RESEARCH TRIANGLE PARK, N.C. and SAN FRANCISCO, Oct. 24
/PRNewswire-FirstCall/ -- Paradigm Genetics, Inc. (Nasdaq: PDGM), a
biotechnology company, and Burrill & Company, a life sciences merchant bank,
today announced that John E. Hamer, Ph.D., Paradigm's Chief Scientific Officer
and Vice President, Business Development, will resign effective December 31,
2003 to join Burrill & Company.
"This move is an exciting opportunity for John, and we are very pleased
for him," said Heinrich Gugger, Ph.D., President and CEO for Paradigm. "John
has made significant contributions to Paradigm, including leading the company
during a period of considerable transition as well as building the cutting
edge research platforms and the leading scientific staff that we have today.
We are delighted that he will continue to be a part of our future by serving
as a member of our Scientific Advisory Board."
Gugger continued, "Moving forward, we will look to our Vice President of
Human Health Research Thomas Colatsky, Ph.D., and Vice President of
Agricultural Research Keith Davis, Ph.D., to provide the scientific leadership
necessary to transform Paradigm into a more product-oriented life sciences
company. We continue to be a leader in ag biotechnology and are making
excellent progress in pioneering novel approaches to the discovery of new
drugs and diagnostics. I will personally take a more active role in our
business development pursuits. Thanks to John and others, we have an
excellent pipeline of discussions underway."
"We are very proud to have a scientist of John's caliber join our team,"
commented G. Steven Burrill, CEO of Burrill & Company and Chairman of Paradigm
Genetics. "He gained exceptional experience in his leadership role at
Paradigm and will provide valuable guidance to us in our current and future
investments and in helping us build new biotech companies. With the resurgence
of the biotech financing markets and a time in which this industry's
fundamentals have never been stronger, it's a great time for John to join one
of the biotech industry's premier financiers."
Dr. Hamer joined Paradigm Genetics in 1998 as a Visiting Scientist, then
became Director of Microbial Research in early 1999. He served as Vice
President, Research from January 2000 to 2001 and Chief Scientific Officer
beginning in mid 2001. Dr. Hamer was Interim President and CEO from February
2002 through July 2002, prior to the arrival of Dr. Gugger. His most recent
role was Chief Scientific Officer and Vice President, Business Development.
Before joining Paradigm, Dr. Hamer served on the faculty of Purdue University
where he held the positions of Assistant Professor ('89-'90), Associate
Professor ('92-'98), Professor ('98-'00) and Adjunct Professor of Biological
Sciences. He was also an Adjunct Professor of Microbiology and Immunology at
Indiana University/Purdue University Medical School.
Dr. Colatsky joined Paradigm in August 2002 as Vice President, Human
Health Research. He brings more than 20 years of pharmaceutical industry
experience to the company. Most recently, Dr. Colatsky was President and Chief
Executive Officer of Argolyn Bioscience, a company focused on enabling the
design and development of novel peptide drugs and diagnostics. Prior to that,
he was Executive Vice President and Chief Scientific Officer at Physiome
Sciences. Dr. Colatsky spent 17 years at Wyeth-Ayerst in various research
roles including Vice President, Cardiovascular and Metabolic Disorders,
Discovery Research and Site Head of Wyeth's Princeton research facilities.
Dr. Colatsky received his Ph.D. in physiology from the State University of New
York at Buffalo.
Dr. Davis joined Paradigm in 1999 as Director of Plant Research. Prior to
joining the Company, he was an Associate Professor of Plant Biology and
Director of the campus-wide Plant Molecular Biology and Biotechnology group at
The Ohio State University. Dr. Davis was also co-founder and Associate
Director of the NSF-funded Arabidopsis Biological Resource Center at The Ohio
State University. His research on plant-virus interactions and plant
responses to biotic and abiotic stress has been funded by the Environmental
Protection Agency, United States Department of Agriculture, and National
Institutes of Health. Dr. Davis received his Ph.D. in Molecular, Cellular,
and Developmental Biology from the University of Colorado, Boulder, in 1985.
About Paradigm Genetics
Paradigm is a biotechnology company that increases R&D productivity by
focusing its integrated suite of technologies on the product development
cycle, from target discovery to subsequent enhancement of the safety and
efficacy profiles of development candidates in agriculture and human health.
Paradigm uses a systems biology approach to understand gene function in the
context of biological pathways, and to develop assays and biomarkers for
molecular diagnostic solutions tailored to the needs of our partners.
Paradigm's proprietary Gene to Cell to System(TM) approach has four major
components: gene expression profiling, biochemical profiling (also known as
metabolomics), phenotypic profiling and data integration and coherence. For
more information, visit http://www.paradigmgenetics.com.
About Burrill & Company
Burrill & Company is a life sciences merchant bank, focused exclusively on
companies involved in biotechnology, pharmaceuticals, diagnostics, human
healthcare and related medical technologies, wellness and nutraceuticals,
agricultural technologies, and industrial biotechnology
(biomaterials/bioprocesses).
Venture Capital
The Burrill family of venture capital funds, with over $485 million under
management, includes the Burrill Life Sciences Capital Fund, the Burrill
Biotechnology Capital Fund, the Burrill Agbio Capital Fund and its successor-
the Burrill Agbio Capital Fund II, and the Burrill Nutraceuticals Capital
Fund.
Strategic Partnering
Burrill & Company assists life science companies in identifying,
negotiating and closing strategic partnerships between large and small
companies providing access to resources, technologies or collaborations
essential for executing their business plans.
Burrill & Company also works with major life science companies to spinout
internal assets and capitalize on their value, ranging from the outright sale
of products or businesses to creation of new companies to exploit these
assets. Burrill uses its extensive network to help companies identify, assess
and capture ("spin-in") products and companies strategic to building their
businesses.
Burrill & Company's BioStreet(TM) is an internet-based life sciences
transaction service which enhances dealmaking capabilities by offering a broad
range of services designed to streamline and facilitate deals. BioStreet
combines the efficient distribution power of the worldwide web with the
scientific skills and strategic relationships necessary for concluding
successful transactions.
Burrill & Company has completed more than 25 strategic partnerships with a
value in excess of $1 billion. For more information, please visit Burrill &
Company's website at http://www.burrillandco.com.
This press release contains forward-looking statements, including
statements regarding the Company's ability to increase R&D productivity by
focusing its integrated suite of technologies on the product development
cycle; and to use a systems biology approach to understand gene function in
the context of biological pathways, to develop assays and biomarkers for
molecular diagnostic solutions tailored to the needs of its partners. Such
forward-looking statements are based on management's current expectations and
are subject to a number of risks, factors and uncertainties that may cause
actual results, events and performance to differ materially from those
referred to in the forward-looking statements. These risks, factors and
uncertainties include, but are not limited to, Paradigm's early stage of
development, history of net losses, technological and product development
uncertainties, reliance on research collaborations, uncertainty of additional
funding and ability to protect its patents and proprietary rights. Certain of
these and other risks are identified in Paradigm's quarterly report on Form
10-Q for the quarter ended June 30, 2003, filed with the Securities and
Exchange Commission. The Company does not intend to update any of the forward-
looking statements after the date of this release to conform these statements
to actual results or to changes in our expectations, except as may be required
by law.
SOURCE Paradigm Genetics, Inc.
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Related links:
http://www.paradigmgenetics.com
CONTACT:
Melissa Matson, Director of Corporate
Communications of Paradigm Genetics, Inc., +1-919-425-3000, or
Mandy Jones of Burrill & Company, +1-415-591-5405
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