FOR RELEASE Monday, July 12, 2004 AT 12:00 NOON EST
Targeted Diagnostics & Therapeutics, Inc. Names
Growing Biotechnology Company Prepares for Capital Expansion
West Chester, PA - July 12, 2004 - Targeted Diagnostics & Therapeutics, Inc. ("TDT"), today announced the appointment of Daniel J. O'Shannessy, Ph.D. to the position of Chief Operating Officer ("COO"). Reporting directly to Harry A. Arena, Chief Executive Officer ("CEO") and Chairman of TDT, Dr. O'Shannessy will spearhead the next phase of clinical and business expansion for TDT's cutting edge molecular technology for colorectal cancer diagnostics, imaging and therapeutics. Dr. O'Shannessy will also be responsible for overseeing the strategic growth and evolution of TDT's new products and technologies.
"Dan's combination of scientific, business development and strategic planning experience with life science companies will be of enormous value to TDT, especially as we work our way to an IPO," said Harry Arena, CEO. "TDT is moving rapidly toward commercialization of several breakthrough molecular technologies for the detection and treatment of colorectal and other gastrointestinal cancers. Dan will play a major role in helping us exploit near-term opportunities and accelerate the future expansion of TDT into an industry leader in the world of molecular diagnostic and therapeutic technologies."
Dr. O'Shannessy comes to TDT from Gen-Probe, Inc. of San Diego, California, where he served as Senior Director of Strategic Planning, Oncology Diagnostics. In that capacity, he was responsible for all aspects of the strategic implementation of prostate cancer diagnostic technologies licensed from DiagnoCure, Inc., of Toronto, Canada. He was also responsible for leading Gen-Probe's efforts to expand its presence in oncology diagnostics.
Previously, Dr. O'Shannessy was Chief Scientific Officer ("CSO") at Fujirebio Diagnostics, of Malvern, Pennsylvania. As CSO, he was responsible for directing the strategic growth of the Company with respect to new diagnostic products and technologies. He had direct responsibility for forming and overseeing the departments of R&D (including immunoassay-based and NAT-based oncology diagnostic programs), Clinical Affairs, Regulatory Affairs and Business Development. He was successful in in-licensing several novel oncology diagnostic markers, namely Survivin, an inhibitor of apoptosis and of potential value in numerous cancers; Mesothelin, which has diagnostic value in ovarian cancer and mesothelioma; and HE4, which has diagnostic potential in ovarian cancer. Additionally, Dr. O'Shannessy was responsible for the FDA clearance of CA 19-9 in 2002, for monitoring of pancreatic cancer patients. He has significant experience with the FDA, filing a number of Pre-IDE's and 510(k)'s, clinical trial development including sites worldwide, as well as directing reimbursement strategies for new diagnostics, and worldwide marketing strategies.
Preceding that assignment, Dr. O'Shannessy was the Director of Business Development for Alchemia, an Australian biotech company, where he was responsible for forming industry alliances leading to their going public in 2003.
In addition, Dr. O'Shannessy spent 9 years at SmithKline Beecham Pharmaceuticals (now GlaxoSmithKline) in Philadelphia. During his time at SmithKline he held several positions in both Drug Discovery/Development and later in Business Development, specifically in the area of Genomics working with Dr. George Poste.
Dr. O'Shannessy received his B.Sc., Biochemistry and B.Sc., Honours Biochemistry degrees from the University of Queensland, Australia, and his Ph.D., Biochemistry from the University of Auckland, New Zealand in 1983. Dr. O'Shannessy was a Visiting Fellow at the National Institute for Neurological, Communicative Disorders and Stroke (NINCDS) of the NIH, under the guidance of Dr. Roscoe Brady. Subsequent to the NIH, Dr. O'Shannessy was a Docent in Biochemistry at the University of Lund, Sweden.
Targeted Diagnostics & Therapeutics, Inc.
TDT is a biotechnology company developing molecular-based technologies for the targeted detection, diagnosis and treatment of gastrointestinal cancers and infectious diseases. In August of 2003, TDT launched the first of several in vitro diagnostic products for the detection of metastatic colorectal cancer. The GCC-B1™ Blood Test is used for monitoring patients for signs of recurrent colorectal cancer. Later this year, the Company plans to launch the GCC-N1™ Node Test, a lymph node test for staging colorectal cancer. Both tests can detect 1 colorectal cancer cell in 10,000,000 normal cells, and represent a dramatic improvement in sensitivity and specificity over other test methodologies currently in use. TDT has a rich pipeline of technologies with a number of additional product applications for the detection and treatment of several cancers, as well as therapies which could lead to a cure for colon cancer. TDT's headquarters and clinical laboratory for patient testing services are located in West Chester, Pennsylvania.