Dendreon Corporation Announces Succession Plan Mitchell H. Gold, M.D., to Become Chief Executive Officer Jan. 1, 2003
(EMAILWIRE.COM, October 30, 2002 ) Dendreon Corporation (NASDAQ: DNDN) announced today that Mitchell H. Gold, M.D., will be promoted to Chief Executive Officer (CEO) effective January 1, 2003. Christopher S. Henney, Ph.D., D.Sc., who has served as the Company's CEO since 1995, will remain actively involved as Executive Chairman of the Board.
"Under the leadership of Dr. Henney, a veteran of the biotechnology industry, Dendreon has evolved from a start-up to a leading biotechnology company with a diverse product platform, strong collaborators and a promising vaccine technology that is poised to produce the first prostate cancer vaccine on the market," said Ruth Kunath, member of Dendreon's Board of Directors and biotechnology portfolio manager for Vulcan Inc. "Chris has also built a talented management team. Mitchell's experience and strategic vision, along with his close working relationship with Chris, will be of considerable benefit to Dendreon."
Gold is a former urologist at the University of Washington and served as a co-founder, president and chief executive officer of Elixis Corporation, a leader in health care information services. Gold joined Dendreon in 2001 as vice president of business development and in 2002 was promoted to chief business officer. Prior to joining Dendreon, Gold served as vice president of business development for Data Critical Corporation, now a division of General Electric. Gold serves on the boards of the University of Washington/Fred Hutchinson Cancer Research Center Prostate Cancer Institute and Xenotope Diagnostics of San Antonio, Texas.
"Dendreon is in a strong position and has achieved important milestones that are characteristic of successful biotechnology companies. I believe it is an opportune time for Mitchell to assume this leadership role and guide Dendreon as it seeks to achieve the commercialization of its first product," said Henney. "In my continuing role of chairman, I plan to work closely with Mitchell and the team to deliver maximum value to shareholders."
"We have made excellent progress this year on the development of our lead product, Provenge™, a therapeutic vaccine for men with prostate cancer. Mitchell's background in business and medicine, and in particular urology, makes him an extraordinarily well-qualified chief executive for us," said David Urdal, Ph.D., Dendreon's vice chairman, president and chief scientific officer. "I look forward to working with him."
"Under Chris' leadership, Dendreon has built an exciting and promising pipeline," said Gold. "We will build on this momentum to advance Provenge as quickly as possible to the patients who have no other treatment options available, explore collaborations that maximize the value of our assets and maintain the financial health of the company."
Dendreon Corporation is a biotechnology company developing targeted therapies for cancer. Dendreon currently has three therapeutic vaccines in clinical trials. Dendreon's product pipeline also includes monoclonal antibodies and a pathway to small molecules. Dendreon has established important alliances with industry leaders Genentech, Johnson & Johnson Pharmaceutical Research & Development and Kirin Brewery Co., Ltd. For more information, visit www.dendreon.com.
Except for historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements, particularly those risks and uncertainties inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics. Factors that may cause such a difference include reliance on key employees, especially senior management, risks related to Dendreon's limited operating history, risks associated with completing Dendreon's clinical trials, the risk that the results of a clinical trial will not support applying for or approval of a biologics license by the FDA, the uncertainty of Dendreon's future access to capital, the risk that Dendreon may not secure or maintain relationships with collaborators, and dependence on intellectual property. Further information on the factors and risks that could affect Dendreon's business, financial condition and results of operations, are contained in Dendreon's public disclosure filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov.
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Produced for Dendreon Corporation
Contact:
Julie Rathbun
Communications/Investor Relations
Dendreon Corporation
(206) 829-1500
pr@dendreon.com
---------------
"Under the leadership of Dr. Henney, a veteran of the biotechnology industry, Dendreon has evolved from a start-up to a leading biotechnology company with a diverse product platform, strong collaborators and a promising vaccine technology that is poised to produce the first prostate cancer vaccine on the market," said Ruth Kunath, member of Dendreon's Board of Directors and biotechnology portfolio manager for Vulcan Inc. "Chris has also built a talented management team. Mitchell's experience and strategic vision, along with his close working relationship with Chris, will be of considerable benefit to Dendreon."
Gold is a former urologist at the University of Washington and served as a co-founder, president and chief executive officer of Elixis Corporation, a leader in health care information services. Gold joined Dendreon in 2001 as vice president of business development and in 2002 was promoted to chief business officer. Prior to joining Dendreon, Gold served as vice president of business development for Data Critical Corporation, now a division of General Electric. Gold serves on the boards of the University of Washington/Fred Hutchinson Cancer Research Center Prostate Cancer Institute and Xenotope Diagnostics of San Antonio, Texas.
"Dendreon is in a strong position and has achieved important milestones that are characteristic of successful biotechnology companies. I believe it is an opportune time for Mitchell to assume this leadership role and guide Dendreon as it seeks to achieve the commercialization of its first product," said Henney. "In my continuing role of chairman, I plan to work closely with Mitchell and the team to deliver maximum value to shareholders."
"We have made excellent progress this year on the development of our lead product, Provenge™, a therapeutic vaccine for men with prostate cancer. Mitchell's background in business and medicine, and in particular urology, makes him an extraordinarily well-qualified chief executive for us," said David Urdal, Ph.D., Dendreon's vice chairman, president and chief scientific officer. "I look forward to working with him."
"Under Chris' leadership, Dendreon has built an exciting and promising pipeline," said Gold. "We will build on this momentum to advance Provenge as quickly as possible to the patients who have no other treatment options available, explore collaborations that maximize the value of our assets and maintain the financial health of the company."
Dendreon Corporation is a biotechnology company developing targeted therapies for cancer. Dendreon currently has three therapeutic vaccines in clinical trials. Dendreon's product pipeline also includes monoclonal antibodies and a pathway to small molecules. Dendreon has established important alliances with industry leaders Genentech, Johnson & Johnson Pharmaceutical Research & Development and Kirin Brewery Co., Ltd. For more information, visit www.dendreon.com.
Except for historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements, particularly those risks and uncertainties inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics. Factors that may cause such a difference include reliance on key employees, especially senior management, risks related to Dendreon's limited operating history, risks associated with completing Dendreon's clinical trials, the risk that the results of a clinical trial will not support applying for or approval of a biologics license by the FDA, the uncertainty of Dendreon's future access to capital, the risk that Dendreon may not secure or maintain relationships with collaborators, and dependence on intellectual property. Further information on the factors and risks that could affect Dendreon's business, financial condition and results of operations, are contained in Dendreon's public disclosure filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov.
---------------
Produced for Dendreon Corporation
Contact:
Julie Rathbun
Communications/Investor Relations
Dendreon Corporation
(206) 829-1500
pr@dendreon.com
---------------
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