhibitors (with potential to block angiogenesis in cancer and inflammation).
Pharmacopeia currently has twelve partnered compounds in development with major pharmaceutical or biotechnology companies. Eight of these compounds are in preclinical development. Four compounds (representing three partnered, therapeutic programs) are currently in Phase I clinical trials for rheumatoid arthritis, an allergy/asthma indication and chronic obstructive pulmonary disease (COPD). Pharmacopeia will receive milestone payments for those programs that successfully advance through clinical development and royalties on the sales of any compounds that are commercialized.
ABOUT PHARMACOPEIA
Pharmacopeia is committed to creating and delivering novel therapeutics to address significant medical needs using proprietary technologies and processes. The Company is advancing multiple internal programs towards validation in clinical trials. Pharmacopeia’s later stage portfolio currently comprises multiple partnered programs that have been advanced into clinical trials with further programs in preclinical development. The Company also has several internal programs - one in preclinical development and several in advanced optimization - as well as multiple partnered programs in discovery that are expected to drive the Company’s clinical portfolio in the future.
Contact: Amy Sharpless (609) 452-3643 irreq@pharmacopeia.com
This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management’s current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward-looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia’s strategic plans, Pharmacopeia’s plans to develop its DARA program, Pharmacopeia’s ability to build its pipeline of novel drug candidates, through in-licensing, its own internally funded drug discovery programs and third party collaborations, Pharmacopeia’s ability to successfully perform under its new collaboration with GlaxoSmithKline, the planned cessation of full-time employee funding from Pharmacopeia’s existing collaborations with Schering-Plough, the continuation and funding level of such continuation of Pharmacopeia’s existing drug discovery collaboration with N.V. Organon, Pharmacopeia’s intentions regarding the establishment of new drug discovery collaborations with leading pharmaceutical and biotechnology organizations, Pharmacopeia’s expectations concerning the development priorities of its collaborators and their ability to successfully develop compounds, Pharmacopeia’s ability to raise additional capital, Pharmacopeia’s anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia’s expectations concerning the legal protections afforded by U.S. and international patent law, additional competition, changes in economic conditions, and other risks described in documents Pharmacopeia has filed with the Securities and Exchange Commission, including its Report on Form 10-K filed on March 20, 2006 and subsequent filings under the Securities and Exchange Act of 1934. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia disclaims any undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Source: Pharmacopeia
