Robert J. Gerety, M.D., Ph.D., Named Vice President of Development and
Regulatory Affairs
CAMBRIDGE, Mass., April 3 /PRNewswire/ -- OraVax, Inc. (Nasdaq: ORVX)
today announced a reorganization plan designed to reduce operating expenses
while focusing the Company's resources on advancing its four lead product
initiatives. As part of this reorganization, the Company appointed Robert J.
Gerety, M.D., Ph.D., former President and CEO of ImmuLogic Pharmaceutical
Corporation (Nasdaq: IMUL), as Vice President of Development and Regulatory
Affairs.
The reorganization plan calls for reductions in operating costs, including
a reduction of approximately 20 positions. As a result, following the
reorganization, OraVax will have 65 full-time employees. Positions related to
early manufacturing start-up and marketing were the most affected by the
reorganization.
"These changes allow the Company to focus appropriate resources on the
clinical development of HNK20, and are consistent with the delayed need for
large-scale manufacturing and product marketing activities," said Lance K.
Gordon, Ph.D, President and Chief Executive Officer of Oravax. "OraVax is
currently seeking a corporate partner to facilitate commercial development in
the U.S. and Europe. Initial results of the recently completed Phase III
trial indicated that the reduction in RSV hospitalization did not reach
statistical significance, however, continued analysis of results from the
recently completed Phase III trial suggest that the level of effectiveness was
highest in the youngest infants, those at greatest risk of hospitalized
pneumonia. We hope to conduct a clinical study, in conjunction with a
corporate partner, using a higher dose of HNK20 in this population.
"We believe that as a result of the reorganization plan, the Company has
the resources needed to support continued development of its existing H.
pylori, RSV, C. difficile and Japanese Encephalitis programs, establish new
partnerships, and fund operations at least into the second quarter of 1998,"
said Dr. Gordon. "We are pleased to announce the addition of Bob Gerety to
our senior management team. We believe his expertise in strategic management
and strong leadership in the areas of advanced clinical development and
product commercialization will facilitate the accomplishment of the Company's
future goals."
"OraVax has a promising portfolio of product candidates, technologies,
patents, and proprietary rights related to treating and preventing mucosal
diseases," said Dr. Gerety. "I'm particularly excited to join OraVax, a
company with several potential product opportunities and a dedication to the
development of innovative vaccines."
Dr. Gerety joined ImmuLogic as Executive Vice President of Pharmaceutical
Development in 1993, and became President and CEO in 1994. Previously he was
Vice President of Development Operations at Biogen, Inc. and Executive
Director of both Virus and Cell Biology Basic Research and Vaccines,
Antivirals and Biologicals Clinical Research at Merck & Co. Dr. Gerety has
also held various positions at the Stanford Medical School, the National
Institutes of Health and the Food and Drug Administration where he last served
as Associate Director of Medicine and Science and Chief of the Infectious
Disease Branch at the Center for Biological Evaluation and Research.
Dr. Gerety holds an M.D. degree from the George Washington School of
Medicine, Master's and Doctorate degrees from Stanford University Medical
School, and a B.A. degree from Rutgers University.
OraVax, based in Cambridge, Massachusetts, is a biopharmaceutical company
engaged in the discovery and development of oral vaccines and noninjected
antibody products to prevent or treat diseases which infect the human body at
its mucosal linings. The Company's largest program, which has completed a
Phase II trial, is a joint venture with Pasteur Merieux Connaught to develop
vaccines against H. pylori, the cause of peptic ulcers and stomach cancer.
OraVax has completed a Phase III trial of its HNK20 nosedrop for infant viral
pneumonia caused by respiratory syncytial virus (RSV). Research programs
include CdAB, for the prevention of antibiotic-associated diarrhea and colitis
caused by C. difficile, and a single-dose vaccine for Japanese Encephalitis
(JE), a potentially fatal neurotropic viral infection endemic in Japan, India,
China and other parts of the Far East.
This news release contains forward-looking statements that involve risks
and uncertainties, including the timing and results of clinical trials and
other product development and commercialization risks, risks associated with
collaborative arrangements, risks associated with liquidity and capital
resources, and other risks detailed in OraVax's filings with the U.S.
Securities and Exchange Commission (SEC).
NOTE: This release is available on the Internet at http://www.oravax.com
and http://www.noonanrusso.com.
For instant access to OraVax's news file via fax dial 800-758-5804 ext.
107177 or access PR Newswire's web site at http://www.prnewswire.com.
SOURCE OraVax, Inc.
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CONTACT: Chris Taylor, Investor Relations, of OraVax, Inc., 617-494-1339, ext. 131, or Anthony J. Russo, Ph.D. (media), of Noonan/Russo Communications, Inc., 212-696-4455, ext.202
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