Furiex Pharmaceuticals Announces Management Changes

MORRISVILLE, N.C.--Furiex Pharmaceuticals, Inc. (NASDAQ: FURX) announced today the appointment of Sailash Patel to the position of Chief Financial Officer, effective November 15, 2013. Mr. Patel replaces Mr. Marshall Woodworth, who tendered his resignation to pursue other opportunities, but will remain with the company to assist during a transition period. "Mr. Patel has an impressive track record in the biotech and pharmaceutical industry and brings a unique set of talents to the Chief Financial Officer role as we continue to progress our product portfolio," said June Almenoff, M.D., Ph.D., president and chief medical officer of Furiex. "In his prior roles, Sailash has proven himself as a key member of leadership teams, driving financial strategy and deal making."


"We are pleased that Mr. Woodworth will be available to assist the company during the transition. We wish to thank him for his contributions to Furiex during his time with us and wish him well in his future endeavors," continued Dr. Almenoff.

Mr. Patel has been with Furiex since its spin-off from PPD LLC, and currently serves as Vice President of Strategic Development, overseeing corporate development, investor relations and strategic planning functions. Previously, Mr. Patel served as Vice President of Strategic Development for PPD, where he ran corporate strategy development and was responsible for the execution of the company's acquisitions and licensing activities. He holds a master's degree in business administration from the University of North Carolina at Chapel Hill and a bachelor's degree in pharmacy with honors from University of Nottingham in the U.K.

"Sailash has been instrumental in constructing Furiex's portfolio and the company's successful spin-off from PPD," said Fred Eshelman, Pharm.D., chairman of Furiex. "His broad-based experience as a finance professional and operational management gives him a solid platform to continue the company's focus on managing its finances and driving shareholder value."

About Furiex Pharmaceuticals

Furiex Pharmaceuticals is a drug development collaboration company that uses innovative clinical development design to accelerate and increase value of drug development programs by advancing them through the drug discovery and development process in a cost-efficient manner. Our drug development programs are designed and driven by a core team with extensive drug development experience. The company collaborates with pharmaceutical and biotechnology companies and has a diversified product portfolio and pipeline with multiple therapeutic candidates, including one Phase III-ready asset, two compounds in Phase III development, one of which is with a partner, and four products on the market. The company's mission is to develop innovative medicines faster and at a lower cost, thereby improving profitability and accelerating time to market while providing life-improving therapies for patients. For more information, visit www.furiex.com.