Jennerex Appoints Gregory W. Schafer as Chief Financial Officer

SAN FRANCISCO, June 22 /PRNewswire/ -- Jennerex, Inc., a clinical-stage cancer biotherapeutics company, today announced the appointment of Gregory W. Schafer as senior vice president and chief financial officer.  Mr. Schafer will be responsible for the Company's finance, accounting, planning, investor relations and treasury functions.

"Greg's finance and operations experience in the life sciences industry make him an ideal fit for Jennerex at this pivotal time for the company," said David H. Kirn, M.D., president and chief executive officer of Jennerex.  "Importantly, Greg's successful track record in raising capital and his involvement in bringing products through clinical development to the market will make him invaluable as we move JX-594 into Phase 3 clinical trials.  Additionally, we are grateful to Ian Malone, who has been a significant contributor to Jennerex as our CFO in recent years and who has now transitioned into an advisory capacity."

Mr. Schafer brings more than 20 years of broad functional and strategic leadership expertise to Jennerex and has raised over $600 million in public and private transactions to fund biotechnology product development and commercialization activities.  Most recently, he served as chief financial officer of Onyx Pharmaceuticals, Inc., where he was responsible for finance, accounting, risk management, and strategic and operational planning.  Prior to Onyx, he served as chief financial officer and vice president of finance for Cerus Corporation, where he played a key role in transitioning the company from early-stage development to a commercial enterprise with an approved product.  Prior to Cerus, Mr. Schafer worked as a management consultant for Deloitte and Touche, LLP and as an engineer specializing in biologics manufacturing.  Mr. Schafer also serves on the board of directors for Nile Therapeutics, a public biotechnology company.  He received his MBA from the Anderson Graduate School of Management at the University of California, Los Angeles and a BSE in mechanical engineering from the University of Pennsylvania.

About Jennerex

Jennerex, Inc. is a clinical-stage biotherapeutics company focused on the development and commercialization of first-in-class, breakthrough targeted oncolytic products for cancer.  The Company's lead product JX-594 is currently in two mid-stage clinical trials in patients with primary liver cancer — an international, randomized, Phase 2 dose-response clinical trial, and a Phase 2 study in combination with sorafenib.  Prior, published studies designed to establish dose levels and the safety profile of JX-594 have shown its ability to selectively target a variety of common cancer tumor types.  JX-594 and other product candidates under development are designed to attack cancer tumors through three diverse mechanisms of action: the lysis of cancer cells through viral replication, the reduction of the blood supply to tumors through vascular targeting and destruction and the stimulation of the body's immune response against cancer cells.  Jennerex is headquartered in San Francisco and has research and development operations in Ottawa, Canada and Busan, South Korea.  For more information about Jennerex, please visit www.jennerex.com.

SOURCE Jennerex, Inc.