GNLB - Sector: Healthcare ---Industry: Biotechnology & Drugs

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Press Release Source: Genelabs Technologies, Inc.


Genelabs Technologies Announces Appointment of Leslie J. Browne and Matthew J. Pfeffer to Its Board of Directors
Monday April 23, 7:00 am ET


REDWOOD CITY, Calif., April 23 /PRNewswire-FirstCall/ -- Genelabs Technologies, Inc. (Nasdaq: GNLB - News) today announced the appointment of Leslie J. Browne, Ph.D. and Matthew J. Pfeffer to its Board of Directors.

 
Dr. Browne is currently President, Chief Executive Officer and a director of Pharmacopeia, a Nasdaq-listed company focused on the discovery and development of novel small molecule therapeutics. Previously he was the Chief Operating Officer at Iconix Pharmaceuticals, Inc., a chemogenomics company. Before that, Dr. Browne spent over a decade at Berlex/Schering AG, in several positions rising to Corporate Vice President, Berlex Laboratories, Inc. and President of Schering Berlin Venture Corporation. Before Berlex, he was employed by Ciba-Geigy Corporation, where he discovered Fadrozole, the first marketed non-steroidal aromatase inhibitor for the treatment of estrogen-dependent breast cancer. He also managed cardiovascular research at Ciba-Geigy Ltd., in Basel, Switzerland, where one of the group's achievements was the discovery of Diovan®, the second angiotensin II antagonist ever to be marketed. Dr. Browne received his B.Sc. at Strathclyde University, in Glasgow, Scotland. After receiving his Ph.D. in chemistry from the University of Michigan, he was a National Institutes of Health postdoctoral fellow at Harvard University with the Nobel laureate Professor R. B. Woodward.

Mr. Pfeffer has 25 years of financial management experience and is currently serving as Senior Vice President and Chief Financial Officer of VaxGen, Inc. Prior to VaxGen, Mr. Pfeffer was Chief Financial Officer of Cell Genesys, Inc. During his nine year tenure at Cell Genesys, Mr. Pfeffer's responsibilities included managing finance, tax, treasury, information technology and investor relations functions and overseeing corporate governance and compliance issues. Previously, Mr. Pfeffer served in a variety of financial management positions, including roles as Corporate Controller, Manager of Internal Audit and Manager of Financial Reporting, at Diasonics Ultrasound, Inc. and ComputerLand Corporation. Mr. Pfeffer is a Certified Public Accountant who began his career at Price Waterhouse. He is a graduate of the University of California, Berkeley.

Separately, Genelabs announced that Arthur Gray, Jr., who has served as a director of Genelabs since 1991, has advised the company that he does not intend to stand for re-election to the Board of Directors at the next annual shareholders meeting.

"I am delighted to welcome both Les Browne and Matt Pfeffer to Genelabs' Board of Directors," stated Irene A. Chow, Ph.D., Chairman of the Board of Genelabs. "Both Les and Matt are highly experienced executives with many years of leadership experience in the biotechnology industry. Their insight and expertise will be invaluable to Genelabs as we continue to execute our strategies for creating shareholder value through novel drug discovery and development. At the same time, I want to express my sincere thanks to Arthur Gray for his 16 years of service on the Genelabs Board of Directors. Arthur has been generous with his time and gracious in his manner, and has never wavered in his advocacy for shareholders. All of us at Genelabs wish him well in his retirement."

About Genelabs Technologies

Genelabs Technologies, Inc. is a biopharmaceutical company focused on the discovery and development of pharmaceutical products to improve human health. We have built drug discovery capabilities that can support various research and development projects. Genelabs is currently concentrating these capabilities on discovering novel compounds that selectively inhibit replication of the hepatitis C virus and advancing preclinical development of compounds from this hepatitis C virus drug discovery program, while also developing a late-stage product for lupus. We believe that these high-risk, potentially high reward programs focus our research and development expertise in areas where we have the opportunity to generate either first-in-class or best-in-class products that will address diseases for which current therapies are inadequate. For more information, please visit www.genelabs.com.

NOTE: Genelabs® and the Genelabs logo are registered trademarks of Genelabs Technologies, Inc.

Contact: James A. D. Smith


               President and Chief Executive Officer
               Phone: 650-562-1424
--------------------------------------------------------------------------------
Source: Genelabs Technologies, Inc.

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 It is developing Prestara (prasterone), an investigational drug for women with systemic lupus erythematosus. The company also pursues drug discovery of novel anti viral compounds for the treatment of hepatitis C virus infections and advances pre clinical development of compounds in this program. Its products in pre clinical stage include HCV NSSb Polymerase and HCV NSSa for the treatment of Hepatitis C virus infection. Genelabs Technologies, in partnership with Glaxosmithkline, is also developing HEV Vaccine for the prevention of disease caused by Hepatitis E virus. The company has strategic collaborations with Watson Pharmaceuticals, Inc. and Tanabe Seiyaku Co., Ltd. for the development and commercialization of its investigational new drug. It also has an agreement with Gilead Sciences, Inc. to collaborate in the research, development, and commercialization of certain compounds that inhibit replication of the hepatitis C virus; and a license and collaboration agreement with Novartis for the development and commercialization of compounds from Hepatitis C Virus (HCV) non-nucleoside drug discovery program.

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Last Price Quote is:
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RS Rating: 97 

Fundamentals
Key Data:
Market Cap (M): $65.36 
P/E Ratio: NA 
PEG Ratio: N/A 
Next Earnings: N/A
Last Analyst Rating: Hold

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Genelabs Technologies Announces
Commitments to Raise $23.7M in Capital
Genelabs Technologies, Inc. (GNLB) announced that it has obtained
commitments from several institutional investors to purchase approximately
12.9 million shares of its common stock and warrants to purchase
approximately 2.6 million shares of its common stock for gross
proceeds of approximately $23.7 million. The investors have agreed to
purchase the shares and warrants for $1.84 per unit (each unit consisting
of one share and a warrant to purchase 0.20 shares of common
stock). The exercise price of the warrants will be $2.08 per share. The
warrants will be exercisable at any time prior to the fifth anniversary of
the closing of the transaction. The closing of the offering is expected to
take place on October 1, 2007, subject to satisfaction of customary closing
conditions. Genelabs plans to use the proceeds from this financing
to support its ongoing hepatitis C virus (HCV) drug discovery programs
and for general corporate purposes. The proceeds will not be used to
fund a new phase III clinical trial of Prestara. Deutsche Bank Securities
Inc. acted as exclusive placement agent in the transaction.