LINCOLNSHIRE, Ill., Aug. 9 /PRNewswire-FirstCall/ -- Aksys(R), Ltd. , a pioneer in innovative dialysis systems, today announced that Dr. Rosemary Mazanet has been elected to the Company’s board of directors, effective as of August 9, 2006.
Dr. Mazanet has served as the Chief Executive Officer of Breakthrough Therapeutics, LLC, a privately held therapeutic development company, since February 2004. She has also served as the acting CEO of Access Pharmaceuticals since May 2005, and was elected to the company’s board of directors in May 2006. In addition, Dr. Mazanet has served as a member of the board of directors of GTx, Inc., a biopharmaceutical company dedicated to developing therapeutics for serious conditions related to men’s health, since October 2001. From June 1998 to February 2004, Dr. Mazanet served as Chief Scientific Officer and a General Partner of Oracle Partners, L.P., a hedge fund. Prior to joining Oracle Partners, Dr. Mazanet served as the Director of Clinical Research at Amgen, Inc., a pharmaceutical company. Dr. Mazanet is a member of the Board of Trustees of the University of Pennsylvania School of Medicine. She trained in internal medicine at the Brigham and Women’s Hospital and in oncology at the Dana Farber Cancer Institute, both part of the Harvard Medical system, where she was a staff physician prior to joining Amgen. Dr. Mazanet holds a B.A. in Biology from the University of Virginia and an M.D. and a Ph.D. from the University of Pennsylvania.
Howard J. Lewin, the Company’s President and Chief Executive Officer, commented, “We are pleased to welcome Rosemary to our Board of Directors. Her extensive management and board level experience, coupled with her strong medical background, will be invaluable to us as the Company continues with its efforts to achieve its full potential in the marketplace. We are very excited to have Rosemary join our Board.”
Dr. Mazanet will replace Shodhan Trivedi on the board of directors, who served as a designee of Durus Life Sciences Master Fund Ltd. pursuant to the terms of the investor rights agreement between Durus and the Company. Mr. Trivedi, who is a member of the board of directors of Durus, had served on the Aksys board since March 31, 2006, on a transitional basis following the signing of the Company’s financing agreements with Durus.
About Aksys
Aksys, Ltd. produces hemodialysis products, providing services for patients suffering from kidney failure. The Company’s lead product, the PHD(R) System, is a currently available, advanced technology hemodialysis system designed to improve clinical outcomes of patients and reduce mortality, morbidity and the associated high cost of patient care. Further information is available on Aksys’ website: www.aksys.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve a number of risks and uncertainties. Our actual results could differ materially from the results identified or implied in any forward-looking statement. These statements are based on our views as of the date they are made with respect to future results or events. Such statements include, without limitation, statements that implicate benefits to our company from the appointment of Dr. Mazanet to the board, and other statements containing words such as “expects” and words of similar import or statements of management’s opinion. Factors that could cause such a difference include, but are not limited to, the following: (i) our ability to obtain additional capital on acceptable terms and in a sufficient amount to run our business; (ii) uncertainty about the acceptance of the PHD System by both potential users and purchasers, including without limitation, patients, clinics and other health care providers; (iii) risks related to uncertain unit pricing and product cost, which may not be at levels that permit us to be profitable; (iv) uncertainties regarding our ability to maintain listing on the Nasdaq Capital Market; (v) risks related to quality control issues and consistency of service applicable to the PHD System; (vi) market, regulatory reimbursement and competitive conditions; (vii) risks related to the failure to meet additional development and manufacturing milestones for the current or next-generation PHD System on a timely basis, including, without limitation, manufacturing and servicing cost reduction efforts; (viii) risks inherent in relying on third parties to manufacture the current PHD System or develop the next-generation PHD System; (ix) changes in quality system regulations and our ability to market and contract for the manufacture of the PHD System in accordance with regulations imposed by the Food and Drug Administration and other similar regulatory authorities, and the potential adverse impact on our company of failing to maintain or obtain any such clearances and approvals; (x) risks and uncertainties with respect to our development agreement with DEKA relating to the next generation PHD System; (xi) risks related to our relationship with Durus Life Sciences Master Fund Ltd. and its affiliates; (xii) risks related to our new PHD System operating districts strategy and focused resource allocation; and (xiii) other factors detailed in our filings with the SEC, including our recent filings on Forms 10-K, 10-Q and 8-K. We do not undertake to publicly update or revise our forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Aksys, Ltd.
CONTACT: Lisa Burns (investors) or Clay Kramer (investors),ckramer@burnsmc.com, or Justin Jackson (media), jjackson@burnsmc.com, allof Burns McClellan for Aksys, +1-212-213-0006
Web site: http://www.aksys.com//
