Inflazyme Pharmaceuticals Announces Departure of Senior Management
VANCOUVER, British Columbia, Dec. 28, 2007 - Inflazyme Pharmaceuticals Ltd., (IZP.H) announced today that Dr. Kevin Mullane, President and C.E.O., Dr. David Burgoyne, V.P. Business Development, and Dr. John Langlands, Senior Director, Clinical Research will be leaving the Company on January 1, 2008, to pursue new opportunities. Their departure will further reduce the burn of the Company during its final stages of reconciling the best steps for enhanced shareholder value after the close of the Biolipox transaction on November 19, 2007. The monthly burn going forward is expected to average approximately $150,000. Total severance payments are expected to amount to approximately $900,000. The two remaining employees at the Company are Mike Liggett, C.F.O. and Julie Rezler, Senior Director, Corporate Development.
Dr. Mullane joined the Company as Senior V.P. Research and Development in December 1999, and in April 2005, he was appointed President and C.E.O. Dr. Burgoyne was one of the early employees at Inflazyme in 1994, and he successfully grew with the Company holding a variety of leadership positions in Research and Business Development. Dr. John Langlands, Senior Director, Clinical Research was the first employee of the Company in 1992 and he advanced into clinical research specializing in respiratory diseases.
"I want to thank Dr. Mullane especially for his major contributions to Inflazyme during his leadership positions both in Research and Development, and most recently as President and C.E.O. of Inflazyme," said Jeremy Curnock Cook, Chairman of Inflazyme's Board of Directors. "Kevin was instrumental in shaping and directing the successive stages of Inflazyme as it progressed from an early stage biotechnology company to a mid stage player." He further added, "I extend my sincerest gratitude to both Dr. Burgoyne and Dr. Langlands whose early research formed the cornerstone of Inflazyme and its technologies targeting asthma and inflammatory diseases. All three are highly skilled individuals with tremendous talents and capabilities and I wish them the very best as they pursue new professional opportunities."
"The science, the programs and the people at Inflazyme have been tremendous", said Kevin Mullane. "I feel privileged to have been part of this Company and will continue to follow events affecting both Inflazyme and the advancement of the assets we sold to Biolipox."
Further information on the Company may be obtained from its website at www.inflazyme.com.
This news release contains certain "forward-looking statements" and "forward-looking information" which may include but is not limited to statements in respect of our future financial position or operations. Words like "believe", "intend", "may", "expect", "anticipate", "plan", "should" and other similar expressions are forward-looking statements that involve a number of risks and uncertainties. By their nature, forward-looking statements involve numerous factors, assumptions and estimates, some but not all of the factors that could cause actual results to differ materially from those projected in our forward-looking statements include among others: risks associated with the completion of clinical trials and obtaining regulatory approval to market our products, market acceptance of our technologies and products; our ability to obtain financing; our financial an d technical resources relative to those of our competitors; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain and develop partnership opportunities; and other risk factors identified from time to time in the Company's regulatory filings. For a further description of the principal risks affecting the Company, see our regulatory filings. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements.
Posted: December 2007