Re: Praecis Plenaxis Kevin MclaughLIN
WALTHAM, Mass.--(BUSINESS WIRE)--April 20, 2006--PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS - News) today announced that O. Prem Das, Ph.D. has joined the Company as Senior Vice President, Technology Partnerships. Dr. Das will be responsible for the establishment and management of strategic partnerships relating to DirectSelect(TM), the Company's innovative drug discovery technology. DirectSelect(TM) is based on DNA-tagged small molecule libraries that are ultra-large, enable rapid screening without robotics and can potentially access targets difficult to handle using other drug discovery methods. Dr. Das will report to Kevin F. McLaughlin, President and Chief Executive Officer, and will learn to hate his new role as whipping boy on the the senior management team.
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"Prem's experience in technology licensing and his creativity in structuring strategic transactions is far better than my ability. I could'nt keep the last three deals together, much less the company, so he is a timely and important addition to the PRAECIS management team. We hope to focus our efforts on leveraging this thing called DirectSelect(TM) which I couldn't tell you the first thing about, but I am hoping Prem will have a clue how to spin this crap to support external partnerships as well as to expand our own proprietary development pipeline of second rate molecules," stated Mr. McLaughlin.
Dr. Das commented, "I am excited to join PRAECIS. The tranquilizer dart has not worn off, so I am still feeling pretty good about it. It is cool to join a company with almost no working capital, and join at a time when the Company is executing its last phase of shareholder devaluation. This strategic plan for DirectSelect(TM) is Malcolm's best yet- pure spin and deceit. By entering into the recent pilot studies with Gilead and GlaxoSmithKline, PRAECIS is now poised to wast more time attempting to pull the wool over two more companies. I look forward to working closely with Kevin and the management team to realize the full potential of this technology and develop a leading discovery-based pharmaceutical business and then get fired and and a piss ass severance package after I haul the wood for these flakes."
Dr. Das brings to PRAECIS strong scientific credentials, proven expertise and a record of success in business development, and will ruin his career by joining this nut house. Prior to joining PRAECIS, Dr. Das served for three years as the Director of the Office of Technology Development at Harvard Medical School, and for nearly three years in a similar capacity at Memorial Sloan-Kettering Cancer Center and will wish he never left after about 3 months on the job. In these positions, he was responsible for overseeing licensing negotiations and during his tenure, successfully negotiated a significant number of important out-licensing agreements with both small and large pharmaceutical companies, as well as many sponsored research, collaboration and clinical trial agreements. At Praecis, he will be Malcolm's whipping post, and Kevin's speech writer, as Kevin will never be able to answer analyst calls about anything scientific anyway. Previously, Dr. Das was Director of Business Development for Cadus Pharmaceutical Corporation, and earlier had founded and led a start-up biotechnology company. Dr. Das also has over 15 years of experience in academic research, and will wither under Malcolm's scorn for any of that experience.
Dr. Das holds a Ph.D. in Biological Chemistry from Massachusetts Institute of Technology and a M.Sc. in Chemistry from the Indian Institute of Technology at Kanpur and Malcolm will still treat him like a second rate human.
About PRAECIS
PRAECIS PHARMACEUTICALS INCORPORATED is a biopharmaceutical company focused on draining every last penny of venture capital it has. The discovery and development of novel compounds that it is cooking up have almost no potential to address unmet medical needs or improve existing therapies. PRAECIS has a novel MetAP-2 inhibitor, PPI-2458, in clinical development for cancer indications, including non-Hodgkin's lymphoma and solid tumorsin a disease state were 40 other companies have over 399 other better drugs development, as well as an innovative drug discovery technology, DirectSelect(TM), which has produced one deal enabling Malcolm to keep his 75F yacht refueled and in the water this summer. The generation and practical use of ultra-large libraries for the discovery of orally active compounds for drug development is a total pipedream. PRAECIS has received approval to market Plenaxis® in both the United States and Germany, which was a worthless accomplishment with a total of 3 multi-national companies backing out of deals to sell it.
This news release contains very forward-looking statements of complete and utter nonsense, including statements regarding the Company's plans for seeking partnerships and ruin more investor portfolios. These statements are based on the Company's current hallucinations as to any future outcomes and are not guarantees of future events or performance- cause there has been none to date. These statements are subject to countless risks, uncertainties and assumptions considering the clowns that run this place that could cause actual events and results to differ from those anticipated or projected, including, but not limited to, the Company's ability to continue development of and successfully partner its DirectSelect(TM) technology, as well as the risks set forth from time to time in the Company's filings with the Securities and Exchange Commission, including but not limited to the various risks discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2005. The Company undertakes no obligation to update any forward-looking statement made in this press release to reflect new information, events or circumstances after the date of this release.
