SOURCE: Lipid Sciences, Inc.

August 08, 2005 08:30 ET

Lipid Sciences, Inc. Announces the Passing of Chairman of the Board Richard G. Babbitt

PLEASANTON, CA -- (MARKET WIRE) -- August 8, 2005 -- Lipid Sciences, Inc. (NASDAQ: LIPD) announced today that Richard G. Babbitt, Chairman of the Board of Directors, died unexpectedly on August 6, 2005. Mr. Babbitt was 79 years old. Vice Chairman H. Bryan Brewer, Jr., M.D., and S. Lewis Meyer, Ph.D., President and Chief Executive Officer of Lipid Sciences, will perform the duties of the Chairman pending an opportunity for the Board of Directors to meet and determine appropriate succession.

Mr. Babbitt was elected to the Board of Directors and served as Chairman since September 2002. He had a distinguished business career having served as Chairman of the Board and Chief Executive Officer of Inamed Corporation, a medical device company, from 1998 to 2002. He served as Chief Executive Officer and President of Inamed from 1999 to 2002. Mr. Babbitt also had associations with DNA Technologies Inc., Ben Hogan Company, B.I. Industries, American Safety Equipment Corporation, Welsh Manufacturing and Medical Supply Company in Chief Executive Officer and board positions.

"Dick was a valued business partner in developing the current strategic direction for Lipid Sciences," commented Dr. Meyer. "His legacy of leadership and the sense of purpose he instilled in the organization will serve us well. His wise counsel, business acumen, and vitality will be missed. We extend our deepest condolences to his wife and his family."

Dr. Meyer continued, "Dick defined 2005 as the year in which we will take the major step from being a pre-clinical stage company to one that is in the process of launching a human clinical trial for our HDL Therapy Platform. We continue to build on our base of scientific data for both our HDL Therapy and Viral Immunotherapy Platforms. It is upon this strong base that we will continue to build a wide-ranging scientific and business development program."

Lipid Sciences, Inc. is a development-stage biotechnology company engaged in the research and development of products and processes intended to treat major medical indications, in which lipids, or fat components, play a key role. The Company's technologies are based on a unique patented process, known as delipidation, which selectively and rapidly removes lipids, such as cholesterol, from targeted lipoproteins or viruses circulating in blood plasma without disrupting the non-targeted plasma protein function. The Company's HDL Therapy Platform is aimed at developing treatments for the reversal of atherosclerosis, a systemic disease of the blood vessels caused by the build-up of cholesterol-filled plaques in the vascular system and, most critically, in the coronary arteries. If left untreated, these plaques are highly vulnerable to rupture and to blood clot formation, which can result in a fatal myocardial infarction (heart attack). Regression of such plaques may have a major impact on reducing the risk of acute coronary events. The Company's Viral Immunotherapy Platform is focused on the removal of the lipid coatings from lipid-enveloped viruses and other lipid-containing infectious agents by application of Lipid Sciences' delipidation technology. The Company believes that removing the virus' protective lipid coating exposes otherwise hidden viral proteins, to stimulate the body's immune system to effectively fight the disease. Conditions that could potentially be impacted by this technology include HIV, Hepatitis B and Hepatitis C, West Nile, SARS and influenza.

Forward-Looking Statements: This release contains forward-looking statements concerning plans, objectives, goals, strategies, study results, anticipations, expectations, future events or performance as well as all other statements that are not statements of historical fact. The forward-looking statements contained in this release reflect our current beliefs and expectations on the date of this release. Actual results, performance or outcomes may differ materially from what is expressed in the forward-looking statements. Readers are referred to the documents filed by us with the SEC, specifically the most recent reports on Form 10-K and Form 10-Q which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. In addition to those risk factors, other factors that could cause actual results to differ materially include the following: Our inability to obtain adequate funds; our technology not proving to be safe or effective; our inability to obtain regulatory approval for our technology, which is only in the clinical development stage; delay or failure to complete clinical studies; our dependence on our license agreement with Aruba International B.V.; our reliance on collaborations with strategic partners and consultants; competition in our industry, including the development of new products by others that may provide alternative or better therapies; failure to secure and enforce our intellectual property rights; risks associated with use of biological and hazardous materials; and our dependence on key personnel.

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov. Lipid Sciences assumes no obligation to update the forward-looking statements included in this document.

Press releases for Lipid Sciences, Inc. are available on our website: www.lipidsciences.com. If you would like to receive our press releases via email, please contact: info@lipidsciences.com.

Contact Information

  • FOR FURTHER INFORMATION CONTACT:
    Deborah S. Lorenz
    Vice President, Investor Relations and
    Corporate Communications
    Lipid Sciences, Inc.
    925-249-4031
    Email Contact

    Donald C. Weinberger
    Wolfe Axelrod Weinberger Associates, LLC
    212-370-4500
    Email Contact