BioMimetic Therapeutics Appoints Larry W. Papasan and James G. Murphy to its Board of Directors
Franklin, Tenn. – October 12, 2005 - BioMimetic Therapeutics, Inc. announced today the addition of Larry W. Papasan and James G. Murphy to its board of directors. Mr. Papasan has been selected as chairman, replacing Dr. Samuel E. Lynch who has held this position since the Company's inception. Dr. Lynch, co-founder of BioMimetic, will continue his current roles as the Company's chief executive officer and president. BioMimetic is focused on the development and commercialization of convergent drug-device products that combine recombinant protein therapeutics with tissue specific matrices for the repair of orthopedic injuries to bone, cartilage, ligaments and tendons.
"The addition of Larry and Jim to our board of directors brings significant expertise to the Company in the commercialization of orthopedic products," commented Samuel E. Lynch, DMD, DMSc, president and chief executive officer of BioMimetic. "Larry's proven leadership and deep experience in the orthopedic industry, having been president of Smith and Nephew Orthopaedics for 11 years, will be invaluable to BioMimetic as we move ahead with development of our pipeline of orthopedic product candidates. Jim's experience as a chief financial officer involved in numerous financings will be critical in helping the Company maintain continued financial stability. Jim will also be chairing the audit committee of the board of directors."
Mr. Papasan, who is currently on the board of a number of companies, including Smith and Nephew, Inc. and several not-for-profit enterprises stated, "I believe BioMimetic is positioned to take advantage of the changing approaches to treating orthopedic injuries, which increasingly rely upon biological-based products that stimulate the repair of injured tissues rather than solely providing structural support or replacement. The effectiveness that the Company has demonstrated with GEM 21S, its lead product candidate, to stimulate bone growth in the jaw, provides compelling data to support the development of similar products for other orthopedic applications."
Mr. Murphy has extensive experience in finance and administration having served as chief financial officer for three publicly held firms in the biotechnology and information technology fields. He is currently CFO at Immunicon Corp., a biotechnology company focused on the development of cancer diagnostics. Prior to Immunicon, Mr. Murphy held senior financial management positions with, among others, Apollon Corp., a privately-held company focused on the development of DNA-based vaccines and Comcast Corporation.
Messrs. Papasan and Murphy are replacing Mr. Gary Stevenson, partner at MB Venture Partners, and Dr. David Collier, partner at CMEA Ventures, who have stepped down from the board.
About BioMimetic Therapeutics
BioMimetic Therapeutics, Inc. is an emerging leader in the development and commercialization of recombinant protein-based products for the treatment of musculoskeletal and orthopedic injuries and disorders, including bone, cartilage, tendon and ligament. BioMimetic has established a multi-product pipeline based upon its core expertise in the development of convergent drug-device combinations for use in tissue engineering applications. The Company's product candidates are led by GEM 21S, a fully synthetic regeneration system developed for the treatment of periodontally-related bone defects. The product combines a recombinant human tissue growth factor, platelet-derived growth factor BB (rhPDGF-BB), with a resorbable synthetic bone matrix (Beta-tricalcium phosphate). GEM 21S is under review by the Food and Drug Administration, with approval anticipated in 2005. Beyond GEM 21S, the Company has established a pipeline of product candidates that it is developing for a broad range of orthopedic indications.
Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current intent and expectations of the management of BioMimetic Therapeutics. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. BioMimetic's actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements because of risks associated with our unproven preclinical and clinical development activities, regulatory oversight, intellectual property claims, litigation and other risks. Except as required by law, BioMimetic undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.
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