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Advanced Magnetics, Inc. (Nasdaq: AMAG) today announced the appointment of David A. Arkowitz to
the position of Chief Financial Officer and Chief Business Officer. Mr. Arkowitz brings over 16 years of pharmaceutical financial leadership to the company, having most recently served as Chief Financial Officer and Treasurer of Idenix Pharmaceuticals, Inc., and prior to that he held a
variety of financial leadership positions at Merck & Co., Inc. In his new role at Advanced Magnetics, Mr. Arkowitz will assume responsibility for the company's finance, treasury, business development and investor relations functions.
"Over the past year, we have made significant progress in building out
a talented management team to drive the continued evolution of Advanced
Magnetics as we advance ferumoxytol toward filing a New Drug Application
and transition to a commercial biopharmaceutical company," said Brian J.G.
Pereira, M.D., President and Chief Executive Officer of Advanced Magnetics.
"The addition of David Arkowitz is an important step in support of our
goals. We believe that David's breadth of experience, operations skills and
financial leadership will contribute broadly to the continued development
of our business strategy, which includes exploring growth opportunities for
our product candidates, ferumoxytol and Combidex(R). We are very pleased to
welcome David to the management team at Advanced Magnetics."
Prior to joining Advanced Magnetics, Mr. Arkowitz was Chief Financial
Officer and Treasurer of Idenix Pharmaceuticals, Inc. for over three years
and was responsible for the finance, treasury, investor relations and
information technology functions. Mr. Arkowitz helped lead the company's
successful initial public offering and played an integral role in the
establishment of essential infrastructure and key governance and business
processes to support the company's growth and commercialization of its
first product. Prior to joining Idenix, Mr. Arkowitz was with Merck & Co.,
Inc. for more than 13 years, where he held positions of increasing
responsibility, including Vice President & Controller for Merck's U.S.
Human Health Division, Controller for the Merck Research Laboratories and
Vice President, Finance and Business Development for Merck's Canadian
subsidiary. Mr. Arkowitz also serves as a member of the board of directors
of ImpactRx. Mr. Arkowitz holds a master's degree in business
administration from Columbia University and a bachelor's degree in
mathematics from Brandeis University.
About Advanced Magnetics
Advanced Magnetics, Inc. is a developer of superparamagnetic iron oxide
nanoparticles used in pharmaceutical products. As a leader in our field, we
are dedicated to the development and commercialization of our proprietary
nanoparticle technology for use in therapeutic iron compounds to treat
anemia, as well as novel imaging agents to aid in the diagnosis of
cardiovascular disease and cancer.
Ferumoxytol, the company's key product candidate, is being developed
for use as an intravenous iron replacement therapeutic for the treatment of
iron deficiency anemia in chronic kidney disease. The company plans to file
a New Drug Application for marketing approval of ferumoxytol with the U.S.
Food and Drug Administration during the fourth calendar quarter of 2007.
Combidex(R), the company's second product under development, is an
investigational functional molecular imaging agent consisting of iron oxide
nanoparticles for use in conjunction with magnetic resonance imaging, or
MRI, to aid in the differentiation of cancerous from normal lymph nodes. In
March 2005, the company received an approvable letter from the FDA with
respect to Combidex, subject to certain conditions.
For more information about us, please visit our website at
http://www.advancedmagnetics.com , the content of which is not part of this
This document contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and federal securities
laws. Any statements contained in this press release that do not describe
historical facts, including but not limited to, statements regarding the
continued evolution of the company, the filing of a New Drug Application
for ferumoxytol, the company's transition to a commercial biopharmaceutical
company, and Mr. Arkowitz' potential contributions to the development of
the company's business strategy, including growth opportunities for our
product candidates, are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
those discussed in such forward-looking statements. Such risks and
uncertainties include the following: (1) the possibility that we may not be
able to successfully complete the development of ferumoxytol, or may not be
able to complete the development in a timely or cost-effective manner, due
to deficiencies in the design or oversight by us of these trials, the
failure of our trials to demonstrate that ferumoxytol is safe and
efficacious, unexpected results from our clinical sites, inadequate
performance by third-party service providers involved in the conduct of the
clinical trials, or any other factor causing an increase in expenses, a
delay and/or a negative effect on the results of the clinical studies for
ferumoxytol; (2) uncertainties surrounding the our ability to obtain
regulatory approval for ferumoxytol from the FDA; (3) the possibility that
the results of past ferumoxytol studies may not be replicated in future
studies; (4) the fact that we have limited sales and marketing expertise;
(5) uncertainties relating to our patents and proprietary rights; and (6)
other risks identified in our Securities and Exchange Commission filings.
We caution readers not to place undue reliance on any forward-looking
statements which speak only as of the date they are made. We disclaim any
obligation to publicly update or revise any such statements to reflect any
change in expectations or in events, conditions or circumstances on which
any such statements may be based, or that may affect the likelihood that
actual results will differ from those set forth in the forward-looking
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