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Exhibit 20.1
AXYS PHARMACEUTICALS' BOARD SEEKS CHIEF EXECUTIVE OFFICER;
CURRENT CEO AND CHAIRMAN JOHN WALKER TO REMAIN CHAIRMAN
South San Francisco, CA, September 15, 2000 - Axys Pharmaceuticals, Inc.
(Nasdaq: AXPH) announced today that John Walker, current CEO and Chairman, has
informed the Board of Directors that he intends to step down from his position
as CEO for family reasons. Walker indicated that he will remain an active
Chairman of the Axys Board of Directors and would continue in both roles as
Chairman and Chief Executive Officer until a successor is named. The Board noted
that it had reluctantly accepted Walker's decision and retained Korn/Ferry
International to recruit a successor who would hold the position of President
and Chief Executive Officer.
According to Walker, "Axys has recently made significant progress in its
collaborative research and proprietary oncology portfolios. Equally as
important, we have taken several significant steps toward securing a financial
foundation for the company that is stronger than it has been at any other time
in its history. Furthermore, we have attracted several new executives to key
positions in medicinal chemistry, finance and business development. Clearly, we
are at a point where we can see a number of drug candidates advancing toward
commercialization. All of these accomplishments come at a time when my
circumstances at home have changed dramatically, when a more flexible schedule
that will allow me to devote more time to my family has become a personal
priority. Axys needs a CEO who can sustain our recent momentum, who can
capitalize on our current strengths, and who can drive the development and
commercialization of our growing portfolio, both on its own and with its
partners."
"Although I will relinquish my responsibilities as CEO, I remain exceedingly
confident about the people, the science and the programs that are in place, and
I intend to devote a considerable amount of time to the company. I hope that my
contribution as Chairman will complement the activities of my successor and the
strong management team now in place as we position Axys for forward integration,
significant growth and a flow of drug candidates over the next three-to-five
years."
Axys Pharmaceuticals, Inc. is an integrated small molecule drug discovery and
development company. Axys has a broad pipeline of products for chronic
therapeutic applications that are partnered with world-class pharmaceutical
companies and a proprietary product portfolio in oncology. Axys is also building
shareholder value through affiliated businesses that leverage the Axys
technologies in order to provide capital for Axys' drug discovery and
development programs. In addition to a minority interest in Discovery Partners
International (Nasdaq: DPII) resulting from the merger of its combinatorial
chemistry business, Axys Advanced Technologies, with DPII and the subsequent IPO
of DPII, Axys' technology leveraging businesses are: PPGx, a majority-owned
pharmacogenomics company, and Akkadix Corporation, an agricultural biotechnology
company.
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Except for the historical information contained herein, this
press release contains forward-looking statements that involve risks and
uncertainties which could cause Axys' actual results to differ materially from
those discussed here, including the risks inherent in early stage development
and the reliance on the efforts of collaborative partners, the risk that Axys
collaborations will not be successful, the risk that clinical trials will not
proceed as anticipated or may not be successful, the risk that Axys will not be
successful in entering into new collaborations, market risk associated with
Axys' substantial ownership interest in Discovery Partners International, Inc.,
competition and marketing risk, and general economic conditions that may affect
Axys' actual results and developments. Additional factors that could cause or
contribute to such differences include, but are not limited to, those discussed
in the sections entitled "What Factors Could Cause Our Results to Differ
Significantly from Those You Might Expect?" and "What Other Matters Should
Stockholders Consider with Respect to Axys?" in the Axys' SEC Reports, including
Axys' report on Form 10-K for the fiscal year ended December 31, 1999.
For more information about Axys Pharmaceuticals, Inc., please visit the
company's website at http:\\www.axyspharm.com.
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