Sep. 1, 2009 (Business Wire) -- Metabasis Therapeutics, Inc. (Nasdaq:MBRX) announced today that Mark Erion, PhD, the Company’s president, chief executive officer and chief scientific officer as well as a member of its board of directors, has resigned as an officer and director of the Company effective October 31, 2009. Dr. Erion will consult for the Company after that date on matters related to the licensing or sale of its pipeline of product candidates and advanced discovery programs or other strategic alternatives. Dr. Erion is leaving Metabasis to join Merck & Co., Inc. as their vice president and worldwide basic franchise head of Diabetes and Obesity. Mr. David Hale, Metabasis’ current chairman of the board, has been appointed as executive chairman.
Mr. Hale stated, “On behalf of the board of directors, I would like to thank Mark for his contributions over the past ten years to Metabasis, including the discovery of several potential new therapeutic products. Dr. Erion has a strong passion for drug discovery, which Metabasis is no longer able to support. We wish him great success in his new role at Merck.”
About Metabasis (www.mbasis.com):
Metabasis is a biopharmaceutical company that has discovered novel drugs for metabolic diseases using its proprietary technology and its knowledge of processes and pathways within the liver that are useful for liver-selective drug targeting and treatment of metabolic diseases. The Company has established a broad pipeline of product candidates and advanced discovery programs targeting large markets with significant unmet needs. The Company’s product pipeline includes clinical-stage product candidates and advanced discovery programs for the treatment of metabolic diseases such as diabetes and hyperlipidemia, as well as product candidates and advanced discovery programs for the treatment of liver diseases such as hepatitis and primary liver cancer. All of the Company’s product candidates were developed internally.
Forward-Looking Statements:
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, references to the objectives of Metabasis’ new strategic plan; the timing and results of Metabasis’ anticipated clinical trials; Metabasis’ ability to raise additional funds through establishing additional strategic partnerships or the potential sale of equity and other funding sources; anticipated milestone payments pursuant to existing strategic partnerships; Metabasis’ product pipeline, capabilities and long term goals; the status of on-going and future partnering activities, and the Company’s ability to reach milestones and recommend compounds for clinical development notwithstanding its prior reduction in force.
