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TyRx Board Appoints William G. Dempsey Independent Director
MONMOUTH JUNCTION, NJ -- (Marketwire) -- 11/13/08 -- TyRx, Inc., a leader in thedevelopment and commercialization of convergent drug-device products, todayannounced that the Board of Directors has appointed William G. Dempsey asindependent Director. The appointment of Mr. Dempsey expands the total sizeof the Board to seven.
Mr. Dempsey brings over 25 years experience at Abbott Laboratories insenior executive management and divisional leadership roles across Abbott'spharmaceutical and medical device businesses. Mr. Dempsey successfullymanaged the commercialization of several high profile pharmaceuticals andmedical devices, including Abbott's blockbuster anti-rheumatoid arthritisdrug Humira, which exceeded all launch goals with US sales of $860 millionand global sales of $1.4 billion in 2005. Mr. Dempsey also provided keyleadership for Abbott's $7 Billion acquisition of Knoll Pharmaceuticals andAbbott's $3.7 Billion acquisition of Kos Pharmaceuticals.
Most recently, Mr. Dempsey served as Executive Vice President of Abbott'sGlobal Pharmaceuticals Division, where he led the business to 15% growth inrevenues and earnings in the face of major new generic competition. Priorto that, he was Senior Vice President of Abbott's Pharmaceutical Operationsfrom 2003 to 2006, Senior Vice President of International Operations from1999 to 2003, Senior Vice President of Chemical and Agricultural productsfrom 1998 to 1999, Vice President Hospital Products business from 1996 to1998, Divisional Vice President of Hospital Sales from 1995 to 1996 andDivisional Vice President of Critical Care Systems from 1992 to 1995. Heheld a number of general manager and marketing positions at Abbott from1982 to 1989. Mr. Dempsey received a B.S. in accounting from DePaulUniversity.
"We are extremely pleased to add Bill Dempsey to the TyRx Board ofDirectors," said Jeffrey Leiden, MD, PhD, Chairman of the Board. "His deepexperience in both hospital products and blockbuster pharmaceuticals bringsa unique perspective to the TyRx board. He will make importantcontributions to both the adoption of our AIGISRX(TM) platform and thedevelopment and commercialization of our drug device pipeline. Weparticularly look forward to working with Bill given his commercial, R&Dand manufacturing experience, his time in the cath lab and experience withsurgical site infections as well as his broad therapeutic experience."
"My appointment to the TyRx Board of Directors is a compelling opportunityto be a part of a company that will substantially improve the quality oflife for large numbers of medical device patients," said William G.Dempsey. "The AIGISRX(TM) platform technology has already gained impressivemomentum among electrophysiologists and cardiac surgeons and I believe thebroad TyRx pipeline has exciting potential to expand the technology'sapplications. I look forward to working with the Board to help strengthenthe 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 devicemanufacturer, commercializes implantable combination drug, including theAIGISRX(TM) Anti-Bacterial Envelope. AIGISRX(TM) CRMD contains theantimicrobial agents, rifampin and minocycline, which have been shown toreduce infection by organisms representing a majority of the infectionsreported in CRMD related endocarditis, including "superbugs" or MRSA. Inaddition, AIGISRX(TM) is intended to securely hold a pacemaker orimplantable cardioverter defibrillator (ICD) in order to create a stableenvironment when implanted in the body. Following commercial release inJune 2008, AIGISRX(TM) has been implanted in over 950 patients nationwide.In February 2008, TyRx raised $25 million in a venture capital financingled by Clarus Ventures and co-led by Pappas Ventures. TyRx products utilizenovel biomaterials, including technology licensed exclusively from Rutgers,The State University of New Jersey. Additionally, TyRx has exclusivelylicensed from Baylor College of Medicine and The University of Texas M. D.Anderson Cancer Center product patents and associated technologies toaddress the problem of postsurgical nosocomial infection. TyRx is deployingits capabilities across a broad range of combination implantablemedical-pharmaceutical devices. The combination products sector (productsincorporating both a drug and a device component) is expected to be thehighest growth segment of the medical products industry and TyRx ispositioned to be an innovative applications leader in the space.
For more information, please visit www.tyrx.com.
CONTACTBill EdelmanPresident and Chief Executive OfficerTyRx Inc.732.246.8676Email Contact
Most recently, Mr. Dempsey served as Executive Vice President of Abbott'sGlobal Pharmaceuticals Division, where he led the business to 15% growth inrevenues and earnings in the face of major new generic competition. Priorto that, he was Senior Vice President of Abbott's Pharmaceutical Operationsfrom 2003 to 2006, Senior Vice President of International Operations from1999 to 2003, Senior Vice President of Chemical and Agricultural productsfrom 1998 to 1999, Vice President Hospital Products business from 1996 to1998, Divisional Vice President of Hospital Sales from 1995 to 1996 andDivisional Vice President of Critical Care Systems from 1992 to 1995. Heheld a number of general manager and marketing positions at Abbott from1982 to 1989. Mr. Dempsey received a B.S. in accounting from DePaulUniversity.
"We are extremely pleased to add Bill Dempsey to the TyRx Board ofDirectors," said Jeffrey Leiden, MD, PhD, Chairman of the Board. "His deepexperience in both hospital products and blockbuster pharmaceuticals bringsa unique perspective to the TyRx board. He will make importantcontributions to both the adoption of our AIGISRX(TM) platform and thedevelopment and commercialization of our drug device pipeline. Weparticularly look forward to working with Bill given his commercial, R&Dand manufacturing experience, his time in the cath lab and experience withsurgical site infections as well as his broad therapeutic experience."
"My appointment to the TyRx Board of Directors is a compelling opportunityto be a part of a company that will substantially improve the quality oflife for large numbers of medical device patients," said William G.Dempsey. "The AIGISRX(TM) platform technology has already gained impressivemomentum among electrophysiologists and cardiac surgeons and I believe thebroad TyRx pipeline has exciting potential to expand the technology'sapplications. I look forward to working with the Board to help strengthenthe 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 devicemanufacturer, commercializes implantable combination drug, including theAIGISRX(TM) Anti-Bacterial Envelope. AIGISRX(TM) CRMD contains theantimicrobial agents, rifampin and minocycline, which have been shown toreduce infection by organisms representing a majority of the infectionsreported in CRMD related endocarditis, including "superbugs" or MRSA. Inaddition, AIGISRX(TM) is intended to securely hold a pacemaker orimplantable cardioverter defibrillator (ICD) in order to create a stableenvironment when implanted in the body. Following commercial release inJune 2008, AIGISRX(TM) has been implanted in over 950 patients nationwide.In February 2008, TyRx raised $25 million in a venture capital financingled by Clarus Ventures and co-led by Pappas Ventures. TyRx products utilizenovel biomaterials, including technology licensed exclusively from Rutgers,The State University of New Jersey. Additionally, TyRx has exclusivelylicensed from Baylor College of Medicine and The University of Texas M. D.Anderson Cancer Center product patents and associated technologies toaddress the problem of postsurgical nosocomial infection. TyRx is deployingits capabilities across a broad range of combination implantablemedical-pharmaceutical devices. The combination products sector (productsincorporating both a drug and a device component) is expected to be thehighest growth segment of the medical products industry and TyRx ispositioned to be an innovative applications leader in the space.
For more information, please visit www.tyrx.com.
CONTACTBill EdelmanPresident and Chief Executive OfficerTyRx Inc.732.246.8676Email Contact
For more information, go to www.marketwire.com
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