Osta Biotechnologies Inc.

Osta Biotechnologies Inc.

July 19, 2005 08:00 ET

Osta Biotechnologies Inc. Announces Several Key Additions to Its Board of Directors and Management

MONTREAL, QUEBEC--(CCNMatthews - July 19, 2005) - Osta Biotechnologies Inc. (TSX VENTURE:OBI), formerly Biopotential Capital Inc., is pleased to announce that the following persons were elected to its board of directors and management team:


Dr. Baumgartner has had a long and distinguished career in the pharmaceutical industry. From 1992 until February 2003, he was President and CEO of Wyeth-Ayerst Canada Inc. Prior to joining Wyeth-Ayerst, he was President and General Manager of Hoffmann-LaRoche's Belgian operations. He also served as President and CEO of Hoffmann-La Roche Canada from 1981 until 1988. Dr. Baumgartner has been active in several health-related associations. He is a former Chairman of the Board of Directors of Canada's Research-Based Pharmaceutical Companies (Rx&D). He was also a Member of the Management Board of the Canadian Institutes of Health Research/Rx&D Research Program and served on the Board of Governors of Montreal Technovision, as well as other health-related advisory boards. Dr. Baumgartner holds a Ph.D. in Chemistry from Geneva University in Switzerland.


Mr. L'Archeveque has worked in the pharmaceutical industry from 1977 to 2001. In 1995, he became the first Vice-President of Marketing with Glaxo Wellcome, which subsequently became GlaxoSmithKline following a merger with SmithKline Beecham. Prior to 1995, he was the Vice-President of the Quebec division of Glaxo Wellcom. As part of his job, Mr. L'Archeveque actively participated in two mergers, including that with Burroughs Wellcome in 1995, and with SmithKline Beecham in 2000. After working in the pharmaceutical industry for 24 years, he decided to take on new challenges and assume a leadership role with a large company. On June 12, 2001, he became the CEO of Genome Quebec, an organization that aims to create a scientific and ethical infrastructure for researchers in genomics and proteomics in the province of Quebec . Under his direction, this innovative and dynamic organization collaborates with a large number of partners, including the Governments of Quebec and Canada, the private sector and, of course, the scientific and academic communities. He is also a member of the Board of Directors of a number of organizations, including Canvac, a major Canadian project on vaccines and immunology, BioQuebec, the business network for bio-industries and life sciences, and Montreal International (a group dedicated to the life sciences). Mr. L'Archeveque obtained a Master's degree in Biological Sciences from the Universite de Montreal in 1976.


Mr. Spizzirri is a prominent New York-based biotech investor and has extensive experience in working with early-stage biotech and pharmaceutical companies in both the financing and business development areas. He has worked closely with a number of prominent U.S. public healthcare companies. Mr. Spizzirri was one of the pioneers of the biotech industry in the U.S. as both an investor and attorney in the formation of some of the companies that have now become the leaders in the biotech industry. He was involved in the early financings of Amgen (AMGN/Nasdaq) and Genentech (GNE/NYSE) while a partner with the New York City law firm of Davis, Polk and Wardwell. Mr. Spizzirri was an investor and director of Centocor (CNTO/Nasdaq) and Sugen (SUGN/Nasdaq) until 2002, when these companies were acquired by Pharamacia (now Pfizer) and Johnson & Johnson, respectively. He was also a director of PowderJect Pharmaceuticals PLC (PJP on the London Stock Exchange), a British pharmaceutical delivery company, until its acquisition by Chiron Corp. in June 2003. He is currently the founder, major shareholder and director of several companies in the biotech, healthcare and agrobio fields. Mr. Spizzirri is a graduate of Brown University, B.A. Magna Cum Laude, Phi Beta Kappa (Jr. Year); Harvard Law School, J.D Cum Laude; and was a senior partner of Davis, Polk and Wardwell (1967 - 1994).


Mr. Teryazos is the President of Letmic Management Inc., a Montreal-based financial advisory firm. He works primarily in the healthcare, telecommunications and technology industries with a focus on assisting companies in the areas of financing and business development, particularly in the U.S. markets. Over the last several years, he has assisted such companies as Aurelium BioPharma Inc., a Montreal-based proteomics technology company, Vitalstate, Inc. (VTST/OTC BB), a nutraceutical company, ICG Communications, Inc. (ICG/OTC BB), a U.S. telecommunications service provider, QR Canada Capital (QRI/TSX-V), a venture investment company, Molichem R&D, Inc. a U.S. developer of cystic fibrosis therapeutics, and Energy 2020 Canada Corp, a developer of new internal combustion cylinder head designs. He has served on the board of directors of all the above companies with the exception of Energy 2020 and Molichem. Mr. Teryazos graduated from Cornell University in 1965 and the Taft School.


Mr. Ohayon has more than 30 years of experience in the world-wide commercialization (strategic and operational marketing and sales executive management) and business development of pharmaceutical and diagnostic products. Robert started his career in the pharmaceutical industry in 1970 as CRA and Medical Representative with Geigy (now Novartis) in Canada. In 1974, he joined the marketing group of Schering Plough Canada (1974-1980). From 1980 to 1985, he was responsible for the marketing of the cardiovascular product line at Squibb Canada. He spent several years in executive positions (sales, marketing and business development) with increasing responsibility in the Canadian and North American pharmaceutical and diagnostic industry exclusively with multinationals. In the diagnostic field, his experience covers contrast media for diagnostic imaging and in-office diagnostics. He also created a Diagnostic Business Unit for Berlex Canada, where he was the Vice President, Marketing & Sales and Business Development from 1985 to 1998. For several years, Mr. Ohayon participated in international projects for global strategic marketing, communication and cross fertilization programs, product development and global pricing. Mr. Ohayon is a graduate of Universite de Rouen, France, Ecole de Medecine et Pharmacie where he obtained his B. Sc. in Pharmacy in 1967. He also earned a degree in Business Administration (marketing and international marketing) from Universite du Quebec a Montreal in 1975. He completed his academic training with selected M.B.A. courses at McGill University in Montreal and executive seminars in Chicago, New York, San Francisco and Fontainebleau (France).

Dr. Ajay Gupta, Osta's Chairman & CEO, commented, "we are very pleased with the addition of these very prominent and high-profile individuals to our board of directors and management team. They bring a vast knowledge, extensive experience and solid expertise in pharmaceutical executive management, financing, business development and marketing, as well as adding depth to our board of directors and management team. Osta is entering into an exciting phase of its development and the above additions to our team show our commitment to building a world-class biopharmaceutical company."

Osta Biotechnologies Inc.

Osta is a biopharmaceutical company dedicated to developing novel diagnostics and therapeutics for the aging population, particularly in the areas of Osteoporosis, Osteoarthritis and Alzheimer's disease.

Certain information in this press release is forward-looking and is subject to numerous risks and uncertainties. By their nature, such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include actions of Osta's competitors, and those inherent in scientific research and development.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy for this release.

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