NEW HAVEN, Conn., April 2, 2008 (PRIME NEWSWIRE) -- Achillion Pharmaceuticals, Inc., (Nasdaq:ACHN) a leader in the discovery and development of small molecule drugs to combat the most challenging infectious diseases, today announced the appointment of Gary E. Frashier to its Board of Directors. Mr. Frashier, a principal with Management Associates, a consultant to entrepreneurial companies, brings extensive experience in life science company transactions and commercial operations. He will serve on Achillion's compensation and nominating/governance committees.
Prior to beginning Management Associates in 1999, Mr. Frashier served as President and Chief Executive Officer of OSI Pharmaceuticals, a drug discovery company, from 1990 through 1998, and also as its Chairman of the Board from 1997 to 2000. During his tenure at OSI Pharmaceuticals, Mr. Frashier was instrumental in establishing strategic alliances with Pfizer, Hoechst, Sankyo, Roche and American Home Products. Also during this period, OSI raised over $150 million from a combination of equity financings, grant awards, milestone payments and up-front fees. Prior to OSI, Mr. Frashier served in a number of senior executive positions with Genex Corporation, Millipore Corporation, Continental Water Systems, and Water's Associates. Mr. Frashier currently serves on the boards of Alseres Pharmaceuticals, Inc. (formerly Boston Life Sciences, Inc.), Apex BioVentures Acquisition Corporation, and Tekmira Pharmaceuticals. He is a former director of Aderis Pharmaceuticals, Maxim Pharmaceuticals, Merrimack Pharmaceuticals, eXegenics (formerly Cytoclonal Pharmaceutics Inc.), and Tanox Inc.
"We are quite pleased to have Gary's broad experience available to us as Achillion moves forward with its growing pipeline. Having been at the helm of a number of growing biotechnology companies, and having managed through a variety of economic and company environments, Gary's experience will be a great benefit to us," said Michael Kishbauch, President and Chief Executive Officer of Achillion. "With four exciting drug candidates advancing in three important therapeutic areas, this will be an important year for Achillion, and we look forward to having Gary's transactional and operations experience to help guide us."
About Achillion
Achillion is an innovative pharmaceutical company dedicated to bringing important new treatments to patients with infectious disease. The company's proven discovery and development teams have advanced multiple product candidates with novel mechanisms of action. Achillion is focused on solutions for the most challenging problems in infectious disease - HIV, hepatitis and resistant bacterial infections. For more information on Achillion Pharmaceuticals, please visit the company's web site at www.achillion.com or call Achillion at 1-203-624-7000.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including statements with respect to Achillion's ability to discover and develop drug candidates and the nomination of a new NS4A antagonist candidate. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: unexpected regulatory actions or delays; uncertainties relating to results of clinical trials, including additional data relating to ongoing clinical trials; Achillion's ability to obtain additional funding required to conduct its research, development and commercialization activities and Achillion's dependence on its collaboration with Gilead Sciences. These and other risks are described in the reports filed by Achillion with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2007.
All forward-looking statements reflect Achillion's expectations only as of the date of this release and should not be relied upon as reflecting Achillion's views, expectations or beliefs at any date subsequent to the date of this release. Achillion anticipates that subsequent events and developments may cause these views, expectations and beliefs to change. However, while Achillion may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so.
ACHN-G