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Guilford Pharmaceuticals


said Wednesday that Dean J. Mitchell has been appointed president and CEO effective Dec. 1 to replace Dr. Craig R. Smith, who is retiring.

Mitchell has worked in the pharmaceutical industry for 25 years, having held executive positions at

Bristol-Myers Squibb

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Guilford recently released third-quarter financial results in which the company reported a loss of $14.5 million, or 33 cents a share, on revenue of $17.3 million. Despite the loss, Guilford's performance handily beat the consensus of analysts polled by Thomson First Call, who had predicted a loss of 42 cents a share for the three months ended Sept. 30.

For the same period last year, the Baltimore-based company lost $13.3 million, or 46 cents a share, on revenue of $5.4 million.

Shares of Guilford, which makes products for the hospital and neurology markets, rose 11 cents, or 2.4%, to $4.76.