DURHAM, N.C., Aug. 5 /PRNewswire-FirstCall/ --
Triangle Pharmaceuticals, Inc. (Nasdaq: VIRS) announced today that Daniel
G. Welch has been appointed Chairman and CEO effective August 5, 2002. Mr.
Welch succeeds Dr. David Barry, founder and former Chief Executive Officer,
who passed away in January of this year.
Mr. Welch has over 23 years of pharmaceutical experience with specialty
pharmaceutical companies as well as with leading global pharmaceutical
companies. From 2000 to the present, Mr. Welch was President,
Biopharmaceuticals at Elan Corporation where he was responsible for the
worldwide activities of Elan's largest business unit, including the U.S.
commercial operation, the international subsidiaries, the R&D function and the
diagnostics businesses. From 1987 to 2000, Mr. Welch held various executive
positions at Sanofi-Synthelabo and its predecessor companies Sanofi and
Sterling Winthrop, including Vice President Worldwide Marketing and Executive
Vice President and Chief Operating Officer of U.S. operations. At Sanofi-
Synthelabo, Mr. Welch was instrumental in the launch of several important
products including Plavix(R), a leading antiplatelet agent in the
cardiovascular area, and Avapro(R), a leading antihypertensive agent in the
angiotensin II receptor antagonist class. Prior to that, Mr. Welch was with
American Critical Care, a division of American Hospital Supply, which was
subsequently acquired by DuPont.
Tony Evnin, Ph.D., a member of Triangle's Board of Directors, stated, "Mr.
Welch brings a wealth of pharmaceutical, commercial and senior management
expertise acquired over 23 years in the global pharmaceutical industry. Mr.
Welch's success in leading launches of blockbuster pharmaceuticals, his
international business experience, strong operational skills and experience in
leading a large R&D organization make him uniquely suited to convert the
promise of Triangle's pipeline into a successful development and commercial
enterprise."
Mr. Welch commented, "I am very pleased to be joining Triangle at such an
exciting time in its development. With Coviracil(R) for HIV nearing NDA
filing, a deep pipeline of innovative products, and a strong operational and
development team, Triangle is poised to become a leading commercial
organization in the antiviral space. I look forward to working with the
outstanding team at Triangle to bring its product candidates onto the market
and further strengthen the arsenal of antiviral agents for patients with HIV
and HBV."
Triangle Pharmaceuticals, Inc. is a specialty pharmaceutical company
engaged in the development of new antiviral drug candidates, with a particular
focus on therapies for the human immunodeficiency virus (HIV) and the
hepatitis B virus. Triangle's proprietary drug candidates under development
for HIV and/or hepatitis B include Coviracil(R) (emtricitabine), amdoxovir
(formerly DAPD), and clevudine (formerly L-FMAU). Triangle is also developing
immunotherapies for hepatitis B in collaboration with Dynavax Technologies
Corporation (Dynavax) utilizing Dynavax' immunostimulatory sequence (ISS)
technology. More information about Triangle's portfolio, management and
product development strategy is available on Triangle's website.
Statements in this press release that are not historical facts are
forward-looking statements and are subject to numerous risks and
uncertainties, including the risk that the Company will not file the NDA and
other submission packages as planned. Additionally, other risks include the
fact that clinical trials for our drug candidates may not proceed as planned
and regulatory submissions for those drug candidates may be delayed, the
Company may be unable to successfully complete pivotal clinical trials or its
trials could be halted or terminated by regulatory authorities, its inability
to commercialize amdoxovir and ISS-based therapies due to patent rights held
by third parties, its ability to obtain additional capital, its ability to
obtain patent protection and required regulatory approvals for its drug
candidates, the development of competitive products by others, the cost of
coactive therapy and the extent to which coactive therapy achieves market
acceptance, the Company's success in identifying new drug candidates,
acquiring rights to the candidates on favorable terms and developing any
candidates to which the Company acquires any rights, and that the Company's
collaborations with third parties may not prove successful. These and other
risks are discussed in detail from time to time in the Company's filings with
the Securities and Exchange Commission. As a result of these and other risks
and uncertainties, actual results may differ materially from those predicted
in this press release. The Company disclaims any obligations to update any
forward-looking statements in this press release.
SOURCE Triangle Pharmaceuticals, Inc.
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Related links:
http://www.tripharm.com
CONTACT:
Daniel G. Welch, Chairman and CEO, or Chris
A. Rallis, President and Chief Operating Officer, of Triangle
Pharmaceuticals, Inc., +1-919-493-5980
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