Healthcare >> CEO Interviews >> October 17, 2003

Jay Kranzler – Cypress Bioscience Inc (cypb)

DR. JAY D. KRANZLER is Chairman of the Board and Chief Executive Officer of Cypress Bioscience Inc. He was appointed Chief Executive Officer of Cypress in December 1995. During his tenure, Cypress has successfully raised $77 million in new funding, received FDA approval to market the company's former product, the PROSORBA' column for rheumatoid arthritis, and executed multiple license agreements. In 2001, in an effort to change the direction of the company, Dr. Kranzler initiated research into novel therapeutic areas for fibromyalgia syndrome which resulted in the licensing of Cypress' lead product, milnacipran. Under his direction, Cypress has completed a successful Phase II trial, increased shareholder value and has positioned the company to become a leader in developing products for the treatment of functional somatic syndromes. Previously, Dr. Kranzler served as President, Chief Executive Officer and a Director of Cytel Corporation where he diversified Cytel's technology base, raised $73 million through public offerings and acquired two technology companies, Glycogen and Receptor Laboratories, to augment the company's technology base. Under his leadership, Cytel secured five strategic alliances with major pharmaceutical companies ' Upjohn, Sandoz, Sumitomo, Takara and Schwartz Pharma ' which raised more than $150 million in research and development funding and equity investments. Dr. Kranzler founded Sequel Therapeutics in 1992 and served as President, Chief Executive Officer and Chairman of the Board for this joint venture with The Scripps Research Institute, which is now wholly owned by Cytel. He also co-founded Glytec Corporation in 1989 and served as President, Chief Executive Officer and Director until its acquisition by Cytel in 1990. Dr. Kranzler is an Adjunct Member of the Scripps Research Institute and has contributed to articles that have appeared in leading industry and scientific journals. From 1985 to January 1989, Dr. Kranzler was a management consultant with the international consulting firm McKinsey & Company, where he worked with many of the world's leading pharmaceutical and technology companies, conducting technology assessments, optimizing operating performance, evaluating research and development opportunities and structuring mergers and acquisitions. At Yale University, Dr. Kranzler earned his MD with a concentration in Psychiatry and earned his PhD in Pharmacology for his thesis work on biochemical gender differences in the brain. He graduated summa cum laude from Yeshiva University, where he was a Belkin Scholar. Profile
TWST: Could you begin with a brief historical sketch of Cypress

Bioscience and a picture of what you're doing at the present time?

Dr. Kranzler: Our company is interested in a group of