MethylGene Inc.
TSX : MYG

MethylGene Inc.

May 19, 2006 14:00 ET

MethylGene Announces New Appointment to Board of Directors

MONTREAL, QUEBEC--(CCNMatthews - May 19, 2006) - MethylGene Inc. (TSX:MYG) today announced the appointment of Mr. Jay Moorin, Partner at ProQuest Investments III, L.P., to MethylGene's Board of Directors. Mr. Moorin's appointment fills the vacancy created by Mr. Leon Moulder, Jr., President and Chief Executive Officer of MGI Pharma Inc. who resigned to fulfill his other growing professional obligations.

"We are pleased to welcome Jay to our Board. Jay offers to the Company an extensive knowledge of both the biopharmaceutical and investment industries," said Raymond C. Egan, Chair of MethylGene's Board of Directors. "At the same time, we would like to express our sincere appreciation to Lonnie for his dedication, perspective and the many contributions he has made over the last six years. We wish him all the best with MGI Pharma and his future endeavours."

Mr. Moorin is a founding General Partner at ProQuest Investments. He is a healthcare executive with senior management experience in biotech, investment banking and pharmaceutical industry. Prior to founding ProQuest, Mr. Moorin served as CEO of Magainin Pharmaceuticals (now Genaera Corporation). Previously, he was Managing Director of Health Care Banking at Bear, Stearns & Co. Mr. Moorin has also held various positions in strategy and general management at E.R. Squibb & Sons Pharmaceuticals. He has served on the Board of Directors of ACMI, Epic Therapeutics, and Pharmion. Currently Mr. Moorin serves on the Board of Directors of Acurian, Gloucester Pharmaceuticals, Guava Technologies and Novacea.

Mr. Moorin holds the position of Adjunct Senior Fellow of the Leonard Davis Institute of Health Economics at the University of Pennsylvania. He received a B.A. in economics with distinction from the University of Michigan.

About MethylGene

MethylGene is a publicly-traded biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics in cancer and infectious diseases. We intend to exploit our HDAC inhibitor technology in other diseases, such as diabetes, inflammation, fungal infections and neurodegenerative disorders. Two cancer product candidates are currently in clinical trials: MGCD0103, partnered with Pharmion Corporation and Taiho Pharmaceutical Co., Ltd., and MG98, partnered with MGI Pharma, Inc. MethylGene has an exclusive license agreement with Merck & Co. for the development and commercialization of small molecule beta-lactamase inhibitors to overcome antibiotic resistance. MethylGene has partnered its non-oncology HDAC program for neurodegenerative diseases with EnVivo Pharmaceuticals. MethylGene has a portfolio of preclinical programs for its multi-targeted kinase and histone deacetylase (HDAC) inhibitors for both oncology and non-oncology indications, and continues to seek partnering opportunities in these areas. Please visit our website at www.methylgene.com.

Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking statements. Such statements, based as they are on the current expectations of management of MethylGene, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond MethylGene's control. Such risks include, but are not limited to, the impact of general economic conditions, economic conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which MethylGene does business, stock market volatility, fluctuations in costs, expectations with respect to our intellectual property position and our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others, changes in the competitive landscape including changes in the standard of care for the various indications in which MethylGene is involved, and changes to the competitive environment due to consolidation, as well as other risks, which you are urged to read, as described in MethylGene's Annual Information Form for the fiscal year ending December 31 2005, under the heading "risk factors," that can be found at www.SEDAR.com. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. The reader should not place undue reliance on the forward-looking statements included in this presentation. These statements speak only as an update on the date they are made and MethylGene is under no obligation to revise such statements as a result of any event, circumstance or otherwise except in accordance with law.

Contact Information

  • MethylGene Inc.
    Andrea Gilpin, Ph.D, MBA
    Director, Investor Relations
    (514) 337-3333 ext. 416
    gilpina@methylgene.com