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FOR IMMEDIATE RELEASE
July 26, 2001
PHARMANETICS NAMES NEW VICE PRESIDENT OF RESEARCH AND DEVELOPMENT
Company Strengthens Technical resources in Support of Theranostic Strategy
Raleigh, NC (July 26, 2001) – PharmaNetics, Inc. (Nasdaq/NM: PHAR), a leading company specializing in theranostic management of various therapeutics affecting coagulation, announced today that it has appointed Dr. Mark Triscott, vice president of research and development. Most recently, Dr. Triscott was manager of research and development at Sigma Diagnostics, where he led the team responsible for bringing multiple coagulation products to market through the FDA. Dr. Triscott holds a BSc and Ph.D from the University of Queensland, Australia, and completed his Post Doctorial work at Bowman Gray School of Medicine, Winston-Salem, North Carolina.
Commenting on the announcement, John Funkhouser said, "We are very pleased to have Mark as part of the PharmaNetics management team. His experience in all aspects of transitioning products from development to manufacturing will play a key role in the coming months as we prepare to commercialize our next theranostic tests and more fully develop our thrombin inhibitor strategy."
Mr. Funkhouser added, "With regard to our thrombin inhibitor tests, we have communicated a strategy to the FDA to present data collected across a wide range of therapeutic levels from a number of approved, as well as investigational drugs within the category. Patients are being enrolled in studies at several medical institutions including the Cleveland Clinic to demonstrate the utility of the Ecarin Clotting Time test in a number of clinical settings including dialysis, PTCA and surgery. Mark's understanding of the clinical and regulatory requirements will clearly help us as we prepare our documentation package for presentation to the FDA before year-end. Once we have a released product, we will add data to the file for any new drugs that gain approval. Our goal is to offer the physicians a choice; ultimately, they will decide if testing is necessary or desirable."
PharmaNetics had previously announced that it was in the process of establishing a regulatory strategy for all of its theranostic cards and setting up scientific advisory boards of medical opinion leaders to examine specific problems associated with managing therapeutic drug levels in patients. The Company believes that data collected will prove that its tests are a more accurate and convenient alternative to the existing methodologies currently being used to adjust therapy. By adopting this approach, the Company believes it strengthens its position and reduces any reliance on third parties to facilitate the introduction of new theranostic tests. is developing a regulatory strategy to make a 2002 FDA filing for its tests used to manage thrombin inhibitors from clinical data and additional testing from other thrombin inhibitor trials. It is PharmaNetics' position that physicians will ultimately decide if testing is necessary or desirable
PharmaNetics, Inc., a leading biotech company, conceived the term "theranostics," defining an emerging new field of medicine that enables physicians to therapeutically manage coagulation parameters of their patients in the treatment of angina, myocardial infarction (heart attack), stroke, and pulmonary and arterial emboli. The Company's proprietary diagnostic platform generates rapid feedback on blood clot formation and dissolution. The Company's technology platform is the primary driver of existing collaborations with a number of major pharmaceutical companies, including Aventis Pharmaceuticals, AstraZeneca and Knoll BASF, to develop theranostic tests for specific compounds and disease indications being developed by these corporations. If those drugs receive FDA approval, PharmaNetics' tests could become an essential component of the treatment modality of these drugs affecting coagulation.
This press release contains forward-looking statements regarding future events and the future performance of PharmaNetics that involve risks and uncertainties such as risks related to market acceptance, clinical trials and dependence on third-party distributors and collaborative partners that could cause actual results to differ materially form those projected in the forward-looking statements. Information concerning these and other of the factors that could cause results to differ materially from those in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission, including Form 10-K, Form 10-Q and Form 8-K reports.
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