Advanced Proteome Therapeutics Corporation

Advanced Proteome Therapeutics Corporation

November 19, 2008 09:02 ET

Advanced Proteome Therapeutics Corporation Announces Board Resignations and Audit Committee Chairman Appointment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2008) - Advanced Proteome Therapeutics Corporation (TSX VENTURE:APC) has announced today the resignations of two Board members, Robert Bender and Russell E. Phares, effective October 11.

Alexander (Allen) Krantz stated that "the Company was fortunate to have had the services of Robert Bender and Russell Phares in the initial stages of its development. Robert has provided effective counsel and sage advice on diverse matters in support of the Company during its infancy and we are grateful for his enthusiastic commitment to the success of our programs." Mr. Bender indicated that despite his resignation "I remain interested in the development of APT and, should you desire my input, will make whatever efforts I can to be of assistance to you and the Company."

Dr. Krantz further stated that "Russ has been extraordinarily helpful in providing financial expertise during the critical period of consolidation of Thrilltime Entertainment International, Advanced Proteome Therapeutics Inc. and Advanced Proteome Therapeutics Corporation and the Company was highly appreciative of his diligence and sacrifice."

Effective October 17, 2008, Jean Bellin, Director, assumes the Chairmanship of the Audit Committee. Mr. Bellin is President of Metagenics, and preceding that appointment was Chief Executive Officer of Mountain View Pharmaceuticals, Inc., a California-based biopharmaceutical company, where the PEGylation of therapeutic proteins was a major focus. Jean has had vast experience in the pharmaceutical industry, both domestic and international, including overseeing financial operations and business development. Mr. Bellin also currently serves on the board of directors of: KV Pharmaceutical Company, a specialty pharmaceutical company based in St. Louis, Missouri.

About APC

APC's primary corporate mission is to apply its proprietary drug delivery and drug redevelopment technologies to produce new, improved versions of therapeutic proteins and pioneer the emerging field of protein-site targeting. The market for diagnostics and therapeutic proteins and peptides is expected to surpass more than 50 Billion USD by the year 2010 and is the fastest growing segment of the pharmaceutical market. Future growth however depends largely on the industry overcoming a number of hurdles, including drug delivery challenges and the need for homogeneous conjugates that APC is attempting to address.

The forward-looking statements contained in this news release involve risks and uncertainties, and are subject to change based on various important factors including timely development and acceptance of new products, gaining product approval, successful entry into new markets, changes in financing conditions, and changes in FDA regulations.

Contact Information

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