CAMBRIDGE, Mass., Jun 12, 2009 (GlobeNewswire via COMTEX News Network) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, announced the appointment of Bruce L. Downey to its Board of Directors, effective June 11, 2009. Mr. Downey is the former Chairman and Chief Executive Officer of Barr Pharmaceuticals, Inc. and a former Chairman of the Generic Pharmaceutical Association (GPhA). He succeeds Momenta co-founder Robert S. Langer, who is leaving the board after eight years of service. Dr. Langer will continue to serve as a scientific consultant to the company following his departure from the board.
"We are very pleased to have Bruce join our Board of Directors," stated Craig Wheeler, President and Chief Executive Officer of Momenta. "From his distinguished tenure at Barr, Bruce brings extensive industry experience, a deep understanding of the development and commercialization of both generic and branded drugs, and a wealth of global operational experience. We look forward to his advice and guidance as we execute on our growth strategy, including the development and commercialization of our pipeline, and creation of future partnerships and alliances."
"I believe Momenta offers the potential to build a leading position in the development and commercialization of complex mixture and follow-on biologic drugs, as well as further leverage its scientific platform and capabilities to discover and develop novel drugs," said Mr. Downey. "I'm excited to be part of the next wave of drug development as a member of Momenta's board," he concluded.
"As Bob Langer leaves our board I would like to acknowledge his special role as both a co-founder of Momenta and an active board member," Mr. Wheeler added. "There are very few individuals with Bob's scientific pedigree, entrepreneurial experience and track record in biotechnology and we thank him for his considerable contributions over the years. We look forward to continuing to work with him in his new role."
About Bruce Downey
Mr. Downey has served as a Partner at NewSpring Capital, a venture capital firm, since April 2009. Previously, Mr. Downey was Chairman and CEO of Barr Pharmaceuticals, Inc., a global specialty pharmaceutical company that operated in more than 30 countries worldwide and was acquired by Teva Pharmaceuticals in 2008. Mr. Downey joined Barr Pharmaceuticals, Inc. in 1993 and was appointed Chairman of the Board and Chief Executive Officer in 1994. Prior to joining Barr, Mr. Downey was a capital partner in Winston & Strawn, and a predecessor firm, Bishop, Cook, Purcell and Reynolds. In 1979, he founded Baller & Downey, which later merged with Bishop, Cook, Purcell and Reynolds. Mr. Downey graduated with honors from Miami University in 1969 and received his law degree cum laude from Ohio State. In 2006 and 2007, Mr. Downey served as the Chairman of the Board for the Generic Pharmaceutical Association (GPhA), the trade association for the generic pharmaceutical industry. Mr. Downey is currently the Chair of the Board of Ambassadors for Johns Hopkins' Project RESTORE that funds research and clinical trials to support the creation of progressive treatments for transverse myelitis and multiple sclerosis.
Momenta Pharmaceuticals is a biotechnology company, headquartered in Cambridge, MA, specializing in the detailed structural analysis of complex mixture drugs. Momenta is applying its technology to the development of generic versions of complex drug products, as well as to the discovery and development of novel drugs.
To receive additional information about Momenta, please visit the website at www.momentapharma.com, which does not form a part of this press release.
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SOURCE: Momenta Pharmaceuticals
Momenta Pharmaceuticals, Inc. Beverly Holley 617-395-5189 firstname.lastname@example.org
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