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Dr. Peter B. Corr Joins Team at Celtic Therapeutics as General Partner
Date:12/18/2007

Successor Firm to Celtic Pharma Launched

NEW YORK and U.S. VIRGIN ISLANDS, December 18 /PRNewswire/ -- Celtic Therapeutics Management L.L.L.P. ("Celtic Therapeutics") announced today that Dr. Peter B. Corr is joining Stephen Evans-Freke as a General Partner in Celtic Therapeutics, a global private equity firm formed to build on the successful investment model established by Celtic Pharma. Celtic Therapeutics is expected to operate on a significantly larger scale than Celtic Pharma and plans to build the industry's most highly valued late-stage development pipeline. The goal is to create a diversified portfolio of mid-to-late stage drug development programs acquired from biotechnology and emerging pharmaceutical companies as well as academic institutions. Celtic Therapeutics' in-house team of senior drug development executives will maximize the value of these programs to the point at which they attract competitive interest from established pharmaceutical companies.

"I am delighted to have Peter Corr join me in this exciting and important endeavor," said Stephen Evans-Freke, co-founder of Celtic Pharma and now co-founder of Celtic Therapeutics with Dr. Corr. "Over the last three years we have demonstrated that the Celtic Pharma investment and virtual drug development model can fill a major funding gap in the global biotechnology industry. There is no-one better qualified than Peter to join me in building on the Celtic Pharma model to establish one of the largest portfolios of late-stage drug development programs in the industry. Peter is one of the most respected R & D executives in the global pharma industry today, and our entire team looks forward to working with him."

"Pharmaceutical companies are facing unprecedented challenges to their discovery and development pipelines and ultimately to their bottom lines", said Dr. Corr. "The heavy fixed cost base and lack of flexibility of their R&D organizations make quick and focuse
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SOURCE Celtic Therapeutics
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