SOURCE: TyRx Pharma, Inc.

November 13, 2008 06:00 ET

TyRx Board Appoints William G. Dempsey Independent Director

MONMOUTH JUNCTION, NJ--(Marketwire - November 13, 2008) - TyRx, Inc., a leader in the development and commercialization of convergent drug-device products, today announced that the Board of Directors has appointed William G. Dempsey as independent Director. The appointment of Mr. Dempsey expands the total size of the Board to seven.

Mr. Dempsey brings over 25 years experience at Abbott Laboratories in senior executive management and divisional leadership roles across Abbott's pharmaceutical and medical device businesses. Mr. Dempsey successfully managed the commercialization of several high profile pharmaceuticals and medical devices, including Abbott's blockbuster anti-rheumatoid arthritis drug Humira, which exceeded all launch goals with US sales of $860 million and global sales of $1.4 billion in 2005. Mr. Dempsey also provided key leadership for Abbott's $7 Billion acquisition of Knoll Pharmaceuticals and Abbott's $3.7 Billion acquisition of Kos Pharmaceuticals.

Most recently, Mr. Dempsey served as Executive Vice President of Abbott's Global Pharmaceuticals Division, where he led the business to 15% growth in revenues and earnings in the face of major new generic competition. Prior to that, he was Senior Vice President of Abbott's Pharmaceutical Operations from 2003 to 2006, Senior Vice President of International Operations from 1999 to 2003, Senior Vice President of Chemical and Agricultural products from 1998 to 1999, Vice President Hospital Products business from 1996 to 1998, Divisional Vice President of Hospital Sales from 1995 to 1996 and Divisional Vice President of Critical Care Systems from 1992 to 1995. He held a number of general manager and marketing positions at Abbott from 1982 to 1989. Mr. Dempsey received a B.S. in accounting from DePaul University.

"We are extremely pleased to add Bill Dempsey to the TyRx Board of Directors," said Jeffrey Leiden, MD, PhD, Chairman of the Board. "His deep experience in both hospital products and blockbuster pharmaceuticals brings a unique perspective to the TyRx board. He will make important contributions to both the adoption of our AIGISRX™ platform and the development and commercialization of our drug device pipeline. We particularly look forward to working with Bill given his commercial, R&D and manufacturing experience, his time in the cath lab and experience with surgical site infections as well as his broad therapeutic experience."

"My appointment to the TyRx Board of Directors is a compelling opportunity to be a part of a company that will substantially improve the quality of life for large numbers of medical device patients," said William G. Dempsey. "The AIGISRX™ platform technology has already gained impressive momentum among electrophysiologists and cardiac surgeons and I believe the broad TyRx pipeline has exciting potential to expand the technology's applications. I look forward to working with the Board to help strengthen the Company's position as a leader in drug-device products."

About TyRx, Inc.

TyRx, Inc., an ISO 9001:2000 and ISO 13485:2003 certified medical device manufacturer, commercializes implantable combination drug, including the AIGISRX™ Anti-Bacterial Envelope. AIGISRX™ CRMD contains the antimicrobial agents, rifampin and minocycline, which have been shown to reduce infection by organisms representing a majority of the infections reported in CRMD related endocarditis, including "superbugs" or MRSA. In addition, AIGISRX™ is intended to securely hold a pacemaker or implantable cardioverter defibrillator (ICD) in order to create a stable environment when implanted in the body. Following commercial release in June 2008, AIGISRX™ has been implanted in over 950 patients nationwide. In February 2008, TyRx raised $25 million in a venture capital financing led by Clarus Ventures and co-led by Pappas Ventures. TyRx products utilize novel biomaterials, including technology licensed exclusively from Rutgers, The State University of New Jersey. Additionally, TyRx has exclusively licensed from Baylor College of Medicine and The University of Texas M. D. Anderson Cancer Center product patents and associated technologies to address the problem of postsurgical nosocomial infection. TyRx is deploying its capabilities across a broad range of combination implantable medical-pharmaceutical devices. The combination products sector (products incorporating both a drug and a device component) is expected to be the highest growth segment of the medical products industry and TyRx is positioned to be an innovative applications leader in the space.

For more information, please visit www.tyrx.com.

Contact Information

  • CONTACT
    Bill Edelman
    President and Chief Executive Officer
    TyRx Inc.
    732.246.8676
    Email Contact