Dr. Prabhavathi Fernandes to join biopharmaceutical firm DarPharma, Inc. of Chapel Hill, NC.

DarPharma is pleased to announce the addition of Dr. Prabhavathi Fernandes to their management team. Fernandes brings industry-specific experience to the CNS-focused biopharmaceutical firm, based in Chapel Hill, NC.

FOR IMMEDIATE RELEASE

Chapel Hill, NC (PRWEB) July 1, 2003 -- DarPharma, Inc., a Chapel Hill based biopharmaceutical company that specializes in developing novel drugs for CNS disorders, has announced the appointment of Dr. Prabhavathi Fernandes as a full-time consultant, new member of its Board of Directors, and the CEO designate. Dr. Jeff Segal, current President and CEO of DarPharma, said, I have enjoyed guiding DarPharma during its formative stages, but experienced industry leadership is absolutely critical for the companys next phase. From the day of our founding we have sought the right person, and I am absolutely delighted we have now attracted someone with such superb talents who matches our exciting drug pipeline."

Dr. Segal will remain CEO to help in the transition time for Dr. Fernandes, and will become Chief Business Officer when Dr. Fernandes assumes the role of President and CEO. The company plans to file an IND for its breakthrough first-in-class Parkinsons disease drug in early 2004. Dr. Fernandes leadership will also allow acceleration of other aspects of the companys significant pipeline.

Dr. Fernandes noted, I was attracted to DarPharma because of excellent work the company has done on its breakthrough therapy for Parkinsons disease. Equally important is the fact that few small companies have lead molecules identified for novel, and highly validated targets for at least three major CNS disorders. I am excited to join my complementary strengths with those of the brilliant team already assembled by Jeff Segal."

Fernandes has 23 years experience managing and directing research and development in major pharmaceutical and biotechnology companies. After working at the Squibb Institute and Abbott Laboratories, Dr. Fernandes joined Bristol Myers Squibb, where she rose to the position of Vice President for Drug Discovery and Biomolecular Screening. Under her leadership, several drugs have been developed, of which four have been approved and one has had several years of sales of over $1 billion.

Fernandes left Bristol Myers Squibb to found Small Molecule Therapeutics, Inc. and was its President and CEO until its merger with Morphochem, Munich, Germany. After overseeing the merger, Fernandes became CEO of Ricerca Biosciences, LLC. During the two years of her leadership, a new management team was hired, major operating efficiencies were initiated, a number of alliances were established, and revenues increased significantly. She left Ricerca in April of this year to seek an opportunity with a drug discovery company that possessed highly promising lead molecules in therapeutic areas where there is major and expanding need.

DarPharma was founded on discoveries patented by Professors Richard Mailman of the University of North Carolina at Chapel Hill and David Nichols of Purdue University. The company has an exclusive license agreement for families of drugs in a portfolio of five issued patents and several pending applications. Dr. Laurene Wang-Smith, formerly of Triangle Pharmaceuticals and GlaxoWellcome, directs the drug development efforts of the company.

[Please feel free to contact us at Info@DarPharma.com for additional information about Dr. Fernandes or the company.]