SAN DIEGO, June 24 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA)
today announced that its Chairman and Chief Executive Officer, Robert S.
Whitehead, has accepted a new position as President of Dura Pharmaceuticals,
Inc. Trega has initiated a search process for a new CEO, and Mr. Whitehead
will remain as CEO until his replacement is hired. At that time, it is
expected that Mr. Whitehead will continue as Chairman of Trega.
"I am proud of the progress we've made over the last several years in
staffing the organization, significantly improving the technology platform,
conducting high quality integrated research and moving our lead drug candidate
into Phase II trials," said Mr. Whitehead. "I am especially pleased with
Trega's recently announced collaborations, including the collaboration with
Novartis announced last month. However, the opportunity offered by Dura is
personally compelling given my over twenty years of pharmaceutical marketing
and operational management experience prior to starting with Trega in 1993.
In addition, I believe that it is an opportune time to recruit new ideas and
leadership to move Trega through the next phase of discovery and development.
I plan on staying involved strategically, including serving as Trega's
Chairman, and working with the Board and management to attract an outstanding
candidate."
Trega Biosciences is a drug discovery company, utilizing combinatorial
chemistry and other technologies to pursue the discovery of novel, small-
molecule drug therapies. The company leverages its technology platform by
entering into pharmaceutical alliances, which provide partners with access to
Trega's technologies in exchange for licensing fees and potential milestones
and royalties, or by establishing joint-discovery alliances with
pharmaceutical and biotechnology companies. Trega also uses its drug
discovery technologies in its internal development programs, which are focused
today on discovering small molecules acting on melanocortin receptors.
Melanocortins are a newly discovered class of receptors which may be important
in the treatment of inflammatory and metabolic diseases.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that involve
risks and uncertainties, including whether the impending transition in
management will occur without disrupting the Company's business and
operations, whether any proposed product can be successfully formulated,
scaled-up, developed and commercialized, whether regulatory approvals can be
obtained, the impact of competitive products and pricing, the financial
condition of the Company in the future, whether any corporate collaborations
or alliances will he successful, and other risks detailed from time to time in
Trega's Securities and Exchange Commission filings. These forward-looking
statements represent Trega's judgment as of the date of this release. Actual
results may differ materially from those projected. Trega disclaims, however,
any intent or obligation to update these forward-looking statements.
Trega's releases are on the World Wide Web at http://www.trega.com and PR
Newswire's fax-on-demand service at 1-800-758-5804, extension 374050.
SOURCE Trega Biosciences, Inc.
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Related links:
http://www.trega.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 374050
CONTACT:
Robert S. Whitehead, Chairman & CEO,
619-410-6631, or Vince Reardon, Director, Corporate
Communications, 619-410-6555, both of Trega Biosciences
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