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8-K - FORM 8-K - Trubion Pharmaceuticals, Inc | v54098e8vk.htm |
Exhibit 99.1
Trubion Pharmaceuticals, Inc.
Announces Transition in Company Leadership
Announces Transition in Company Leadership
SEATTLE, Nov. 16 /PRNewswire-FirstCall/ Trubion Pharmaceuticals, Inc. (Nasdaq: TRBN) announced
today that Peter Thompson, M.D., FACP, President, Chief Executive Officer, Chairman of the Board of
Directors and co-founder of Trubion, has retired from the company to pursue other interests. Steven
Gillis, Ph.D., former Lead Director of Trubions Board of Directors, has been appointed Executive
Chairman of the Board and Acting President. Dr. Thompson has entered into a consulting agreement
with Trubion and will be available to advise the company on various matters. Trubion will initiate
shortly a formal search for a new Chief Executive Officer.
In addition to serving as Executive Chairman and Acting President, Dr. Gillis is a Managing
Director with ARCH Venture Partners, where he participates in the evaluation of new life science
technologies and the development and growth of ARCHs biotechnology portfolio companies.
Dr. Gillis was a founder and director of Corixa Corp. and served as the companys CEO from its
inception and as its Chairman from 1999 until its acquisition in 2005 by GlaxoSmithKline plc.
Before joining Corixa, Dr. Gillis was a founder and director of Immunex Corp. From 1981 until his
departure in 1994, he served as Immunexs Director of Research and Development, as Chief Scientific
Officer, and as CEO of Immunexs R&D subsidiary. Dr. Gillis was interim CEO of Immunex Corp.
following its majority purchase by American Cyanamid Co. and remained a member of the board until
1997. Amgen Inc. acquired Immunex in 2002.
Additional Management Appointments
Trubion also announced today that Michelle Burris, Trubions senior Vice President and Chief
Financial Officer, will assume the role of Chief Operating Officer focusing on external relations,
partnerships and leading efforts on business transactions. As a result of Burris promotion, John
Bencich, Trubions Senior Director of Finance and Accounting, has been promoted to Vice President
and Chief Financial Officer. Scott Stromatt, M.D., Senior Vice President and Chief Medical Officer;
Ken Mohler, Ph.D., Co-founder and Senior Vice President of Research and Development; and Kate
Deeley, Senior Vice President, General Counsel and Corporate Secretary, will remain at Trubion in
their current roles and constitute the rest of the executive management team.
Trubions partnered and proprietary programs continue to progress as previously reported and the
companys guidance as stated in its third-quarter financial results announced on Nov. 5, 2009,
remains unchanged.
The Trubion team has established an enviable track record of success, said Dr. Thompson. In a
challenging market environment the company is now in a position of financial strength with two
strategic
alliances, three products advancing in clinical development, and its innovative proprietary
SCORPION multi-specific technology fueling its pre-clinical pipeline. With these foundational
strengths, a talented leadership team, and an upcoming year replete with significant milestones
from its clinical programs, Trubion is well-positioned to realize its potential. I have great
confidence in the continued ability of the Trubion team to execute its strategy.
On behalf of the Board of Directors of Trubion, I would like to sincerely thank Dr. Thompson for
his many personal and professional contributions to Trubions success, said Dr. Gillis. His
leadership has been vital to Trubions successful growth and its scientific, clinical and business
achievements, and as a result Trubion today is well-positioned strategically. Trubions strategy
remains the same to focus on the discovery, development and commercialization of leading protein
therapeutics for autoimmune and inflammatory diseases and cancer.
About Trubion
Trubion is a biopharmaceutical company that is creating a pipeline of novel protein therapeutic
product candidates to treat autoimmune and inflammatory diseases and cancer. The Companys mission
is to develop a variety of first-in-class and best-in-class product candidates, customized for
optimal safety, efficacy and convenience that it believes may offer improved patient experiences.
Trubions current product candidates are novel single-chain protein, or SMIP, therapeutics, and are
designed using its custom drug assembly technology. Trubions product pipeline includes
CD20-directed SMIP therapeutics such as TRU-015 and SBI-087 for autoimmune and inflammatory
diseases, developed under the Companys Pfizer collaboration. Trubions product pipeline also
includes TRU-016, a novel CD37-targeted therapy for the treatment of B-cell malignancies developed
under the companys Facet collaboration. In addition to Trubions current clinical stage product
pipeline, the Company is also developing its multi-specific SCORPION technology, both for targeting
cell-surface molecules like CD79b and HLA-DR, as well simultaneously neutralizing soluble ligands
like TNF and IL-6. More information is available in the investors section of Trubions website:
http://investors.trubion.com/index.cfm.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of
1933. These statements include, but are not limited to, those related to the potential development
and commercialization of TRU-016. These statements are based on current expectations and
assumptions regarding future events and business performance and involve certain risks and
uncertainties that could cause actual results to differ materially. These risks include, but are
not limited to, risks associated with the companys ability to meet its current and future
objectives and milestones and such other risks as are identified in the Companys quarterly report
on Form 10-Q for the period ended Sept. 30, 2009, and from time to time in other reports filed by
Trubion with the U.S. Securities and Exchange Commission. These reports are available on the
Investors page of the companys corporate website at http://www.trubion.com. Trubion undertakes no
duty to update any forward-looking statement to conform the statement to actual results or changes
in the Companys expectations.
Contact:
Jim DeNike
Senior Director, Corporate Communications
Trubion Pharmaceuticals, Inc.
(206) 838-0500
jdenike@trubion.com
http://www.trubion.com
Senior Director, Corporate Communications
Trubion Pharmaceuticals, Inc.
(206) 838-0500
jdenike@trubion.com
http://www.trubion.com
Waggener Edstrom Worldwide Healthcare
Amy Petty
Senior Account Executive
(617) 576-5788
amyp@waggeneredstrom.com
Amy Petty
Senior Account Executive
(617) 576-5788
amyp@waggeneredstrom.com