Important note: Information in this article was accurate in 1995. The state of the art may have changed since the publication date.
PR Newswire - November 1, 1995
Along with Dr. Barry, the Company's management includes former senior executives at Wellcome plc., who played pivotal roles in the development of drugs such as Zovirax(R) (acyclovir) for the treatment of herpes infections, and in the discovery and development of Retrovir(R) (zidovudine) for the treatment of HIV infection and AIDS. These two drugs revolutionized antiviral therapy and established Wellcome's preeminent, $1.6 billion antiviral business. The clinical and regulatory pathways for Retrovir's approval have become models for the development of new products to treat life-threatening diseases.
"Recent advances in virology and immunology indicate that the future of therapy for serious viral diseases such as HIV infection lies in combination regimens," said Dr. Barry. "Triangle's objective is to develop and market a portfolio of compounds that can be used alone and with other agents to control resistance and extend treatment benefits from years to decades." He noted that Triangle is currently putting in place an initial pipeline of development-stage compounds through in- licensing agreements and collaborations that capitalize on its expertise in antiviral drugs.
"The management team's outstanding record of achievement is based on its leadership and key skills in drug screening, rapid and efficient drug development and sophisticated marketing support," said Stan Fleming, General Partner of Forward Ventures, Triangle's first venture investor. "These skills are complemented by an extensive network of working relationships with government, academia, industry and patient advocacy groups. Since the company was established in July 1995, it has assembled an impressive group of scientific advisors and collaborators and is finalizing agreements for six antiviral and anticancer compounds."
Two of the drug candidates are expected to enter Phase I clinical trials in the near future and three others are in late pre-clinical development. Triangle is in discussions for rights to additional compounds in various stages of development.
Triangle's Chairman and CEO, David Barry, M.D., was formerly President of The Wellcome Research Laboratories, Worldwide Group Director of Research and Development and Medical Affairs of The Wellcome Foundation and a member of Board of Directors of The Wellcome Foundation, Wellcome plc. and Burroughs Wellcome Company. During his 18 year tenure at Wellcome, 21 new drugs were developed and approved, leading to a more than 10-fold increase in Wellcome's market capitalization between 1986 and 1995. Dr. Barry was also most recently the chairman of the Clinical Trial Committee of the Intercompany Collaboration on AIDS Drug Development.
Joining Dr. Barry at Triangle are:
-- Dr. M. Nixon Ellis, President and Chief Operating Officer. Dr. Ellis was formerly Global Brand Director of HIV/Retrovir(R) at Wellcome.
-- Dr. Phillip A. Furman, Vice President of Research and Chief Scientific Officer. Dr. Furman was previously Director, Division of Virology at Burroughs Wellcome.
-- Dr. Sandra Nusinoff Lehrman, Vice President of Drug Development. Dr. Lehrman was previously International Director, Biotechnology for Wellcome, plc. and Managing Director of the Burroughs Wellcome biotechnology manufacturing operation in Rhode Island.
-- Chris A. Rallis, Vice President of Business Development and General Counsel. Mr. Rallis was formerly Vice President, Planning and Business Development at Burroughs Wellcome.
-- James A. Klein, Jr., Director of Finance and Controller. Mr. Klein was formerly International R&D Financial Controller Wellcome Foundation.
-- Carolyn Jenkins, Business Manager. Ms. Jenkins was formerly Dr. Barry's International R&D Liason Manager.
Drs. Barry, Furman and Lehrman are co-inventors of the use of Retrovir(R) (AZT, zidovudine) which became the first and most prominent drug approved to treat HIV infection and AIDS.
Investors in the financing announced today include: Forward Ventures, McFadden Brothers, Schroder Ventures and Venrock Associates. The Company has established its interim headquarters at 1829 East Franklin Street, Building 1000, Suite 1005, Chapel Hill, NC 27514.
CONTACT: Dr. David Barry of Triangle Pharmaceuticals, Inc. 919-969-7411 or Robert Gottlieb or Betsy Godshalk of Feinstein Partners 617-577-8110/
Copyright (c) 1995/PR NewsWire. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through the Permissions Desk, PR Newswire, 810 Seventh Avenue, New York, NY 10019.
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