20th Apr 2006 07:01
AGI Therapeutics plc20 April 2006 AGI Therapeutics plc announces appointment of Chief Financial Officer Dublin, Ireland, 20th April 2006 - AGI Therapeutics plc ("AGI" or the"Company"), a speciality pharmaceutical company focused on gastrointestinal drugproducts, today announces the appointment of Mr. David G. Kelly as director andChief Financial Officer. Mr. Kelly's appointment will be effective as of 2 May2006. Mr. Kelly, a Chartered Accountant, was most recently Senior Vice President ofWarner Chilcott plc, (formerly Galen Holdings plc), a Northern Ireland basedfully integrated specialty pharmaceutical company that was listed on the Londonand Irish Stock Exchanges. Warner Chilcott was acquired by a syndicate ofprivate equity investors in early 2005 for approximately £1.6 billion. Mr. Kellyalso served as acting Chief Financial Officer of Warner Chilcott during itssuccessful IPO on Nasdaq in 1997, prior to Warner Chilcott's acquisition byGalen in 2000. Previous to that, Mr. Kelly worked for Elan Corporation plc andKPMG, the international accounting firm. Commenting on the appointment of Mr. Kelly, Dr. John Devane, Chief ExecutiveOfficer of AGI, said: "I am delighted to be able to announce the appointment of David Kelly as ChiefFinancial Officer and director of AGI. At the time of our admission to the AIMand IEX markets we indicated our desire to recruit a permanent Chief FinancialOfficer and I am pleased that we have now been able to complete the process.The addition of someone of this calibre and wealth of experience to the AGImanagement team is a major event for the Company. David brings a substantialtrack record in financial management in both the US and European public marketsand we look forward to his playing a leading role in the financial and strategicdevelopment of our business." There are no details that are required to be disclosed under Schedule 2,paragraph (g) of the AIM and IEX Rules. Contact Information AGI TherapeuticsTel: +353 9064 71455Patrick Ashe, Senior VP, Business Development Financial Dynamics - UKTel: +44 (0) 20 7831 3113Sarah MacLeod Financial Dynamics - IrelandTel: +353 1 663 3607Aisling Garvey For further information please see www.agitherapeutics.com About AGI Therapeutics AGI is a speciality pharmaceutical company which is focused on the developmentand commercialisation of differentiated drug products for gastrointestinal (''GI'') diseases and disorders. The Company has a portfolio of product candidates derived from the KnownMolecular Entity (''KME'') approach to drug re-profiling and development. KME isa re-profiling methodology used by the Company to identify existing therapeuticdrugs which typically have been marketed for a number of years, have establishedsafety profiles and can be developed for new clinical indications or withimproved profiles in their existing clinical indications. In this way, theCompany seeks to reduce the risk, time and cost of new product development ascompared to the development of new chemical entities. AGI has developed a range of product candidates to treat a variety of prevalentGI diseases and disorders, including irritable bowel syndrome, functionaldyspepsia, ulcerative colitis and gastro-esophageal reflux disease. The Companyis targeting areas of the GI therapeutic drug products market for its productcandidates where there are currently unmet medical needs or where theeffectiveness of existing drug therapies can be further improved. The Company has six clinical stage product candidates which are either isomersor new drug delivery formulations of existing approved drugs, and which haveestablished safety and tolerability profiles in their currently approvedclinical indications. These product candidates are all in clinical development,including five Phase II trials. AGI intends to complete its ongoing clinical trials and, dependent on theresults of these trials, the Company will initiate Phase III development of alead product candidate and will also seek to enter into licensing anddevelopment agreements with pharmaceutical companies so as to enhance the globalmarket reach for its products and achieve optimal revenue and valueopportunities for the Company. Statements contained within this press release may contain forward-lookingcomments which involve risks and uncertainties that may cause actual results tovary from those contained in the forward-looking statements. In some cases, youcan identify such forward-looking statements by terminology such as 'may', 'will', 'could', 'forecasts', 'expects', 'plans', 'anticipates', 'believes', 'estimates', 'predicts', 'potential', or 'continue'. Predictions andforward-looking references in this press release are subject to the satisfactoryprogress of research which is, by nature, unpredictable. Forward projectionsreflect management's best estimates based on information available at the timeof issue This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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