MONTREAL, QUEBEC--(Marketwire - Nov. 12, 2012) - MethylGene Inc. ("MethylGene" or the "Company") (TSX:MYG) today announced that Charles M. Baum, MD, PhD, has been appointed to the position of President and Chief Executive Officer and has joined the Company's Board of Directors, effective immediately. MethylGene also announced that Mr. Louis Lacasse and Mr. Colin Mallet have stepped down from the Board of Directors.
Dr. Baum was most recently Senior Vice President for Clinical Research within Pfizer's Worldwide Research & Development division. He has worked at Pfizer since 2003, taking on roles of increasing responsibility, including Vice President and Head of Oncology Development and Chief Medical Officer for Pfizer's Biotherapeutics and Bioinnovation Center, a Pfizer division comprised of small biotech research units. During his tenure at Pfizer he was responsible for the development of the oncology portfolio, including the tyrosine kinase inhibitors sunitinib (Sutent®), axitinib (Inlyta®) and crizotinib (Xalkori®). Prior to joining Pfizer Dr. Baum was responsible for the Phase I-IV development of several oncology compounds at Schering-Plough, including temozolomide (Temodar®). His career also includes academic and hospital positions at Stanford and Emory Universities, as well as positions of increasing responsibility within the pharmaceutical industry (Systemix, Searle, Schering-Plough and Pfizer).
"I am delighted to welcome Dr. Baum to lead the Company at this important point in our development" said Dr. Martin Godbout, Chairman of the Board of Directors. "His exceptional experience in drug development will be of tremendous value to the advancement of our oncology and antifungal programs. I would also like to extend my most sincere thanks to Mr. Louis Lacasse and Mr. Colin Mallet for their longstanding and dedicated support as members of our Board of Directors."
"I am very excited to join MethylGene," said Dr. Baum. "MGCD265 and MGCD290 are based upon impressive science and encouraging early phase clinical data. The MethylGene team has established a strong foundation for expanded clinical development. We will continue to focus our efforts on realizing the potential of these novel therapies to address the unmet needs of patients with cancer and fungal infections."
Dr. Baum received his M.D. and Ph.D. (Immunology) degrees from the Washington University School of Medicine and did his post-graduate work at Stanford University, where he completed his medical training and conducted research on human bone marrow stem cells with Dr. Irving Weissman. Dr. Baum was granted research support by the National Institutes of Health and the American Cancer Society, published more than 50 peer-reviewed manuscripts, and holds a number of patents and patent applications.
MethylGene Inc. (TSX:MYG) is a drug development company that is advancing novel therapeutics for cancer and infectious disease in human clinical trials. The Company's lead product candidates are: MGCD290, an oral antifungal agent targeting the fungal Hos2 enzyme that is in a Phase II trial for vulvovaginal candidiasis, and MGCD265, an oral Met/VEGF receptor kinase inhibitor that is in Phase I/II clinical trials for patients with solid tumors. MethylGene owns all rights to its lead product candidates, and has partnerships with Otsuka Pharmaceutical Co. Ltd., Taiho Pharmaceutical Co. Ltd., and EnVivo Pharmaceuticals, Inc. for its other pipeline programs.
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. These risks and uncertainties could cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Such results, performance or achievements include, but are not limited to, the timing and effects of regulatory action; the continuation of collaborations; the results of clinical trials; the timing of enrollment or completion of clinical trials; the success, efficacy or safety of MGCD265, MGCD290 or our other programs; the ability to scale up, formulate and manufacture sufficient GMP, clinical or commercialization quantities of MGCD265, MGCD290 or our other products, and the relative success or the lack of success in developing and gaining regulatory approval and/or market acceptance for any compound or new product including MGCD265 or MGCD290. 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, as described in MethylGene's Annual Information Form under the heading "Risk Factors" which you are urged to read, and all other documents filed by the Company 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 news release. These statements speak only as of the date they are made and MethylGene expressly disclaims any duty, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in MethylGene's expectations with regard thereto of any change in events, conditions or circumstances on which any such statements are based except in accordance with law.