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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.
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.
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