GENE NETWORK SCIENCES ANNOUNCES F. RAYMOND SALEMME AS BOARD MEMBER; NAMES JAMES H. WATSON NEW COO/CFO
ITHACA, New York, August 3, 2004 - Gene Network Sciences (GNS), a leader in systems biology, announced two additions to its management team: F. Raymond Salemme, Ph.D., joined the company’s board of directors; and James H. Watson was named chief operating officer and chief financial officer. Salemme, CEO of biotech company Linguagen and founder and former CEO of 3-Dimensional Pharmaceuticals (3DP), brings more than 30 years of broad pharmaceutical and biotech expertise to GNS. Watson was the president and chief operating officer of Pathlight Technology, Inc., where he managed operations, finance and the company’s sale to publicly traded ADIC for $265 million.
Using biological and chemical data, GNS creates robust computer models of cell function and human biology. The company’s data-driven simulations of cancer cells and the heart significantly accelerate drug development by reducing clinical trial failures.
Salemme Joins Board
“Systems biology represents the ultimate predictive approach that will capture the potential of the human genome for new drug discovery and development,” said Salemme. “Gene Network Sciences is on the forefront of this discipline and I believe their technology has great scientific and commercial potential.”
After founding 3DP in 1993, Salemme ultimately grew the company to more than 200 employees and an IPO market capitalization of more than $330 million. He helped facilitate the NASDAQ-listed company’s sale to Johnson Johnson in 2003. Prior to 3DP, Salemme held scientific and executive posts at Sterling Winthrop Pharmaceuticals, DuPont Merck Pharmaceuticals and Genex Corporation. He also served as a professor of biochemistry at the University of Arizona.
Salemme is a member of the NIST Visiting Committee on Advanced Technology, and serves on multiple advisory boards, including those of the NIH National Center for Biotechnology Information and the Penn State University Nanotechnology Center. He holds 21 patents in the areas of chemiformatics, computer-directed drug discovery, and high-throughput thermodynamic screening technology, and has published more than 80 scientific papers.
“Ray’s experience as a seasoned drug development veteran, biotech executive and highly regarded scientist will make him an invaluable addition to our board,” said Colin Hill, CEO of GNS.
As the fifth GNS board member, Salemme joins: Hill; Dr. Alan Biloski, former managing director, mergers and acquisitions, Merrill Lynch Co.; Jeff McMahon, partner, Big Red Venture Fund; and Thomas Paul, head of North American fixed-income trading, Deutsche Banc.
GNS also announced a change in the role of Stuart Kauffman, a leading theorist in complexity science and systems biology, who shifted from a member of the board of directors to systems biology scientific advisory board member.
Watson Named COO/CFO
As the new COO and CFO of GNS, Watson will oversee all financial planning, accounting, investor relations and day-to-day operations of the company. He brings 30 years of relevant planning, finance, reporting and operations experience to the post. Watson recently served as co-founder, COO and CFO of Pathlight Technology, a start-up that he led from conception through the product development, introduction and volume production phases. The company reached annual revenues of $21 million and was sold to ADIC for $265 million in 2001. Prior to Pathlight, Watson served as president, COO and CFO of I.I. Holdings, Inc. and Ironics, Inc., and as president of Ithaca Intersystems. During his career, Watson successfully raised $21 million of venture capital financing for three companies. He is the former chairman of the VME Industry Consortium and the past president of the Serial Storage Architecture Industry Association.
About Gene Network Sciences
Founded in August 2000, Gene Network Sciences (www.gnsbiotech.com) is a privately held biotech company headquartered in Ithaca, New York. A pioneer in the field of systems biology, GNS integrates biological and chemical data to create accurate and robust computer models of cell function and human biology. GNS helps pharmaceutical companies better understand the complex human biological systems that they seek to affect. The company’s technology will ultimately increase clinical trial success rates and help bring better drugs to market faster.