(BUSINESS WIRE) — IDEC Pharmaceuticals Corporation (Nasdaq: IDPH) announced today that Phillip M. Schneider, Senior Vice President and Chief Financial Officer, has decided to retire from the company to pursue personal and community interests. A search has commenced for Mr. Schneider’s successor and Edward Rodriguez, Vice President and Controller, will assume the duties of the company’s principal financial officer until a successor is selected. Mr. Schneider is expected to leave the company in mid-October but will continue to support the company on a part-time basis until this transition is completed.
“I believe I speak for everyone at IDEC when I say we are very saddened by Phil’s decision to step down but are supportive of his choice,” said William H. Rastetter, Chairman and Chief Executive Officer. “First and foremost, Phil is a friend. Second, he has been an invaluable contributor to IDEC’s growth and success. Our financial well being today is a testament to his vision, leadership and commitment. We wish him and his family the very best in their future pursuits.”
Mr. Schneider had been with IDEC since 1987. In 2000, he was promoted to Senior Vice President. In 1996 he was appointed Vice President and Chief Financial Officer. He joined the Company as Director, Finance and Administration.
About IDEC Pharmaceuticals
IDEC Pharmaceuticals Corporation is a leader in the discovery, development, and commercialization of targeted immunotherapies for the treatment of cancer and autoimmune diseases. IDEC discovered and developed the first commercially available radioimmunotherapy product (Zevalin(TM)) approved in the United States and, with co-promotion partner Genentech, Inc., the first monoclonal antibody product (Rituxan(R)) approved in the United States, both for the treatment of cancer. IDEC is a San Diego based, integrated biopharmaceutical company with multiple products in clinical stage development and strategic alliances in a variety of research platforms. For a menu of IDEC’s current news releases and quarterly reports or to retrieve a specific release, call (888) 329-2309. On the Internet check the News Center at IDEC’s website: http://idecpharm.cdmail.biz.
The statements made in this press release contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from IDEC’s expectations. The risk factors listed from time to time in IDEC’s SEC filings including but not limited to its Annual Report on Form 10-K for the year ended December 31, 2001 and Form 10-Q for the quarter ended June 30, 2002, may affect the actual results achieved by IDEC. These forward-looking statements represent the company’s judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
IDEC Pharmaceuticals and Rituxan are registered U.S. trademarks of the company and Zevalin is a trademark of the company. IDEC’s headquarters are located at 3030 Callan Road, San Diego, CA 92121.
CONTACT: IDEC Pharmaceuticals Corporation Vince Reardon, Director, Corporate Communications 858/431-8656
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