SOURCE: Novacea, Inc.

February 28, 2008 08:30 ET

Frederick J. Ruegsegger Elected to Novacea's Board of Directors

SOUTH SAN FRANCISCO, CA--(Marketwire - February 28, 2008) - Novacea, Inc. (NASDAQ: NOVC) today announced the appointment of Frederick J. Ruegsegger to its board of directors. Mr. Ruegsegger currently serves as chief financial officer (CFO) at Sterigenics International, a privately-held global provider of medical sterilization services.

"We are pleased to welcome Fred to our board of directors," said John P. Walker, Novacea's chairman and chief executive officer. "He brings an impressive finance and management background, which aligns with our objective to have a Board with outside directors who have considerable operating skills and experience."

Mr. Ruegsegger served as CFO of Neoforma.com prior to joining Sterigenics and as senior vice president of corporate development and CFO at Axys Pharmaceuticals from 1996 to 1999. Additionally, he was president, chief executive officer, and director at EyeSys Technologies, a fully integrated ophthalmology company. Prior to joining EyeSys, Mr. Ruegsegger held senior positions at Vitaphore Corporation, a biomaterials company, including president and chief executive officer of the company from 1991 to 1993. Mr. Ruegsegger received his Bachelor of Science degree in economics from the University of Illinois and completed his Master of Management degree at Northwestern University.

"Fred will replace Lowell Sears as the chair of the Audit Committee when Lowell retires from the Board in June 2008," said Mr. Walker. "Lowell's role as the chair of the Audit Committee and operational experience has been invaluable to the growth and direction of Novacea over the last four years."

About Novacea

Novacea, Inc. is a biopharmaceutical company focused on in-licensing, developing and commercializing novel cancer therapies. Novacea has two product candidates, including Asentar™, which has been in a Phase 3 clinical trial for androgen-independent prostate cancer, or AIPC, and in a Phase 2 trial for advanced pancreatic cancer. Asentar is part of a development and commercialization agreement with Schering-Plough Corporation. Novacea's second product candidate, AQ4N, is a hypoxia-activated prodrug that is currently in a Phase 1b/2a clinical trial in glioblastoma multiforme. More information on any of Novacea's trials can be found at www.ClinicalTrials.gov.

Except for the historical information contained herein, the matters set forth in this press release, including statements as to development, clinical studies, regulatory review and approval, and commercialization of products, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date the statements are made and are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events. You should not put undue reliance on any forward-looking statements. Important factors that could cause actual performance and results to differ materially from the forward-looking statements we make include: early stage of development; the focus, conduct, enrollment and timing of our clinical trials; regulatory review and approval of product candidates; success or failure of our present and future collaboration agreements; commercialization of products; developments relating to our licensing and collaboration agreements; market acceptance of products; funding requirements; intellectual property protection for our product candidates; competing products and other risks detailed from time to time under the heading "Risk Factors" in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, as may be updated from time to time by our future filings under the Securities Exchange Act. If one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, our actual performance or results may vary materially from any future performance or results expressed or implied by these forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws.

Novacea is a registered trademark of Novacea, Inc., and Asentar is a trademark of Novacea, Inc. All other trademarks are property of their respective owners.

Contact Information

  • Novacea Contact:
    Paul Laland
    Vice President, Corporate Communications
    Tel: 650-228-1811
    E-mail: Email Contact