Amarillo, Texas, February 22, 2012 — Amarillo Biosciences, Inc. (OTCBB: AMAR) today announced that Dr. Stephen T. Chen has been appointed as Chairman of the Board and Chief Executive Officer. Dr. Joseph Cummins will remain as President and become Chief Operating Officer. Dr. Chen has been a director of the company since February 1996. He received a PhD degree in Industrial and Physical Pharmacy from Purdue University in 1977 with an emphasis on drug delivery systems.
Dr. Chen has over thirty years of international business experience, including an extensive background in pharmaceutical product acquisition and licensing, development of joint venture agreements, execution of business strategy, and leadership of start-up companies in the pharmaceutical, biotechnology and nutraceutical industries. Dr. Chen has held executive positions in R&D and business development at several major pharmaceutical companies, including Burroughs Wellcome (presently GlaxoSmithKline), Miles Pharmaceuticals (presently Bayer), ICI America (presently AstraZeneca), and Ciba-Geigy (presently Novartis).
About Amarillo Biosciences
Amarillo Biosciences, Inc. is a U.S. biotechnology firm operating in global partnership with the Hayashibara Group, which also holds 4% of Amarillo Biosciences shares and has provided over $18 million in loans, grants and equity investments. The Company's primary focus is extensive and ongoing R&D into the use of low-dose, orally administered interferon as a treatment for a variety of conditions, including influenza, hepatitis C, chronic cough, and opportunistic infections in patients who are HIV positive. The Company has invested nearly $40 million to establish oral interferon as a therapeutic agent. The majority of those funds were invested in clinical trials in an effort to achieve FDA approval for interferon. Additional information is available on the web at http://www.amarbio.com/.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including uncertainties related to product development, uncertainties related to the need for regulatory and other government approvals, dependence on proprietary technology, uncertainty of market acceptance of oral interferon or the Company’s other product candidates and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. In particular, see “Item 1. Description of Business” and “Item 7A. Qualitative and Quantitative Disclosures about Market Risk” of the Company’s Form 10-K for the fiscal year ended December 31, 2010. --END—