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Seasoned industry veteran brings 25 years of operational and scientific expertise
WILMINGTON, Mass.--(BUSINESS WIRE)--Oct. 24, 2007--Charles River Laboratories International, Inc. (NYSE: CRL) today announced the appointment of biopharmaceutical entrepreneur Nancy T. Chang, Ph.D. to its Board of Directors. Dr. Chang's extensive experience in operations coupled with more than 25 years of expertise in drug development will provide enhanced strategic vision to the Charles River Laboratories Board of Directors.
"As we continue to broaden our global footprint, Dr. Chang's guidance will be invaluable. Her international view of the drug development process will assist us in anticipating the evolving needs of our multinational customers," said James C. Foster, Chairman, President and Chief Executive Officer of Charles River Laboratories.
In her current role as Managing Director at OrbiMed Advisors, Dr. Chang is charged with seeking private investment opportunities that capitalize on the rapid growth of Asia's life sciences markets. Previously, Dr. Chang was the Co-Founder, Chief Executive Officer and Chairman of the Board at Tanox, Inc., which was created to address significant unmet medical needs in the areas of asthma, allergy, inflammation and diseases affecting the human immune system. Dr. Chang drew upon her quarter of a century experience with drug development to grow Tanox from an idea to a publicly traded company with revenue close to $70 million a year. In 2000, she took
Tanox public raising $244 million, which was the second largest initial public offering ever for a biopharmaceutical company at that time. Under her leadership, Tanox played an instrumental role in the development and market approval of Xolair, a drug for treating patients with moderate to severe asthma. Xolair was approved by the FDA in 2003, and its worldwide sales reached nearly $500 million in 2006. Tanox was acquired by Genentech in August 2007.
As an active member in the biopharmaceutical industry, Dr. Chang has published more than 35 papers on topics ranging from monoclonal antibodies to HIV and holds seven patents. She currently serves on the Boards of Directors of the Federal Reserve Bank in Houston, BioHouston, Center of Houston's Future and the Greater Houston Partnership.
"There couldn't be a better time to join the Charles River Laboratories Board of Directors. As pharmaceutical and biotechnology organizations are challenged to quickly and cost effectively introduce new drugs to the marketplace, the industry is experiencing an inflection point unparalleled in history," said Dr. Nancy T. Chang. "As a result, many of these organizations are streamlining operations and creating cost efficient best practices by outsourcing their drug development process to such companies as Charles River Laboratories. As the industry leader, Charles River Laboratories is distinctly positioned to reap the benefits of the increased demand for outsourced services."
About Charles River Laboratories
Charles River Laboratories based in Wilmington, Massachusetts, partners with global pharmaceutical and biotechnology companies, government agencies and leading academic institutions to advance the drug discovery and development process, bringing drugs to market faster and more efficiently. Charles River's 8,000 employees serve clients worldwide. For more information on Charles River, visit our website at www.criver.com.
Caution Concerning Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "will," "may," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements include the statements in this press release regarding future demand for drug discovery and developments products and services, including the outsourcing of these services; the specific contributions of members of Charles River's Board of Directors; and expectations regarding market and industry conditions. Forward-looking statements are based on Charles River's current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K as filed on February 27, 2007, as well as other filings we make with the Securities and Exchange Commission. Charles River assumes no obligation and expressly disclaims any duty to update information contained in this release except as required by law.
CONTACT: Charles River Laboratories
Amy Cianciaruso, 781-222-6168
SOURCE: Charles River Laboratories International, Inc.