Javelin Pharmaceuticals Board Appoints Industry Veteran Martin Driscoll as Chief Executive Officer

Javelin Pharmaceuticals Inc. (AMEX: JAV) today announced that its Board of Directors has appointed Javelin Director and veteran pharmaceutical executive Martin J. Driscoll to the position of Chief Executive Officer, effective immediately. Dr. Daniel B. Carr has become Vice Chairman of the Board of Directors and will continue in his role as Chief Medical Officer.

Javelin’s Board of Directors has also established a Strategic Commercialization and Partnership Committee consisting of members with significant experience in creating partnerships and commercial ventures. The Committee will consist of Directors Peter D. Kiernan III, Neil W. Flanzraich, and Georg Nebgen.

The appointment of Mr. Driscoll as Chief Executive Officer and the formation of the Strategic Commercialization and Partnership Committee significantly strengthen Javelin’s senior management team at a time when the Company has entered a new stage in its corporate development. Mr. Driscoll will work closely with senior management and the Strategic Commercialization and Partnership Committee to execute new commercialization strategies with a priority on business development opportunities.

“I am delighted that Marty is leading Javelin in this exciting stage of our Company’s development. His industry experience and skills in all aspects of commercialization and business development complement our strong senior management team,” said Dr. Carr. “2008 promises to be a very active and fruitful year for Javelin. Today’s management realignment allows me to focus on our expanding clinical and regulatory activities for our three late stage product candidates.”

Potential global partnership interest in Javelin has increased as commercial activities have commenced, among other recent accomplishments. These include the first market approval and favorable pricing for a Javelin product (DylojectTM, diclofenac sodium for injection) in the United Kingdom, highly encouraging platelet study data, anticipated additional country approvals for various products over the next few years, recent successful pivotal Phase 3 study results and ongoing Phase 3 studies for two of the Company’s three products.

“Our intent is to maximize the opportunities for Javelin’s brands worldwide,” stated Mr. Driscoll. “I look forward to working with Dan. Our complementary skills will effectively manage the Company’s capital resources, strategic initiatives and talented teams working on clinical, regulatory, manufacturing, financial and administrative dimensions of our growing company to create lasting shareholder value. We are blessed with three pivotal Phase 3 programs with successful results that address growing specialty markets. More importantly, these drug candidates address significant unmet medical needs. As a result they have become increasingly visible to a number of potential global partners,” added Mr. Driscoll. “Our goal is to enhance shareholder value by delivering on strategic partnering while reducing commercialization risk.”

Source : http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080304006465&newsLang=en

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