CAMBRIDGE, Mass., April 27 /PRNewswire-FirstCall/ -- Transkaryotic
Therapies, Inc. (Nasdaq: TKTX) today announced that Wayne P. Yetter has been
named Chairman of the Board to succeed Rodman W. Moorhead, III. Mr. Moorhead
will remain on TKT's Board and continue to chair its Compensation Committee.
"I have been grateful for Rod's counsel and support as we have reshaped
TKT over the past year, and I am delighted he has agreed to remain on our
Board," said Michael J. Astrue, President and Chief Executive Officer of TKT.
"Wayne has also been integral to TKT's restructuring and I look forward to
working with him in his expanded role. He is an experienced pharmaceutical
industry executive with unique expertise in marketing and sales, and we intend
to rely on his expertise as we pursue our goal of generating revenue from
three commercial products in 2006."
Rodman W. Moorhead, III has served as Chairman of TKT's Board of Directors
since May 1992. Mr. Moorhead is a Managing Director and Senior Advisor at
Warburg Pincus LLC where he has held positions for more than 20 years.
Wayne P. Yetter has served as a Director at TKT since November 1999 and is
Chairman of its Audit Committee and a member of the Nominating and Corporate
Governance Committee. Mr. Yetter is the former Chairman of the Board of
Directors and Chief Executive Officer of Synavant Inc., formerly a subsidiary
of IMS Health, Inc. He was previously Chief Operating Officer of IMS Health,
President and Chief Executive Officer of Novartis Pharmaceutical Corporation,
and President and Chief Executive Officer of Astra Merck, Inc.
Additional information about TKT's Board of Directors is available under
the Investor Information section of http://www.tktx.com.
About TKT
Transkaryotic Therapies, Inc. is a biopharmaceutical company primarily
focused on researching, developing and commercializing treatments for rare
diseases caused by protein deficiencies. Within this focus, the company
markets Replagal(TM), an enzyme replacement therapy for Fabry disease, and is
developing treatments for Hunter syndrome and Gaucher disease. Outside its
focus on rare diseases, TKT intends to commercialize Dynepo(TM), its Gene-
Activated(R) erythropoietin product for anemia related to kidney disease,
outside of the United States. TKT was founded in 1988 and is headquartered in
Cambridge, Massachusetts, with additional operations in Europe, Canada and
Latin America. Additional information about TKT is available on the
company's website at http://www.tktx.com.
This press release contains forward-looking statements regarding TKT's
Board of Directors and the potential timing of commercialization of TKT's
products, as well as statements containing the words "believes,"
"anticipates," "plans," "expects," "estimates," "intends," "should," "could,"
"will," "may," and similar expressions. There are a number of important
factors that could cause the company's actual results to differ materially
from those indicated by such forward-looking statements, including whether the
members of TKT's Board of Directors will serve as long as expected; whether
any of the company's products will achieve the commercial success anticipated
by the company; whether competing products will reduce the market opportunity
for such products; whether I2S will be safe and effective as a treatment for
Hunter syndrome; whether GA-GCB will be safe and effective as a treatment for
Gaucher disease; whether TKT will be able to successfully complete clinical
trials of its products; enrollment rates for clinical trials; whether the
results of clinical trials, will be indicative of results obtained in later
clinical trials; whether future clinical trials will be conducted and
conducted on a timely basis; the ability of TKT and its collaborators to
successfully complete development of its products; the ability to manufacture
sufficient quantities of its products to satisfy both clinical trial
requirements and commercial demand, if approved; the timing of submissions to
and decisions by regulatory authorities in the United States, Europe, Japan
and other countries regarding clinical trials and marketing and other
applications; whether the FDA and equivalent regulatory authorities grant
marketing approval for the company's products on a timeline consistent with
TKT's expectations, or at all; the availability and extent of coverage from
third party payors and the receipt of reimbursement approvals for the
company's products; whether competing products will reduce any market
opportunity that may exist; whether the company will be successful in
establishing European manufacturing for Dynepo; and other factors set forth
under the caption "Certain Factors Which May Affect Future Results" in the
company's Annual Report on Form 10-K for the year ended December 31, 2003,
which is on file with the Securities and Exchange Commission and are
incorporated herein by reference. While the company may elect to update
forward-looking statements at some point in the future, the company
specifically disclaims any obligation to do so, even if its expectations
change.
Gene-Activated(R) is a registered trademark and Replagal(TM) is a
trademark of Transkaryotic Therapies, Inc. Dynepo(TM) is a trademark of
Aventis Pharmaceuticals, Inc.
CONTACTS:
Justine E. Koenigsberg Daniella M. Lutz
Director, Corporate Communications Corporate Communications Specialist
(617) 349-0271 (617) 349-0271
SOURCE Transkaryotic Therapies, Inc.
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Related links:
http://www.tktx.com
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CONTACT:
Justine E. Koenigsberg, Director, Corporate
Communications, or Daniella M. Lutz, Corporate Communications
Specialist, both of Transkaryotic Therapies, Inc.,
+1-617-349-0271
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