MIAMI, May 4 /PRNewswire-FirstCall/ -- eXegenics, Inc., (OTC Bulletin
Board: EXEG), doing business as Opko Health, today announced appointment of
its senior management team. Dr. Philip Frost will remain the company's
Chairman and Chief Executive Officer. Board of Directors' member Dr. Jane
Hsiao becomes Vice Chairman of the Board and Chief Technology Officer.
Board member Steven D. Rubin is taking on the additional position of
Executive Vice President - Administration and Dr. Rao Uppaluri becomes
Senior Vice President - Chief Financial Officer.
Dr. Jane Hsiao is the former Vice Chairman and Chief Technical Officer
of IVAX Corporation and Steven Rubin is the former Senior Vice President,
General Counsel and Secretary of IVAX. Dr. Rao Uppaluri was formerly
Treasurer and Vice President of Strategic Planning at IVAX.
The company has also filed the necessary documents to change its name
to Opko Health, Inc. and is applying for listing on the American Stock
Exchange. The name change and American Stock Exchange application processes
are expected to be finalized within 6-8 weeks.
Current eXegenics' President Dr. Dale Pfost, the former Chairman and
CEO of Acuity Pharmaceuticals, which merged with eXegenics last month, has
resigned to pursue other professional interests.
"We are fortunate to have access to such a strong team of experienced
health care executives as we move to build Opko Health into a diversified
operating company," said Dr. Frost. "This team has been highly successful
working together in the past and we look forward to new successes going
forward. I also want to thank Dale Pfost for his contributions and we wish
him the best in his future endeavors."
About eXegenics/Opko Health
Miami-based eXegenics (doing business as Opko Health) was recently
reconstituted as a specialty healthcare company through a 3-way merger with
private companies Acuity Pharmaceuticals Inc. and Froptix, Inc. Its product
portfolio includes the pioneering gene silencing agent bevasiranib, which
has successfully completed Phase ll clinical trials for wet age-related
macular degeneration and diabetic macular edema; a novel clinical stage
product for conjunctivitis; and a pipeline of preclinical candidates that
include novel agents to treat dry age-related macular degeneration and
other ophthalmic diseases. The company also intends to market selected
diagnostic products that are complementary to its therapeutic programs.
This press release contains "forward-looking statements," as that term
is defined under the Private Securities Litigation Reform Act of 1995
(PSLRA), regarding product development efforts and other non-historical
facts about our expectations, beliefs or intentions regarding our business,
technologies and products, financial condition, strategies or prospects.
Many factors could cause our actual activities or results to differ
materially from the activities and results anticipated in forward-looking
statements. These factors include those described in our filings with the
Securities and Exchange Commission, as well as risks inherent in funding,
developing and obtaining regulatory approvals of new, commercially-viable
and competitive products and treatments, including the risks that advanced
clinical trials for our lead product candidate, bevasiranib, may not be
commenced or completed on a timely basis or at all, that any of our
compounds under development, including bevasiranib, may fail, may not
achieve the expected results or effectiveness and may not generate data
that would support the approval or marketing of products for the
indications being studied or for other indications. In addition,
forward-looking statements may also be adversely affected by general market
factors, competitive product development, product availability, federal and
state regulations and legislation, the regulatory process for new products
and indications, manufacturing issues that may arise, patent positions and
litigation, among other factors. We do not undertake any obligation to
update forward-looking statements. We intend that all forward- looking
statements be subject to the safe-harbor provisions of the PSLRA.
Corporate: GendeLLindheim BioCom Partners
Steven D. Rubin Barbara Lindheim
305 575 6015 212 918-4650
SOURCE eXegenics, Inc.