Medgenics, Inc. (NYSE MKT: MDGN and AIM: MEDU, MEDG), the developer of Biopump TM, a novel technology for the sustained production and delivery of therapeutic proteins in patients using their own tissue, today announced that former Celgene Corporation Chairman and Chief Executive Officer, Sol J. Barer, PhD. (age 65) has been appointed as the Chairman of the Board. Eugene Bauer, M.D., who has served as Chairman since 2005, will continue his active involvement as a Director and consultant to the company.
“It is an honor and a great day for Medgenics to welcome Dr. Barer as Chairman of our Board. An energetic leader, Dr. Barer brings the extensive knowledge, experience, and vision he demonstrated in helping build Celgene into a $25 billion biotech leader, to help us drive Medgenics towards a full realization of the potential we see for our technology,” stated Andrew L. Pearlman, Ph.D., President and Chief Executive Officer of Medgenics. “We view Dr. Barer’s decision to join Medgenics as testament to our technology and its potential to transform protein therapeutics to the benefit of patients, doctors and payers.”
Dr. Barer spent most of his professional career with Celgene Corporation, one of the largest, global biopharmaceutical companies, with a market capitalization of approximately $25 billion, products in over 70 countries with revenues of $4.7 billion in 2011. He was Chairman of Celgene from January 2011 until June 2011, Executive Chairman from June 2010 until January 2011 and Chairman and Chief Executive Officer from May 2006 until June 2010. Previously, he was appointed President in 1993 and Chief Operating Officer in 1994 before assuming the CEO position. He also served as Senior Vice President, Science and Technology, and Vice President/General Manager, Chiral Products, from October 1990 to October 1993, and Vice President, Technology, from September 1987 to October 1990. Dr. Barer also is a consultant to Celgene on strategic matters and research and development.