Althea Technologies Announces Appointment of Rick Hancock as President

SAN DIEGO, Nov. 11, 2010 /PRNewswire/ -- Althea Technologies, Inc., a leading provider of contract development and manufacturing services for biopharmaceutical and parenteral products, announced today that Rick Hancock has been appointed President of the company.  Mr. Hancock brings twenty-seven years of industry experience and detailed working knowledge of Althea's operations to lead the company into the future.  Mr. Hancock will lead the company's expansion of its clinical and commercial contract manufacturing services.

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Dr. Magda Marquet, Co-Founder and Co-Chairman of the Board, commented, "I am very confident that Rick's proven track record and leadership style will be integral to Althea's growth and success as we continue to expand our business into commercial operations.  I am delighted to see Rick appointed as President."

Mr. Hancock was Althea's Chief Operating Officer from 1998 to 2007. In addition, he served as Althea's Executive Vice President, Europe to expand Althea's global presence. During his tenure as Althea's COO, Rick was instrumental in growing the company from a small group of scientists and manufacturing staff to a leading contract manufacturing organization.  In addition, Mr. Hancock has a very strong background in process development and GMP manufacturing dating back to his tenure at Hybritech, The Immune Response Corporation and Genetics Institute.

Commenting on the contributions of his predecessor, Mr. Hancock said, "I'm very appreciative for all the systems and improvements that Dr. Shabbir Anik put in place at Althea over the past two years.  His efforts have helped build an infrastructure that provides an excellent foundation for our anticipated growth and expansion."  

Matt Mackowski, Co-Chairman of the Board and Chairman of Telegraph Hill Partners, commented, "I am confident that Rick's strengths in building top-performing teams combined with Althea's technical depth and broad development and manufacturing capabilities will both delight our customers and build upon Althea's recognition as the West Coast's premier Biologics CMO."  

Mr. Hancock added, "I'm honored to work with such an experienced and qualified management team; we all look forward to continuing to provide our customers with outstanding services."

About Althea Technologies, Inc.

Althea Technologies is a fully integrated, contract development and manufacturing organization that provides services for plasmid DNA, recombinant proteins, and sterile products. Located in San Diego, CA, Althea offers cell banking, process development, cGMP protein & plasmid production, analytical development, formulation and lyophilization development, and aseptic filling in vials & prefilled syringes for clinical development and commercialization.  Althea's formulation technology platform employs crystalomics that can be applied to a variety of peptides and proteins for high concentration or sustained release formulations.  For more information, visit www.altheatech.com.

SOURCE Althea Technologies, Inc.