Inflazyme Pharmaceuticals Announces New Chairman of Audit Committee
January 5, 2006
VANCOUVER, B.C., CANADA – Inflazyme Pharmaceuticals Ltd. (TSX: IZP) today announced the appointment of Louis Drapeau as a Director of Inflazyme and Chairman of its Audit Committee. Graham Wilson, previously Chairman of Inflazyme’s Audit Committee, has resigned from the Board of Directors.
Mr. Drapeau has over 30 years experience in the financial services and biotechnology sectors. Mr. Drapeau joins Inflazyme’s Board after a period as Acting CEO of BioMarin Pharmaceutical Inc. (Nasdaq and SWX: BMRN), a successful fully integrated biopharmaceutical company located in Northern California.
“We are very pleased that Louis has agreed to join our Board”, said Kevin Mullane, President and CEO of Inflazyme. “He had a distinguished career with Arthur Andersen rising to Managing Partner of the Northern California Audit and Business Consulting Practice, a position he held for over 12 years. His most recent executive level experience with BioMarin will be of great value to Inflazyme as the Company enters its next period of development with two Phase II products expected in clinical studies this quarter. We believe that Louis will be a tremendous asset to both our Board of Directors and to Inflazyme.”
“I am very excited to be joining Inflazyme at this time”, said Mr. Drapeau. “The Company demonstrated progress in 2005 and advanced two clinical stage programs, IPL512,602 for the treatment of asthma and IPL455,903 for the treatment of memory disorders, through its partner Helicon Therapeutics, Inc. (New York), as well completing a corporate re-organization that resulted in an additional C$7 million in non-diluting funds. I am looking forward to working with Inflazyme as it continues to build on its progress.”
Mr. Drapeau has an undergraduate degree in mechanical engineering and masters in business administration from Stanford University in California. He successfully led BioMarin during its Phase II and Phase III clinical studies with a lead product Phenoptin for treatment of phenylketonuria (PKU), an inherited metabolic disease, whilst simultaneously filing marketing drug applications in the US and Europe for Naglazyme, an enzyme replacement therapy for mucopolysaccharidosis VI (MPS 6). MPS 6 is an inherited, life-threatening lysosomal storage disorder. In addition, he has successfully raised over US$275 million of equity and convertible debt capital financing and has implemented Sarbanes Oxley requirements in public US companies.
Mr. Wilson was appointed Chairman of Inflazyme’s Audit Committee and has served on its Board of Directors since 2002, and in 2005 he was appointed Member of the Corporate Governance and Nominating Committee. Mr. Wilson has had a very successful career holding several executive level positions at multi-billion dollar Canadian companies including Westcoast Energy, PetroCanada and MacMillan Bloedel.
“We would like to thank Graham for his valuable contributions to the Board and to the Audit Committee. We have benefited from his strategic counsel and insights over the last four years. On behalf of the Board and our employees, we wish him continuing success in his business endeavors,” said Kevin Mullane, President and CEO of Inflazyme Pharmaceuticals.
About Inflazyme
Inflazyme Pharmaceuticals is a biopharmaceutical company pioneering medical breakthroughs to transform the lives of patients with respiratory and inflammatory diseases worldwide. Further information on the Company may be obtained from its website at www.inflazyme.com.
Statements in this news release other than historical information are forward-looking statements subject to risks and uncertainties. Actual results could differ materially depending on factors such as the availability of resources, the timing and effects of regulatory actions, the strength of competition, the outcome of litigation and the effectiveness of patent protection. Additional information regarding risks and uncertainties is set forth in the current Annual Information Form for Inflazyme on file with the Canadian Securities Commissions. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this information.
Contact:
Inflazyme Pharmaceuticals Ltd.
Julie Rezler, Sr. Director, Corporate Development
Tel: 1.800.315.3660/604.279.8511
Fax: 604.279.8711
E-mail: ir@inflazyme.com
Website: www.inflazyme.com
