CAMBRIDGE, Mass., March 20, 2007 (PRIME NEWSWIRE) -- Infinity Pharmaceuticals (Nasdaq:INFI) announced today that its Board of Directors unanimously voted to approve a corporate governance initiative to declassify the Board. In addition, the Board determined that Eric S. Lander, Ph.D. and Franklin Moss, Ph.D. now qualify as "independent directors" under the NASDAQ Marketplace Rules, increasing the percentage of the company's independent directors from 67% to 83%.
The Board unanimously voted to submit proposals to amend Infinity's certificate of incorporation and bylaws to eliminate the classification of the Board to stockholders at Infinity's 2007 annual stockholder meeting, which is scheduled for May 30, 2007. If stockholders approve the proposals by the requisite vote, all directors would stand for election or re-election each year beginning at Infinity's 2008 annual stockholder meeting.
About Infinity Pharmaceuticals, Inc.
Infinity is an innovative cancer drug discovery and development company that is seeking to leverage its strength in small molecule drug technologies to discover, develop, and deliver to patients best-in-class medicines for the treatment of cancer and related conditions. For more information on Infinity, please refer to the company's website at http://www.ipi.com.
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