Contact Information: CONTACT: Joseph K. Belanoff, M.D. Chief Executive Officer Corcept Therapeutics 650-327-3270 Email Contact www.corcept.com
Corcept Therapeutics Announces Chief Financial Officer Resignation
| Source: Corcept Therapeutics
MENLO PARK, CA -- (MARKET WIRE) -- March 28, 2007 -- Corcept Therapeutics Incorporated (NASDAQ : CORT ) today announced that Fred Kurland, the Company's Chief Financial
Officer, has tendered his resignation, effective April 13, 2007 to become
the chief financial officer at another company. The company indicated Mr.
Kurland's resignation is unrelated to his work performed at Corcept, and
that no issues have been raised regarding the integrity of the company's
financial statements. Mr. Kurland is planning to complete and sign the
company's annual report Form 10-K.
Anne M. LeDoux, currently Corcept's corporate controller, has been named
Vice President and Controller and Chief Accounting Officer.
"We would like to thank Fred for his important contributions to Corcept,"
said Joseph K. Belanoff, M.D., the company's chief executive officer. "As a
member of our executive team, Fred has made valuable contributions
throughout the company in strategic as well as operating areas. We wish him
much success."
"We are extremely pleased to name Anne as our Vice President and
Controller. She has been invaluable in her role as our corporate
controller, and with her broad base of financial experience and expertise,
she is well-prepared to take on this new financial leadership role," said
Dr. Belanoff.
Ms. LeDoux has over 14 years of financial and accounting management
experience with public pharmaceutical and biotechnology companies. Prior to
joining Corcept in 2004, Ms. LeDoux served in various financial positions
at Aviron, Roche Biosciences and at Syntex Corporation. She was also vice
president and chief financial officer at the Northern California Health
Center and Vice President, Finance for the Children's Hospital of San
Francisco. Ms. LeDoux is a Certified Public Accountant and has over 13
years of experience in public accounting, primarily at Coopers and Lybrand.
She received her Bachelor of Arts degree in Business, from the University
of Massachusetts and a law degree from Western New England College, School
of Law.
About Corcept Therapeutics Incorporated
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in
the development of drugs for the treatment of severe psychiatric and
neurological diseases. Corcept's lead product, CORLUX, is currently in
Phase 3 clinical trials for the treatment of the psychotic features of PMD.
The drug is administered orally to PMD patients once per day for seven
days. CORLUX, a potent GR-II antagonist, appears to mitigate the effects
of the elevated and abnormal release patterns of cortisol seen in PMD. The
Company is also conducting a proof-of-concept study evaluating the ability
of CORLUX to mitigate weight gain associated with the use of olanzapine.
For additional information about the company, please visit www.corcept.com.
Statements made in this news release, other than statements of historical
fact, are forward-looking statements, including, for example, statements
relating to Corcept's clinical development programs and its hiring plans.
Forward-looking statements are subject to a number of known and unknown
risks and uncertainties that might cause actual results to differ
materially from those expressed or implied by such statements. For
example, there can be no assurances with respect to the success of clinical
trials; there can be no assurances that the investigations for the Phase 3
clinical trials will be completed, or that Corcept will pursue further
activities with respect to clinical development of CORLUX. These and other
risk factors are set forth in the Company's SEC filings, all of which are
available from our website (www.corcept.com) or from the SEC's website
(www.sec.gov). We disclaim any intention or duty to update any
forward-looking statement made in this news release.