EXTON, Pa., June 9 /PRNewswire-FirstCall/ -- Isolagen, Inc. recently announced the appointments of Nicholas Teti as Chairman and CEO; Declan Daly as Chief Financial Officer (CFO) and Executive Vice President; and Steven Trider as Senior Vice President - Global Business and Market Development. In connection with the commencement of employment of Messrs. Teti, Daly, and Trider, it has issued options to each. The terms of employment with the company are more fully disclosed in the company's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 9, 2006 and include the issuance of the following stock options. Mr. Teti received an option to purchase 2,000,000 shares of common stock vesting quarterly over three years at an exercise price of $1.88 per share and a performance option to purchase 500,000 shares of common stock at an exercise price of $1.88 per share that vests upon the occurrence of certain events set forth in Mr. Teti's employment agreement, most notably the disposition of the company at a value of $25 or more per share. Mr. Daly received an option to purchase 325,000 shares of common stock vesting annually over three years at an exercise price of $1.87 per share. Mr. Trider received an option to purchase 200,000 shares of common stock vesting annually over three years at an exercise price of $1.87 per share.
About Isolagen, Inc.
Isolagen specializes in the development and commercialization of autologous cellular therapies for soft and hard tissue regeneration. The company's product candidates are based on its proprietary Isolagen Process. Based on the accumulated experience of the company through its retrospective study, clinical trials and treatment of patients in the United Kingdom, the company believes that the Isolagen Process utilizes the patient's own cells to create safe and effective therapies to treat the underlying cause of the patient's condition. Autologous cellular therapy is the process whereby a patient's own cells are extracted, allowed to multiply and then injected into the patient. Isolagen's product candidates are designed to be minimally invasive and non-surgical. For additional information, please visit: http://www.isolagen.com/ .
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