MOUNTAIN VIEW, Calif., Apr. 10 /PRNewswire-FirstCall/ -- Pharsight Corporation , a leading provider of software and strategic services designed to optimize clinical drug development, strengthened its senior management team today with the appointment of Will Frederick, 42, as senior vice president and chief financial officer. Mr. Frederick will be reporting to Shawn O'Connor, president and chief executive officer.
Mr. Frederick brings to Pharsight 20 years of financial leadership in strategic planning, financial reporting, mergers, acquisitions, and international finance. Prior to joining Pharsight, Mr. Frederick was the chief financial officer of Versata, Inc., a provider of business rules management software and services for developing data-intensive applications. Mr. Frederick also served as interim chief executive officer at Versata in 2005, during which time Versata launched a major new product and acquired a significant new blue chip customer. He also helped manage the sale of Versata to Trilogy, Inc., which was finalized in January 2006.
"When we began our CFO search, we were looking for a candidate with a high level of expertise and demonstrated leadership in several areas of financial management that are critical to growing technology companies," said Mr. O'Connor. "Will brings a well rounded skill-set that includes strategic planning, SEC reporting, Sarbanes-Oxley, mergers and acquisitions, audit and software accounting, and international finance to our team. Throughout his career, we believe he has proven his ability to develop successful financial strategies for a wide range of companies with growth opportunities similar to Pharsight's. We believe Will's expertise will be very additive to our organization as we continue to drive industry adoption of modeling and simulation in the drug development process. We welcome Will to Pharsight and look forward to his many contributions."
"I am delighted to join the senior executive team of Pharsight," said Mr. Frederick. "I look forward to contributing to the Company's continued growth as we focus on opportunities to gain market share for our products and services."
Before Versata from 2000 to 2002, Mr. Frederick was the vice president, finance at Clarent Corporation, a provider of voice solutions for next generation networks. During his time with Clarent, he managed the global financial operations for the company, which included budgeting, business planning, mergers and acquisitions activities, accounting, tax and financial reporting. From 1999 to 2000, Mr. Frederick was the controller and vice president of finance for ACT Networks, Inc., a developer and manufacturer of broadband access equipment, which he was instrumental in selling to Clarent Corporation for $215 million in 2000. While at ACT Networks, he managed the financial infrastructure for the company and implemented a global budgeting and forecasting process.
During 1999, Mr. Frederick served as the chief financial officer of IAM.COM, a start-up internet company. From 1997 to 1999, he served as the senior manager of finance at The Walt Disney Company, where he managed the business planning for a $125 million expense budget as well as provided finance support for six operational departments. Prior to this, Mr. Frederick spent seven years with PWS, Inc., a distributor, developer and broker to the commercial laundry industry, where he held executive positions of escalating responsibility, culminating with the position of chief financial officer. While at PWS, he managed the restructuring of $18 million of the company's debt. Mr. Frederick began his career in finance and accounting in 1983 and his experience also includes tenure with Hughes Aircraft and Ford Motor Company.
Mr. Frederick earned a Bachelor of Arts in finance from California State University at Fullerton and an MBA from California State University at Long Beach.
About Pharsight Corporation
Pharsight Corporation develops and markets integrated products and services that are designed to enable pharmaceutical and biotechnology companies to achieve significant and enduring improvements in the development and use of therapeutic products. The company's goal is to help customers reduce the time, cost and risk of drug development, as well as optimize the post-approval marketing and use of pharmaceutical products.
Pharsight's approach enhances the fundamental element of drug development success: strong decision-making. By adopting the Pharsight approach, customers acquire a new decision-making process with the potential to systematically improve every level and phase of their business and scientific processes. Pharsight Corporation is headquartered in Mountain View, California. Information about Pharsight is available at http://www.pharsight.com .
Safe Harbor
This press release includes forward-looking statements that involve risks and uncertainties, including statements regarding the potential growth of the pharmaceutical software industry and Pharsight's competitive position. Factors that could cause actual results to differ materially include the following: general market and business conditions, uncertainties involved in pharmaceutical drug development, changes in the demand for Pharsight's products, changes in Pharsight's research and development focus or operating strategies, the failure to develop new services or to keep pace with technological changes, the failure of Pharsight's services to obtain anticipated levels of customer acceptance or to meet customers' expectations, and changes in government regulation of the pharmaceutical industry. Further information on potential factors that could affect actual results is included in Pharsight's Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission on February 13, 2006. All forward-looking statements are based on information available to Pharsight as of the date hereof, and Pharsight assumes no obligation to update such statements, whether as a result of new developments or otherwise.
NOTE: Pharsight is a registered trademark of Pharsight Corporation.
Pharsight CorporationCONTACT: investors, Douglas Sherk or Jennifer Beugelmans, +1-415-896-6820,or media, Sheryl Seapy, +1-415-272-3323, all of the EVC Group, forPharsight Corporation
Web site: http://www.pharsight.com/
