BALTIMORE, Sept. 12, 2016 /PRNewswire/ -- Paragon Bioservices, Inc., a global leader in the manufacturing of biopharmaceuticals and vaccines, announced today the promotion of Mr. Peter Buzy to President and Chief Executive Officer and his election to Paragon's Board of Directors. Mr. Buzy initially joined Paragon as Chief Operation Officer in October 2014 and later was assigned the responsibility of President. He has played a critical role in leading efforts to strengthen the management team and operations following a private equity financing led by NewSpring Capital and Camden Partners.
"Pete's appointment to President and Chief Executive Officer reflects his impressive leadership and extensive corporate operations experience, as well as his in-depth financial and commercial expertise. In Pete's tenure at Paragon, he has proven himself to be a tremendous asset to the company. The Board looks forward to continuing to work closely with him to build on his successful leadership in strengthening and growing the business," stated Dr. Kapila Ratnam, Board Director and Partner at New Spring Capital.
Mr. Buzy's depth of executive management experience includes biotechnology finance and operations. Prior to Paragon, he spent over 13 years as a senior executive at Martek Biosciences Corporation, a leader in the innovation, development, production and sale of high-value products from microbial sources. He played a key role in developing Martek's business from an R&D company to a fully integrated and profitable commercial organization with over $470M in annual sales. While serving as Executive Vice President and Chief Financial Officer at Martek, Pete successfully raised over $300M in both private and public financing. He successfully oversaw several large corporate acquisitions, collaborations and licensing arrangements, cultivating company growth while setting the stage for Martek's sale to Royal DSM NV in 2011 for close to $1.1B. Additionally, his career includes a 13-year tenure with Ernst & Young, where he was admitted to partnership in the Northern Virginia High Technology and Life Science Practice as Audit Partner serving a variety of private and publicly traded biotechnology companies.
About Paragon Bioservices, Inc.
Paragon Bioservices is a private-equity backed contract development and manufacturing organization (CDMO) whose focus is the development and manufacturing of biopharmaceuticals. The company provides research services, process development and cGMP manufacturing. Paragon functions as a translational bridge – from the research bench through manufacturing of APIs and finished drug product for Phase I/II clinical trials. Paragon's aim is to build strong client partnerships for development and manufacturing, focusing on transformative technologies, including oncology immunotherapies (CAR-T cell therapies and oncolytic viruses), new generation vaccines (VLPs) and gene therapies (AAV). Paragon's cGMP facilities include microbial and mammalian suites, aseptic fill-finish and fully-segregated virus facilities.
Philip Wills, VP Business Development
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SOURCE Paragon Bioservices, Inc.