Lipid Sciences, Inc. Elects John E. Crawford to the Board of Directors
Lipid Sciences, Inc. (NASDAQ: LIPD) announced today that John E. Crawford has been elected to its Board of Directors. Mr. Crawford will serve an initial one-year term as a director and be eligible for re-election at the 2007 Annual Meeting of Stockholders. Lipid Sciences is a development-stage biotechnology company engaged in the research and development of products and processes intended to treat major medical indications in which lipids, or fat components, play a key role. These medical indications include cardiovascular disease and viral infections such as those caused by Human Immunodeficiency Virus (HIV).
Mr. Crawford brings to this position extensive experience in the areas of biopharmaceuticals and medical devices. He was the founding president of Corvas International, Inc., a biopharmaceutical company developing therapeutic agents for the prevention and treatment of major cardiovascular and inflammatory diseases. While at Corvas he held a variety of senior management positions and raised over $200 million in equity and research funding during his tenure as Chief Financial Officer.
He also served as Chief Financial Officer at Conforma Therapeutics Corp., a privately held biopharmaceuticals company with three cancer agents in clinical trials. On May 3, 2006, Conforma Therapeutics announced that it had signed a definitive merger agreement with Biogen Idec, a global leader in creating standards of care in oncology, neurology, and immunology. That transaction closed earlier this month.
Mr. Crawford is currently the Chief Financial and Administrative Officer of Cabrellis Pharmaceuticals Corporation, a specialty pharmaceuticals company focused on cancer therapy. Cabrellis, a venture-funded spinoff of Conforma Therapeutics Corp., already has a Phase II product in the clinic.
Dr. S. Lewis Meyer, President and Chief Executive Officer of Lipid Sciences, commented: “It is particularly important at this critical time in the development of Lipid Sciences that we broaden the scope of expertise represented on the Board of Directors. We are pleased to be able to add John’s extensive biotech and healthcare industry experience and financial acumen to the Board as Lipid Sciences approaches an important inflection point with the launch of a human clinical trial of our HDL Selective Delipidation system.”
Mr. Crawford will serve as an independent director on the Lipid Sciences’ Board of Directors, and his previous experience will qualify him as a financial expert. His committee assignments will be finalized at the Board of Directors’ meeting to be held on June 1, 2006, following the Company’s Annual Meeting of Stockholders.
Commenting on his election to the Board of Directors, Mr. Crawford said, “The HDL Therapy platform is a pioneering technology in cardiovascular disease. It is a privilege to become part of Lipid Sciences as the first product from this platform crosses the threshold into the clinic.”
Mr. Crawford received his bachelor’s degree in mathematical sciences from Stanford University, and his MBA from the University of Chicago Graduate School of Business.
Lipid Sciences, Inc. is a development-stage biotechnology company engaged in the research and development of products and processes intended to treat major medical indications, in which lipids, or fat components, play a key role. The Company’s HDL Therapy platform (HDL Selective Delipidation and HDL mimetic peptides) is aimed at developing treatments for the reversal of atherosclerosis, a systemic disease of the blood vessels caused by the build-up of cholesterol-filled plaques in the vascular system and, most critically, in the coronary arteries. Regression of such plaques may have a major impact on reducing the risk of acute coronary events. The Company’s Viral Immunotherapy platform is focused on the removal of the lipid coatings from lipid-enveloped viruses and other lipid-containing infectious agents by application of Lipid Sciences’ proprietary delipidation technology. The Company believes that removing the virus’ protective lipid coating enhances the processing and presentation of viral proteins to stimulate the body’s immune system to effectively fight the disease. Conditions that could potentially be impacted by this technology include HIV, Hepatitis B and Hepatitis C, West Nile, SARS and influenza.
Forward-Looking Statements: This release contains forward-looking statements concerning plans, objectives, goals, strategies, study results, anticipations, expectations, future events or performance as well as all other statements that are not statements of historical fact. The forward-looking statements contained in this release reflect our current beliefs and expectations on the date of this release. Actual results, performance or outcomes may differ materially from what is expressed in the forward-looking statements. Readers are referred to the documents filed by us with the SEC, specifically the most recent reports on Form 10-K and Form 10-Q which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. In addition to those risk factors, other factors that could cause actual results to differ materially include the following: Our inability to obtain adequate funds; we have incurred significant losses since our inception and it is our expectation that we will incur substantial losses in the future; our technology not proving to be safe or effective; our inability to obtain regulatory approval for our technology, which is only in the clinical development stage; delay or failure to complete clinical studies; our dependence on our license agreement with Aruba International B.V.; our reliance on collaborations with strategic partners and consultants; competition in our industry, including the development of new products by others that may provide alternative or better therapies; failure to secure and enforce our intellectual property rights; risks associated with use of biological and hazardous materials; acceptance of our potential products by healthcare providers and patients; and our dependence on key personnel.
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov. Lipid Sciences assumes no obligation to update the forward-looking statements included in this document.
Press releases for Lipid Sciences, Inc. are available on our website: www.lipidsciences.com. If you would like to receive our press releases via email, please contact: info@lipidsciences.com.
FOR FURTHER INFORMATION CONTACT: Deborah S. Lorenz Vice President Investor Relations and Corporate Communications Lipid Sciences, Inc. 925-249-4031 Contact via http://www.marketwire.com/mw/emailprcntct?id=6FF2D9F8F5C77261 Wolfe Axelrod Weinberger Associates, LLC Donald C. Weinberger Contact via http://www.marketwire.com/mw/emailprcntct?id=0E8B8063234BF849 Media: Alisa Steinberg Contact via http://www.marketwire.com/mw/emailprcntct?id=AD2BBC9FB5A8FFE6 212-370-4500
SOURCE: Lipid Sciences, Inc.