Full Press Release Details
Appoints David Greenwood President, Interim CEO and Director
Leadership Structure to Reflect Geron's Transition to Mid-Stage Clinical
Call/Webcast Scheduled for 10:00 A.M. EST Today
MENLO PARK, Calif.--(BUSINESS WIRE)--February 9, 2011--Geron Corporation
(Nasdaq:GERN) today announced a new leadership structure that reflects
the company's progression into mid-stage clinical development of
multiple therapeutic product candidates.
Effective immediately, David L. Greenwood, Geron's chief financial
officer, becomes president, interim chief executive officer and a member
of the board of directors. Hoyoung Huh, M.D., Ph.D., a director of the
company, becomes executive chairman. Alexander E. Barkas, Ph.D.,
chairman of the board, moves to the role of lead independent director.
In conjunction with the implementation of the new leadership structure,
Thomas B. Okarma, Ph.D., M.D., has left as Geron's president and chief
executive officer and director of the company. Dr. Okarma will remain
with the company as a consultant.
"We are grateful to Tom for his 13 years of scientific leadership, as
reflected in the company's development of multiple product candidates
that are in preclinical and clinical testing today," said Dr. Barkas.
"Our objective now is to intensify the focus of our business plan to
fully resource the development programs and clinical trials. We want to
accomplish this objective in a manner that maintains alignment of the
company's goals with shareholder interests."
"As a board member of Geron, I have been extremely impressed with not
only the breakthrough medicine and product opportunities, but also by
the talent and commitment of the organization," said Dr. Huh. "As
executive chairman, I plan to work with the management team, the board
and the employees to advance product-oriented strategies and
collaboration-based growth of the company."
In their new roles, Mr. Greenwood will work with Drs. Huh and Barkas to
develop and implement clinical product development plans consistent with
the company's business objectives. Mr. Greenwood is a proven biotech
executive with experience in strategy, deal-making, capital-raising and
management of company operations. He has served as Geron's executive
vice president and continues to serve as chief financial officer.
As lead independent director, Dr. Barkas will provide active leadership
on behalf of the independent directors of the board. He is a founding
investor of Geron and currently managing director of Prospect Venture
Partners, a venture capital firm.
As the company's executive chairman, Dr. Huh will work closely with Mr.
Greenwood and Geron's senior management. Dr. Huh brings substantial
biotechnology and pharmaceutical business and product development
experience across therapeutic areas. He is chairman of the board of
directors of BiPar Sciences, Inc., a wholly-owned subsidiary of
sanofi-aventis, and serves on the boards of several privately held
companies. He was previously a member of the board of directors, chief
operating officer, and head of the PEGylation business unit at Nektar
Therapeutics. Prior to joining Nektar, Dr. Huh was a partner at McKinsey
& Company, working with biotechnology and biopharmaceutical clients.
"I am pleased that as I transition my role at Geron, the company is
positioned to pursue strategic collaborative agreements to accelerate
the development of novel therapeutic candidates in oncology and
regenerative medicine," said Dr. Okarma. "I look forward to my
consulting role with the company as I explore other opportunities to
contribute to the advancement of important biopharmaceutical industry
developments in the future."
Conference Call and Audio Webcast
David Greenwood, Alex Barkas and Hoyoung Huh will host a conference call
and audio webcast at 7:00 a.m. PST/10:00 a.m. EST today. Participants
can access the conference call via telephone by dialing 866-314-5050
(U.S.) or 617-213-8051 (international). The passcode is 93771756. The
audio webcast presentation is available at http://phx.corporate-ir.net/playerlink.zhtml?c=67323&s=wm&e=3737650.
Geron is developing first-in-class biopharmaceuticals for the treatment
of cancer and chronic degenerative diseases. The company is advancing
anti-cancer therapies through multiple Phase 2 clinical trials in
different cancers by targeting the enzyme telomerase and with a compound
designed to penetrate the blood-brain barrier. The company is developing
cell therapy products from differentiated human embryonic stem cells for
multiple indications, including central nervous system (CNS) disorders,
heart failure, diabetes and osteoarthritis, and has initiated a Phase 1
clinical trial in spinal cord injury. For more information, visit www.geron.com.
This news release may contain forward-looking statements made pursuant
to the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that statements in this
press release regarding Geron's plans for future clinical development
programs and strategic collaborative development relationships,
constitute forward-looking statements that involve risks and
uncertainties, including, without limitation, risks inherent in the
development and commercialization of potential products, uncertainty of
clinical trial results or regulatory approvals or clearances, need for
future capital, dependence upon collaborators and protection of our
intellectual property rights. Actual results may differ materially from
the results anticipated in these forward-looking statements. Additional
information on potential factors that could affect our results and other
risks and uncertainties are detailed from time to time in Geron's
periodic reports, including the quarterly report on Form 10-Q for the
quarter ended September 30, 2010 and annual report on Form 10-K for the
year ended December 31, 2009.
Anna Krassowska, Ph.D., 650-473-7765