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Biolex announces three new board members

Posted Tuesday, August 31, 2004

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Company leadership strengthened, as Biolex enhances LEX System™ and progresses product toward clinical trials

Biolex, Inc., a privately held protein therapeutics company, announced today the appointment of three new Board Members and the promotion of key members of the management team. As a result, the Biolex Board of Directors will increase to six members and further enhance the company's protein therapeutics expertise.

Board Expansion

Biolex' new Board additions include W. Thomas Amick, a 30-year veteran from Johnson & Johnson and David L. Castaldi, a seasoned biotech executive who oversaw Baxter's entry into recombinant proteins. In addition, following the August 2003 completion of Biolex' most recent venture financing, P. Sherrill Neff, a Managing Partner of Quaker BioVentures, Inc. of Philadelphia, PA, was added to the Board.

"Over the past year, we have significantly enhanced and strengthened our company leadership and protein therapeutic expertise with the addition of seasoned experts such as Sherrill, Tom and David," said Jan Turek, President and CEO of Biolex. "The value they will add both from an industry and scientific perspective will be critical as Biolex evolves into a leading protein therapeutics company. With a top-notch Board like this in place, I am confident we will both meet and exceed our goals for the coming months and years."

Mr. Neff is a founding partner of Quaker BioVentures and was previously President, Chief Operating Officer, and Director of Neose Technologies, Inc., a publicly traded life sciences company. While at Neose, Mr. Neff provided strategic, financial and business leadership for the company as it grew from a small private company with a $30 million venture capital valuation to a leading publicly traded company. Prior to joining Neose, Mr. Neff was Senior Vice President, Corporate Development at U.S. Healthcare, Inc., a Managing Director in the investment banking division of Alex. Brown & Sons, and an attorney at Morgan, Lewis & Bockius. Mr. Neff is a graduate of Wesleyan University and the University of Michigan Law School.

Mr. Amick retired from Johnson & Johnson (J & J) following a distinguished career. Most recently he had served as Vice President, Business Development, Johnson & Johnson Development Corporation (JJDC), in which capacity he represented JJDC as an observer to the Biolex Board. Mr. Amick has extensive experience in pharmaceuticals and specifically therapeutic proteins. Mr. Amick received a B.S. in Business Administration from Elon University. He also has taken graduate course work at the University of Virginia, the Kellogg School at Northwestern, and the Harvard Business School.

Mr. Castaldi's past experience includes Chairman and CEO positions at both Cadent Medical Corporation and Biolink Corporation. He also previously was Founder, President and CEO of BioSurface Technology where he led the team that raised $52 million, took the company public, and later sold it to Genzyme Corporation. Mr. Castaldi began his career at Baxter Healthcare Corporation where he served in a variety of senior management assignments including President of the Baxter Hyland Therapeutics Division, a major therapeutic protein company. He earned his bachelor's degree from University of Notre Dame and his master's degree in business administration from the Harvard Business School, where he was a Baker Scholar.

Management Promotions

In addition, two key members of the Biolex management team have been promoted. David Spencer, Ph.D., was promoted to Senior Vice President and Chief Operating Officer. Dr. Spencer joined Biolex in October 2001 and has over 20 years of broad-based industry experience, including R & D, business development and international marketing. John Irick was promoted to the position of Senior Vice President and Chief Business Officer. Mr. Irick joined Biolex in December 2001 and is a senior bioscience executive and entrepreneur with more than 25 years of industry experience, including senior U.S. and international management positions at Baxter Healthcare Corporation.

"I truly feel that one of the greatest strengths at Biolex is the dynamic and skilled management team we have built," added Mr. Turek. "David and John have been especially instrumental to our significant accomplishments and rapid business growth over the past several years. Their promotions and expanded positions at Biolex both acknowledge their many contributions to the company, and will allow them to play an even greater role in our future."

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About Biolex: Biolex, Inc. is a private, venture capital-backed biopharmaceutical company. Biolex is developing recombinant human therapeutic proteins that, until now, have been impossible or very expensive to develop in existing expression systems. Biolex' proprietary LEX System™ has demonstrated speed, regulatory and economic benefits with hard-to-make proteins and monoclonal antibodies. Biolex has a pipeline of proprietary products in development, and is partnering with pharmaceutical and biotechnology companies seeking the protein development and production benefits the LEX System™ offers. Biolex' corporate partners include Bayer Corporation, Centocor, Inc., Debiopharm S.A., and a major pharmaceutical company. The Company's headquarters, research laboratories and clinical manufacturing facilities are based in Pittsboro, North Carolina.

 
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