Medisyn Technologies

	Medisyn Names Thomas D. Ingolia, Ph.D. as New CEO Top Biotechnology-Pharmaceutical Veteran to Drive Company's Growth Strategy MINNETONKA, Minn. - August 31, 2005 - Moving to further expand the footprint of its innovative drug discovery capabilities, Medisyn Technologies, Inc. today announced that veteran biotech-pharmaceutical executive Thomas D. Ingolia, Ph.D. will join the company as CEO, effective immediately. The recruitment and hiring of Ingolia comes at a time when Medisyn is experiencing significant business growth and market interest in its Fast Forward Engineering Platform(TM), the company's proprietary technology platform that significantly increases the accuracy and speed with which new drug compounds are discovered. Medisyn currently is working with both drug discovery and pharmaceutical companies to sharpen and streamline their discovery initiatives, primarily in cancer treatment. The company also is engaged in a long-term collaborative research project with the University of Minnesota's Academic Health Center. Ingolia's background, which includes three decades of executive leadership at Eli Lilly and at a number of successful biotechnology start-ups, represents the ideal complement of skills and experience at this point in Medisyn's growth, explained Steve Pederson, a director of Medisyn and partner at Sherpa Partners. "Tom brings a unique blend of big pharma experience and biotech entrepreneurial focus to the Medisyn CEO position," he said. "His perspective is a critical asset to Medisyn as the company evolves its position in the drug discovery market." Ingolia is well-known in biotech circles for his ability to attract venture capital investment in fledgling technologies and early stage biotechnology companies. He also has a strong reputation as a strategist--taking undervalued, early stage biotechnology companies and repositioning them for growth. In discussing his reasons for joining Medisyn, Ingolia cited the potential of the company's technology in drug discovery as a key reason. "Today, the discovery of new drugs is occurring primarily in a 'converged' environment--one in which technology helps scientists overcome many obstacles associated with the process of identifying and qualifying new drug candidates," Ingolia said. "I believe that Medisyn's technology is unique, and most importantly, is a critical component in the converging world of drug discovery." Ingolia said he is moving forward with Medisyn in the Twin Cities because of the area's global leadership in medical devices and renowned key life-science resources such as Mayo Clinic and University of Minnesota. Together with established and emerging biotech / pharmaceutical companies in healthcare, bio-agriculture and nutraceuticals the Twin Cities ranks among the top 10 life science centers nationally. After earning his doctorate in Biochemistry at U.C./Berkeley, Ingolia spent 13 years at Eli Lilly, beginning as a research scientist and moving rapidly up the management ranks to CEO of Sphinx Pharmaceuticals--a technology acquisition that Ingolia targeted, evaluated and managed for Lilly. From there, Ingolia moved into biotech, with senior executive positions at Ontogeny and Microbia in Cambridge, and Prolexys in Salt Lake City. Ingolia joins Medisyn directly from Prolexys, where he was CEO. Since its Series A funding in 2002, Medisyn has consistently demonstrated the value of its forward engineering technology in drug discovery. With a primary focus on cancer treatments, Medisyn has established relationships with the National Cancer Institute, Invitrogen, the University of Minnesota and a Top10 pharmaceutical company. In July, Medisyn received a patent for its lead cancer drug candidate, MT103. The company has more than 20 additional patent-pending compounds. To date, Medisyn has raised more than $5 million through private investors and venture capital. Most recently, a $1.5 million bridge round was led by the Stan Baratz Group with participation from current investors Sherpa Partners, StarTec, Andcor Companies and Portage Capital. That round closed in February, 2005. About Medisyn Technologies Medisyn Technologies is a unique drug design and discovery company that uses proprietary technology to make drug discovery faster, more predictable and less expensive. Based on molecular topology, Medisyn’s Forward EngineeringTM platform enables the discovery and design of novel, diverse and unexpected compounds that meet exact parameters for a specific therapeutic use. By compressing design and discovery time from years to weeks and optimizing lead candidates, Medisyn’s novel approach enables drug discovery customers to reduce risk, improve probability of success and control costs associated with the traditional lead discovery process. The company is initially focused on treating cancer and is currently completing pre-clinical validation of MT103, a promising lead candidate for non-small cell lung cancer. It has an additional 26 anti-cancer compounds in varying stages of development. Medisyn Technologies is headquartered in Minneapolis, MN. For more information about Medisyn Technologies, visit the company’s website at: www.medisyntech.com or call 952.475.8084. Contact: Pam Pettinella LATITUDE 952.404.1853 pam@latitude-c.com Close Window