The Board of Directors of Kinex Pharmaceuticals Appoints Dr. Allen Barnett as President Emeritus and Dr. Johnson Lau as Chief Executive Officer

BUFFALO, N.Y., May 9, 2011 /PRNewswire/ -- Kinex Pharmaceuticals, LLC announced today that Dr. Allen Barnett, who served as the Founding Chief Executive Officer, has decided to step aside as CEO.

Dr. Barnett stated "I am delighted to see Kinex Pharmaceuticals evolve from a start-up biotechnology company with only a technology platform to a company with a pipeline of two compounds in pre-IND to phase 2 developments. The recent collaboration established with Hanmi Pharmaceuticals is also an important milestone for Kinex. As the company grows, the need for both scientific and business efforts has increased tremendously. I believe that this is the right time to pass the torch to my successor who will help the company grow. I am delighted to say that I have been able to convince our Executive Chairman, Dr. Johnson Lau to step in to take the lead. I have worked with him for more than a decade in different settings and I am very happy to be able to have somebody with his experience and involvement with Kinex to lead the Company. I remain committed to assist with the growth of Kinex Pharmaceuticals in the many years to come."

Dr. Johnson Lau is a successful pharmaceutical executive who has had extensive leadership experience in both scientific and business management.  As Chairman and CEO of Ribapharm, he launched the second largest biotech IPO in US history. Prior to Ribapharm, he served as the Head of Worldwide Research and Development for ICN Pharmaceuticals.  Dr. Lau has served as the Senior Director of Antiviral Therapy at Schering-Plough where he played a significant role in the FDA approval of Ribavirin/Interferon and Pegylated interferon alpha-2b. He has more than 250 scientific publications in peer reviewed scientific journals, more than 50 editorials/reviews/chapters and has edited three books. He was a Managing Director at Roth Capital Partners at its headquarters in Newport Beach, California and is also a Director of the Board of Chelsea Therapeutics (NASDAQ: CHTP) and other privately held companies. Dr. Lau has served as the Executive Chairman of Kinex Pharmaceuticals since its inception.

Dr. Lau stated, "Dr. Allen Barnett is a legend in the pharmaceutical industry. Kinex has advanced under his leadership to an early stage pipeline company. He is the grandfather of Kinex Pharmaceuticals. I am delighted that the Board and I have convinced Dr. Barnett to stay on as President Emeritus and allow us to tap into his vast experience in the pharmaceutical industry to support the future growth of Kinex Pharmaceuticals."

Mr. Chuck Lannon, Vice-Chairman of Kinex Pharmaceuticals, stated, "Allen has contributed tremendously to the establishment of Kinex Pharmaceuticals. We thank him for his excellent service and we are delighted to retain him as President Emeritus so that he can continue to support the growth of Kinex Pharmaceuticals with his scientific experience in the many years to come". Mr. Lannon also stated, "I have worked with Johnson for many years. The Board and the management team are extremely supportive of Dr. Lau and are delighted that he is willing to lead Kinex".

About Kinex Pharmaceuticals, LLC

Kinex Pharmaceuticals, headquartered in Buffalo, New York, USA, is using its proprietary technologies Mimetica™ and Opal™ to discover and develop novel drugs for oncology and immune-modulatory diseases.    More information of Kinex Pharmaceuticals can be found at  www.kinexpharma.com

Kinex Pharmaceuticals, LLC – Caution Regarding Forward-looking Information

Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Kinex Pharmaceuticals cautions investors that any forward-looking statements or projections made by Kinex Pharmaceuticals, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected..

Kinex Inquiries:

Lyn M. Dyster, Ph.D.
VP, Operations
Kinex Pharmaceuticals
New York Center of Excellence
701 Ellicott Street
Buffalo, NY 14203
USA
Tel: 716.898.8626
E-mail: [email protected]

SOURCE Kinex Pharmaceuticals, LLC