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EXHIBIT 99.1
AMERICAN BIOGENETIC SCIENCES, INC. ANNOUNCES MANAGEMENT TEAM
TRANSITION AND NEW APPOINTMENTS TO THE BOARD
COPIAGUE, NEW YORK, JANUARY 11, 2001 - AMERICAN BIOGENETIC SCIENCES, INC. (ABS)
(NASDAQ:MABA) announced today that Josef C. Schoell, Chief Financial Officer of
the Company since 1995, has been appointed by the Board of Directors to the
positions of President and Chief Operating Officer. He will also serve as a
member of the Board of Directors. Mr. Alfred J. Roach, Founder and Chairman has
been appointed to the position of Chief Executive Officer.
Mr. Schoell replaced John S. North who stepped down for personal reasons to
spend more time with his family.
Mr. Schoell, who joined ABS in 1992 as Controller, was promoted to Vice
President Finance and CFO in 1995. Prior to joining ABS, Mr. Schoell spent 10
years with JP Stevens, a FORTUNE 200 company, where he served in various
financial and accounting positions. Mr. Schoell, a graduate from New York
University Business School, is a CPA, New York State and a member of the New
York State Society of CPAs, American Institute of CPAs and Financial Executives
International.
In addition, the Company announced that, James H. McLinden, Ph.D., has been
appointed as Senior Vice President and Chief Scientific Officer (CSO). Dr.
McLinden received his Ph.D. in Microbiology from the University of Kansas
Medical School and continued his postdoctoral education at The Ohio State
University. Dr. McLinden joined ABS as a Senior Director Molecular Biology in
1987 and was named Vice President of Molecular Biology in 1991. Dr. McLinden has
spent this last year developing the Company's sciences in cooperation with ABS'
Global Scientific Network partner, the Chinese Academy of Medical Science
Institute of Laboratory Animal Science, in Beijing, China.
The Company also announced today that Joseph Michael Danis has joined ABS' Board
of Directors. Additionally, Mr. Danis has been retained by the Company as a
consultant in the field of Business Development. Mr. Danis has an MBA and over
30 years experience in various senior positions with Pfizer, Inc., including
Director of Corporate Licensing and Development and Executive Director of
Technical Service. Mr. Danis has a proven record of commercializing products in
the chemical, food, pharmaceutical and over-the-counter sectors. For the last
five years, Mr. Danis has been President of his own consulting firm focusing on
technology transfer, structuring ventures, and all phases of due diligence for
both FORTUNE 100 pharmaceutical companies as well as biotechnology companies
with exciting product pipelines.
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Commenting on the management transition, Mr. Roach said, "Josef Schoell has
proven to be a strong leader with excellent business acumen and decision making
ability. Dr. McLinden possesses the scientific qualifications and experience
with ABS' Global Scientific Network partners. Mr. Danis brings vast experience
to ABS as we accelerate our efforts to transform our pipeline into commercially
successful products in the marketplace. I believe our management team is ready
to lead ABS forward in 2001 and beyond."
Mr. Roach continued, "We wish John North every success in his endeavors and
understand his decision to step down based on his desire to spend more time with
his family. We wish him well and thank him for his contributions to ABS over the
last two years."
American Biogenetic Sciences, Inc., based in Copiague, N.Y., researches and
develops diagnostic tests for cardio-pulmonary conditions and infectious
diseases, as well as new treatments for neurological disorders including
epilepsy, migraine, mania, Parkinson's disease and Alzheimer's disease. ABS also
seeks out new technologies and conducts research and development through its
Global Scientific Network in the United States, Europe, Israel, Russia and
China.
Statements in this release that are not strictly historical are "forward
looking" statements within the meaning of the Private Securities Litigation
Reform Act of 1995, and should be considered as subject to various risks and
uncertainties that could cause actual results to differ materially from those
anticipated. For further details and a discussion of these risks and
uncertainties, see the Companys' Securities and Exchange Commission filings
including its annual report on Form 10-K.
For more information, please contact:
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Josef C. Schoell, President, COO, CFO Ellena M. Byrne, Executive Vice President
American Biogenetic Sciences, Inc. Global Scientific Network
Tel: 631-789-2600 American Biogenetic Sciences, Inc. - Dublin,
Ireland Tel: 011-353-1-283-3325
E-mail: [email protected] E-mail: [email protected]
Lisa Baumgartner Thomas Redington
Ruder Finn, Inc. Redington, Inc.
Tel: 212-593-6352 Tel: 203-222-7399
E-mail: [email protected] E-mail: [email protected]
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