AnorMED Shareholders Vote Overwhelmingly For New Shareholder-Nominated Board
21 April 2006 - 11:17PM
PR Newswire (US)
New Board Immediately Starts Working For Positive Change in
Strategic Direction and Governance VANCOUVER, April 21
/PRNewswire-FirstCall/ -- Shareholders of AnorMED Inc. (TSX:AOM,
AMEX:AOM) today voted overwhelmingly to elect a new, independent
and experienced Board of Directors to work for the benefit of all
shareholders. At a Special Meeting of Shareholders, approximately
74% of the shares voted in support of the eight directors nominated
by Baker Bros. Advisors, LLC, on behalf of the funds it manages
that are collectively AnorMED's largest shareholder. The directors
nominated by management and the previous Board received
approximately 26% of the votes cast. The following individuals were
elected as Directors of AnorMED: - Felix J. Baker, Ph.D. Managing
Member of Baker Bros. Advisors, LLC - Joseph P. Dougherty, Ph.D.
Managing Director of Seaview Securities LLC - Henry Fuchs, M.D.,
Ph.D., Executive Vice President and Chief Medical Officer, Onyx
Pharmaceuticals - Kenneth Galbraith, President, Gigha Consulting
Ltd. - Jacques R. Lapointe, Chairman, Conjuchem Inc. - I. Berl
Nadler, Partner, Davies Ward Phillips & Vineberg LLP - Kelvin
Neu, M.D., Associate, Baker Bros. Advisors, LLC - Klaus Veitinger,
M.D., Ph.D, Member of the Executive Board and Chief Executive
Officer, U.S. & Asian Operations, Schwarz Pharma AG Immediately
following the Special Meeting, the Board of Directors named Mr.
Galbraith as Chair and appointed Dr. Michael Abrams, AnorMED's
President and Chief Executive Officer and Dr. William Hunter, Chief
Executive Officer of Angiotech as additional Directors. "This new
Board of Directors is committed to maximizing long-term value for
all AnorMED shareholders. It has already begun its work to effect
positive change and to determine a new strategic direction for the
Company," Galbraith said. "We will ensure that AnorMED has the best
corporate strategy for growth and that the Company follows the
highest standards of independent and active corporate governance."
In addition to the appointment of Mr. Galbraith as Chair, the Board
appointed Dr. Veitinger as Vice-Chair of the Board and named the
members of the four Committees of the Board to assist in the
execution of the Board's duties and responsibilities. Also, Mr.
Nadler has been appointed as Ombudsperson under AnorMED's Business
Philosophy & Corporate Code of Ethics policies. The Membership
and Chairs for each Committee of the Board are: - Audit and Risk
Committee: Mr. Lapointe (Chair), Mr. Galbraith, Mr. Nadler and Dr.
Veitinger - Compensation Committee: Dr. Baker (Chair), Dr. Fuchs
and Mr. Lapointe - Nominating and Corporate Governance Committee:
Dr. Dougherty (Chair), Dr. Baker and Mr. Galbraith - Scientific
Committee: Dr. Fuchs (Chair), Dr. Dougherty and Dr. Neu Galbraith
said the new Board anticipates working constructively with the
Company's management team to ensure that all critical programs and
activities, especially the ongoing Phase III trials of Mozobil(TM),
progress in a timely and appropriate manner while key strategic
decisions are being reviewed. The Board will take steps to
encourage management performance, including through the design of
compensation plans that align management actions with shareholders'
interests. Where appropriate, the Board will supplement the
management team with the required skills and expertise necessary to
execute the Board's approved strategic direction. The Board will
conduct a complete review of all corporate governance procedures to
ensure they are consistent with best practices and that their
implementation is always in the best interests of all shareholders.
Necessary adjustments to governance practices will be reported to
shareholders prior to the next annual meeting. The new Board is
committed to an ongoing evaluation of the need to evolve through
the addition of requisite skills and expertise consistent with the
growth of the Company. "AnorMED management and the new Board are
completely aligned on the Company's tremendous potential and are
committed to transforming that into shareholder value," said
Abrams. "We look forward to working with the Board and drawing on
its expertise." "All AnorMED shareholders should understand that a
new era is beginning at their Company. This Board and this
management team can - and will - make whatever changes are
necessary to create and deliver value," Galbraith said. Felix
Baker, a director of AnorMED and Managing Member of Baker Bros.
Advisors, which had requisitioned the Special Meeting to elect the
new Board, said, "We are gratified by the support provided by our
fellow shareholders throughout this process. We are confident this
new Board will bring significant long-term benefits to all
shareholders." AnorMED is a chemistry-based biopharmaceutical
company focused on the discovery, development and commercialization
of new therapeutic products in the areas of hematology, HIV and
oncology. The Company has a product in Phase III development, a
product in Phase II development and a research program focused on a
novel class of compounds that target specific chemokine receptors
known to be involved in a variety of diseases including HIV.
Additional information on AnorMED Inc. is available on the
Company's website http://www.anormed.com/. Note: Certain of the
statements contained in this press release may contain
forward-looking statements and forward-looking information within
the meaning of applicable securities laws, including the Ontario
Securities Act, Section 27A of the U.S. Securities Act of 1933 and
Section 21E of the U.S. Securities Exchange Act of 1934. Statements
or information regarding corporate strategy, future operations,
review of corporate governance practices, and objectives of
management and the board of directors are forward-looking
statements. The words "anticipates, "believes", "budgets", "could",
"estimates", "expects," "forecasts", "intends", "may", "plans",
"projects", "schedule", "should", "will", "would" and similar
expressions are intended to identify forward-looking statements or
information, although not all forward- looking statements or
information contain these identifying words. Plans, intentions or
expectations disclosed in any forward-looking statements or
information should not be read as guarantees of future results or
events, and will not necessarily be accurate indications of whether
or the times at or by which such results or events will be
achieved. Forward-looking statements or information involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward- looking statements or information. Investors are referred
to the discussion of such risks, uncertainties and other factors in
AnorMED's Final Short Form Prospectus dated December 1, 2005 filed
on SEDAR with Canadian securities regulatory authorities and in
Exhibit 99.1 to AnorMED's Report on Form 6-K filed with the U.S.
Securities and Exchange Commission on December 23, 2005. Except as
required by law, AnorMED expressly disclaims any intention and
undertakes no obligation to update any forward-looking statements
or information as conditions change. For further information,
contact: Company Contact: Kenneth Galbraith, Chairman of the Board,
AnorMED Inc., 604 889-5320 Media Contact: Karen Cook-Boas, 604
739-7500, DATASOURCE: AnorMED Inc. CONTACT: Company Contact:
Kenneth Galbraith, Chairman of the Board, AnorMED Inc., (604)
889-5320; Media Contact: Karen Cook-Boas, (604) 739-7500,
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