EX-99.1 PRESS RELEASE
Published on May 11, 2007
EXHIBIT 99.1
eXegenics, Inc. Announces Senior Management Appointments
Company Intends to Change its Name to Opko Health
MIAMI, May
4. eXegenics, Inc., (OTC Bulletin Board: EXEG
News), doing business as Opko Health,
today announced appointment of its senior management team. Dr. Philip Frost will remain the
companys Chairman and Chief Executive Officer. Board of Directors member Dr. Jane Hsiao becomes
Vice Chairman of the Board and Chief Technology Officer. Board member Steven D. Rubin is taking on
the additional position of Executive Vice President Administration and Dr. Rao Uppaluri becomes
Senior Vice President Chief Financial Officer.
Dr. Jane Hsiao is the former Vice Chairman and Chief Technical Officer of IVAX Corporation and
Steven Rubin is the former Senior Vice President, General Counsel and Secretary of IVAX. Dr. Rao
Uppaluri was formerly Treasurer and Vice President of Strategic Planning at IVAX.
The company has also filed the necessary documents to change its name to Opko Health, Inc. and is
applying for listing on the American Stock Exchange. The name change and American Stock Exchange
application processes are expected to be finalized within 6-8 weeks.
Current eXegenics President Dr. Dale Pfost, the former Chairman and CEO of Acuity Pharmaceuticals,
which merged with eXegenics last month, has resigned to pursue other professional interests.
We are fortunate to have access to such a strong team of experienced health care executives as we
move to build Opko Health into a diversified operating company, said Dr. Frost. This team has
been highly successful working together in the past and we look forward to new successes going
forward. I also want to thank Dale Pfost for his contributions and we wish him the best in his
future endeavors.
About eXegenics/Opko Health
Miami-based eXegenics (doing business as Opko Health) was recently reconstituted as a specialty
healthcare company through a 3-way merger with private companies Acuity Pharmaceuticals Inc. and
Froptix, Inc. Its product portfolio includes the pioneering gene silencing agent bevasiranib, which
has successfully completed Phase ll clinical trials for wet age-related macular degeneration and
diabetic macular edema; a novel clinical stage product for conjunctivitis; and a pipeline of
preclinical candidates that include novel agents to treat dry age-related macular degeneration and
other ophthalmic diseases. The company also intends to market selected diagnostic products that are
complementary to its therapeutic programs.
This press release contains forward-looking statements, as that term is defined under the Private
Securities Litigation Reform Act of 1995 (PSLRA), regarding product development efforts and other
non-historical facts about our expectations, beliefs or intentions regarding our business,
technologies and products, financial condition, strategies or prospects. Many factors could cause
our actual activities or results to differ materially from the activities and results anticipated
in forward-looking statements. These factors include those described in our filings with the
Securities and Exchange Commission, as well as risks inherent in funding, developing and obtaining
regulatory approvals of new, commercially-viable and competitive products and
treatments, including the risks that advanced clinical trials for our lead product candidate,
bevasiranib, may not be commenced or completed on a timely basis or at all, that any of our
compounds under development, including bevasiranib, may fail, may not achieve the expected results
or effectiveness and may not generate data that would support the approval or marketing of products
for the indications being studied or for other indications. In addition, forward-looking statements
may also be adversely affected by general market factors, competitive product development, product
availability, federal and state regulations and legislation, the regulatory process for new
products and indications, manufacturing issues that may arise, patent positions and litigation,
among other factors. We do not undertake any obligation to update forward-looking statements. We
intend that all forward- looking statements be subject to the safe-harbor provisions of the PSLRA.
Contacts:
|
Media: | |
Corporate:
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GendeLLindheim BioCom Partners | |
Steven D. Rubin
|
Barbara Lindheim | |
305 575 6015
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212 918-4650 |