Advanced Polymer Systems Appoints Experienced Pharmaceutical Industry Executive As Chairman
REDWOOD CITY, Calif., November 1, 2000 – The Board of Directors of Advanced Polymer Systems (Nasdaq: APPA) today announced that it has appointed Paul Goddard, PhD. as Chairman of its Board of Directors effective November 1, 2000. Dr. Goddard succeeds John J. Meakem, Jr., who is stepping down as the Company's Chairman. Mr. Meakem's retirement and the search for a successor had been previously announced.
Dr. Goddard, who remains a consultant and advisor to Elan Corporation (NYSE:ELN), was President and CEO of Elan's pharmaceutical division (EP) from 1998 until March 2000. While CEO of EP, Dr. Goddard was responsible for a fully integrated, worldwide organization of research, development and marketing, focusing on therapies in the areas of acute care, pain management and neurological disease. Previously, Dr. Goddard served as the Chairman and CEO of Neurex Corporation, a developmental stage biopharmaceutical company that was acquired by Elan in 1998. Prior to joining Neurex in 1991, he held numerous senior positions within SmithKline Beecham where he worked for 15 years.
“We are delighted to welcome Paul to the company. With over 25 years of experience in the pharmaceutical industry, we know he will be a positive addition to Advanced Polymer Systems, offering invaluable insights into the drug delivery and pharmaceutical industries. We are looking forward to Paul's contribution in helping Advanced Polymer Systems become a successful business focused on the development of prescription medicines by exploiting its broad and innovative drug delivery technology platform.
We intend to develop our own proprietary products funded through strategic alliances and marketed through our corporate partners,” commented Michael O'Connell, President and CEO of Advanced Polymer Systems. “Our refocused strategy places a high priority on the development and commercialization of the company's extensive portfolio of technologies in very large markets. We are confident Paul will help us to execute on this strategy.”
About Advanced Polymer Systems
Advanced Polymer Systems, is a leader in polymer-based delivery systems and related technologies with a broad proprietary and intellectual property platform. The Company is committed to the identification, development and commercialization of proprietary polymer-based systems for the pharmaceutical industry. Working in collaboration with academic researchers, corporate partners and licensees, the Company is developing and providing specialized proprietary delivery systems for use in an increasing number of ethical pharmaceutical applications. The company recently sold its cosmeceutical division to R.P. Scherer Corporation in a strategic refocus.
Except for historical information, this news release contains certain forward-looking statements that involve risks and uncertainties, including among others, uncertainty associated with timely development, approval, launch and acceptance of new products, establishment of new corporate alliances and progress in research and development programs. Other risks and uncertainties associated with the Company's business and prospects are identified in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to revise these forward-looking statements to reflect events or circumstances occurring in the future.