Robert Johnson Appointed Acting CEO
HAYWARD, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Kosan Biosciences
Incorporated (Nasdaq: KOSN) announced today that Daniel V. Santi, M.D., Ph.D.,
has resigned as Chief Executive Officer and Chairman of the Board of Directors
of the company. Robert G. Johnson, Jr., M.D., Ph.D., Kosan's current
Executive Vice President, Development and Chief Medical Officer, will serve as
acting CEO on an interim basis until a permanent CEO is appointed by the Board
of Directors. Dr. Santi will continue to serve as an advisor to the company.
Dr. Santi said, "I was privileged to co-found Kosan in 1995 and to lead
the company since 1998. The company has gathered some of the most talented
people in the business, and has grown from a strong technology based company
to one with five product candidates in human clinical trials. With increased
focus on the development pipeline and the drive to advance one or more lead
compounds into pivotal trials, the company is well positioned for success.
Therefore, it is an appropriate time for a new CEO to lead Kosan in its next
phase of growth."
"Dan has done a terrific job in transitioning Kosan from an early stage
polyketide technology company to one with a diverse development pipeline,"
said Peter Davis, lead independent director of Kosan's Board of Directors.
"Dan's technical expertise, strategic vision, integrity and enthusiasm have
been key to the success of the company. He has built a company with world
class talent that will be his legacy for many years to come."
Robert Johnson joined Kosan in 2000, when the company was just
establishing its development organization. Since Dr. Johnson has joined
Kosan, the company has filed five investigational new drug applications
(INDs), has five product candidates in Phase I and II clinical trials and has
built experienced pre-clinical and clinical groups from the ground up. The
Board has full confidence in Dr. Johnson's ability to lead the company through
this transition.
About Kosan
Kosan Biosciences is advancing two new classes of anticancer agents
through clinical development. Kosan is developing Hsp90 (heat shock protein
90) inhibitors in collaboration with the NCI. Kosan's proprietary formulation
of 17-AAG (KOS-953) is in Phase I and II clinical trials for multiple myeloma
and Her2 breast cancer. In addition, intravenous and oral formulations of a
second-generation Hsp90 inhibitor, KOS-1022 (DMAG), are currently in Phase I
clinical trials. Kosan is also developing KOS-862 (Epothilone D) in Phase II
clinical trials in breast cancer, and a follow-on Epothilone D analog,
KOS-1584, is in Phase I clinical trials. This program is partnered with Roche
through a global development and commercialization agreement. Kosan has
generated a pipeline of additional product candidates targeting
gastrointestinal motility, infectious diseases and cancer based on its
proprietary technologies for discovering, developing and manufacturing
polyketide analogs. Polyketides are an important class of natural products
that have yielded numerous pharmaceuticals for the treatment of cancer,
infectious diseases, high cholesterol, transplant rejection and other
diseases. For additional information about Kosan Biosciences, please visit
the company's website at http://www.kosan.com.
This press release contains forward-looking statements for purposes of the
Private Securities Litigation Reform Act of 1995 (the "Act"). Kosan disclaims
any intent or obligation to update these forward-looking statements, and
claims the protection of the safe harbor for forward-looking statements
contained in the Act. Any statements contained in this press release that are
not statements of historical fact may be deemed to be forward-looking
statements. These statements include, but are not limited to, statements that
reflect management's current views as to the impact of the resignation of
Kosan's CEO, the future management of Kosan, Kosan's ability to advance one or
more of its lead compounds into pivotal trials and the clinical potential of
Kosan's current product candidates. There are a number of important factors
that could cause the results of Kosan to differ materially from those
indicated by these forward-looking statements, including, among others,
Kosan's ability to retain its current employees and recruit additional
qualified management personnel, the risk that clinical trials of Kosan's
product candidates may not successful and other risks detailed from time to
time in Kosan's SEC reports, including its Quarterly Report on Form 10-Q for
the quarter ended September 30, 2005 and other periodic filings with the SEC.
Kosan does not undertake any obligation to update forward-looking statements.
SOURCE Kosan Biosciences Incorporated
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Related links:
http://www.kosan.com
CONTACT:
Robert G. Johnson, Jr., M.D., Ph.D., CEO of
Kosan Biosciences, +1-510-732-8400, ext. 5243, or
johnson@kosan.com
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