MonoGen, Inc.

MonoGen, Inc.

April 09, 2007 08:34 ET

MonoGen Promotes Ted S. Geiselman to President and CEO and Norman J. Pressman, Ph.D. to Executive Chairman and CSO

MONTREAL, QUEBEC--(CCNMatthews - April 9, 2007) - This Press Release is Not for Distribution in the United States

MonoGen, Inc. ("Corporation")(TSX:MOG) today announced that, as part of its transition into a commercial-stage medical device and diagnostics company, it has promoted Ted S. Geiselman, to the position of President and Chief Executive Officer of the Corporation and that his predecessor Norman J. Pressman, Ph.D., has been appointed Executive Chairman of the Board while also retaining his position as the Chief Scientific Officer of the Corporation. Former Executive Chairman Andre Denis will continue to serve as a Director of the Corporation and as its Interim Chief Financial Officer.

Dr. Pressman indicated that "Ted joined us just six months ago and we are pleased with the progress achieved in operational matters under his leadership. Ted's strong performance allows us to accelerate our plans for him to take on broader responsibilities, including sales and marketing and finance by transitioning him into the President and CEO position."

Mr. Geiselman added, "I joined MonoGen because our technology and products are uniquely positioned to make MonoGen a significant player in the liquid-based cytology market. We've got the clinical data, product quality and technology innovation to become a major contributor to the evolution of the market. I also believe that in Cardinal Health we have the distribution strength to penetrate the marketplace starting in the second half of 2007 and to grow market share from there. I am also looking forward to continue working with Norman in building a successful business."

Andre Denis commented, "These executive advances are a natural evolution in our transition into commercialization allowing Dr. Pressman time to concentrate on building the roadmap for the future and represent the company to the outside world while Mr. Geiselman concentrates on executing on this roadmap."

With operational headquarters in the United States (Greater Chicago area), MonoGen is a medical device company developing an integrated suite of fully automated devices (the SAVANT LABORATORY SYSTEM™) for anatomic and molecular pathology laboratories. The SAVANT LABORATORY SYSTEM™ is being designed to automate processes performed by clinical laboratories to reduce their costs, increase throughput, and improve the quality and consistency of results.

The common shares of the Corporation are listed for trading on the Toronto Stock Exchange under the trading symbol "MOG".

Forward-Looking Statements

This press release is not for distribution in the United States.

This press release contains statements that are forward-looking in nature. Statements preceded by the words believe, expect, anticipate, plan, intend, continue, estimate, may, will, and similar expressions are forward-looking statements.

Forward-looking statements are based on the Corporation's beliefs and assumptions based on information available at the time the assumption was made. Forward-looking statements relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, new services, market forces, commitments and technological developments, relating to the Corporation. By its nature, such forward-looking information is subject to various risks and uncertainties which could cause the Corporation's actual results and experience to differ materially from the anticipated results or other expectations expressed. Those risks and uncertainties include, but are not limited to MonoGen's ability to raise additional capital, MonoGen's ability to execute its business plan while maintaining at all times its various regulatory approvals, the performance of its strategic partners including the performance of Cardinal Health in the commercialization of the Corporation's products in the marketplace and the competitive response from existing and potential competitors. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this document, and the Corporation undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • MonoGen, Inc.
    Norman J. Pressman, Ph.D.
    Executive Chairman and Chief Scientific Officer
    847-758-4202 (FAX)