Immtech to Reorganize Research and Development ...( NEW YORK April 21 /- Immtech Pharmace...),Health
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Immtech to Reorganize Research and Development Operations
Date:4/21/2009
NEW YORK, April 21 /PRNewswire-FirstCall/ -- Immtech Pharmaceuticals, Inc. (NYSE Amex: IMM) announced today that the Company is reorganizing its R&D operations. This restructuring will direct resources to business opportunities based on the Company's ongoing discovery program and library of proprietary compounds. With this change, the Company also announced that the position of Senior Vice President for Pharmaceutical Development & Chief Medical Officer is being eliminated. This position was held by Carol Ann Olson, M.D., Ph.D. She will continue to work with Immtech in a consulting role for pharmaceutical development.
"We thank Dr. Olson for her dedication and efforts and wish her well in her future endeavors. Immtech is in discussions with potential joint venture partners regarding co-development of Immtech's proprietary compounds. The Company's organizational structure will continue to evolve so that we can be best positioned to succeed in this dynamic environment." said Eric L. Sorkin, Immtech's Chairman and Chief Executive Officer.
In March 2009, Immtech announced an investment in Gold Avenue Ltd., a privately-held Hong Kong company with interests in tin production in China. The Company recently signed a memorandum of understanding to explore development of strategic business alliances with Beijing Pharmaceutical Group, and it has also obtained various letters of interest from pharmaceutical companies pertaining to the Company's HCV program.
About Immtech Pharmaceuticals, Inc.
Immtech Pharmaceuticals, Inc. and subsidiaries (a development stage enterprise) is focused on global development in the healthcare sector and opportunities in China. Immtech aims to apply its established expertise and assets in both new drug development and enhanced healthcare-related
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| SOURCE Immtech Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved |
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