Aphton (NASDAQ:APHT)
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Aphton Corporation (NASDAQ: APHT) announced today that
effective November 15, 2005, the Company adopted a mandatory
retirement policy for the Board of Directors. The Company believes
that the mandatory retirement policy will assist the Company with
director term and succession planning and ensure that the Board of
Directors periodically benefits from the fresh ideas, viewpoints and
expertise of new members. Under the mandatory retirement policy, no
person may be elected or re-elected as a director of the Company if at
the time of his or her election or re-election he or she shall have
attained the age of seventy years. The term of any director who shall
have attained such age while serving as a director shall terminate
effective immediately upon his or her seventieth birthday. In
accordance with the mandatory retirement policy, Philip C. Gevas and
Nicholas J. Stathis, Esq. will be retiring as directors effective
immediately.
Philip Gevas co-founded Aphton in 1981 and served as the Company's
Chief Executive Officer for approximately 23 years. Mr. Gevas was also
Chairman of the Board from October 1990 to March 2005. Nicholas
Stathis was a member of the Board of Directors for approximately 11
years.
"Both Phil and Nick have provided Aphton with significant
contributions over the years. Their commitment to the Company has been
unwavering throughout times of growth and change and on behalf of the
Company we thank them for their leadership and dedication," commented
Patrick Mooney. "However, we believe that the adoption of a mandatory
retirement policy which is part of our continued efforts to improve
the corporate governance of the Company, will benefit the Company and
its stockholders in the long term."
About Aphton
Aphton Corporation, headquartered in Philadelphia, Pennsylvania,
is a clinical stage biopharmaceutical company focused on developing
targeted immunotherapies for cancer. Aphton's products seek to empower
the body's own immune system to fight disease. Through the acquisition
of Igeneon AG in March 2005, Aphton acquired late-stage products,
IGN101, a cancer vaccine designed to induce an immune response against
EpCAM-positive tumor cells, and IGN311, a fully humanized antibody
against the Lewis Y antigen. Aphton has strategic alliances with Xoma
for treating gastrointestinal and other gastrin-sensitive cancers
using anti-gastrin monoclonal and other antibodies; and with Daiichi
Pure Chemicals for the development, manufacturing and
commercialization of gastrin-related diagnostic kits. Aphton's most
advanced product, Insegia(TM), targets the hormone, gastrin 17, in an
attempt to treat gastrointestinal cancers. Aphton is currently seeking
partners that will support the further development of Insegia. For
more information about Aphton or its programs please visit Aphton's
website at: www.aphton.com.
Safe Harbor
This press release includes forward-looking statements, including
statements about: (1) Aphton's belief that the mandatory retirement
policy will assist the Company with director term and succession
planning and ensure that the Board of Directors periodically benefits
from the fresh ideas, viewpoints and expertise of new members; (2)
Aphton's belief that the adoption of a mandatory retirement policy
will benefit the Company and its shareholders in the long term; (3)
Aphton's expectation regarding the purpose and effectiveness of
fully-humanized monoclonal antibodies, IGN101 and IGN311, and its
cancer immunotherapy, Insegia; and (4) Aphton's intention to seek
strategic partners that will support the further development of
Insegia. These forward-looking statements may be affected by the risks
and uncertainties inherent in the drug development process and in
Aphton's and Igeneon's business. This information is qualified in its
entirety by cautionary statements and risk factor disclosure contained
in Aphton's Securities and Exchange Commission filings, including
Aphton's report on Form 10-K filed with the Commission on March 16,
2005. Aphton wishes to caution readers that certain important factors
may have affected, and could in the future affect, Aphton's beliefs
and expectations and could cause the actual results to differ
materially from those expressed in any forward-looking statement made
by or on behalf of Aphton. These risk factors include, but are not
limited to: (1) Aphton's ability to find qualified individuals who
will serve on Aphton's Board of Directors; (2) Aphton's ability to
implement the mandatory retirement policy in a manner that will
benefit the Company and its stockholders; (3) Aphton's ability to find
a strategic partners who will support the further development of
Insegia; (4) Aphton's ability to fund the further development of its
research and development programs; (5) Aphton's ability to identify a
partner willing to fund the continued development of Insegia; (6)
scientific developments regarding immunotherapies; and (7) the actual
design, results and timing of preclinical and clinical studies for
both companies' products and product candidates.