Press Release

SRU Biosystems Appoints Richard Wagner, Ph.D., President and Chief Executive Officer

Woburn, Massachusetts, November 5, 2007 – SRU Biosystems, a leader in highly sensitive labeled and label-free detection technologies, today announced that Richard Wagner, Ph.D., has joined the Company as President and Chief Executive Officer and as a member of the Board of Directors.  Dr. Wagner replaces Owen Dempsey, who resigned from the Company to pursue other interests. Dr. Wagner had previously been an advisor to the Company since 2002.  Dr. Wagner brings to SRU 18 years of experience in developing technologies for drug discovery, specifically in the areas of affinity-based screening methodologies and microarray expertise for therapeutic and diagnostic applications.

“Dr. Wagner’s extensive experience in drug discovery, diagnostics, and screening processes will be a significant asset to SRU as we continue to be a leader in the field of label-free detection technology,” said Brant Binder, Chief Financial Officer and co-founder. “His strategic leadership has positively impacted the prior companies where he has worked, where he was integral to the creation of innovative technologies, the introduction of new products to the market, and the signing of strategically important business development alliances.  We welcome him to the Company and look forward to his contributions to our continued growth.”

“SRU’s BIND^® technology provides customers many important benefits in one platform, including high throughput screening, streamlined and improved assay development, and industry standard formats with breakthrough label-free technology,” said Dr. Wagner.  “I believe that the Company has a strong position in this field and I greatly look forward to working to further extend both the Company’s and the technology’s reach.”

Dr. Wagner was most recently Executive Vice President of Research at Praecis Pharmaceuticals, Inc., where he was an inventor of the DirectSelect small molecule screening technology that led to the creation of a ten billion compound screening library. Dr. Wagner negotiated collaborations with both Gilead Sciences and GlaxoSmithKline, and the technology and company were both purchased by GlaxoSmithKline in February, 2007.

Prior to joining Praecis, Dr. Wagner started operations at Phylos, Inc. in July, 1997 where he held the position of Senior Vice President, Research.  At Phylos, Dr. Wagner was an inventor of several technologies, including a class of antibody mimetics (Adnectins™), protein microarray applications, and multiplex diagnostic technologies.  At Phylos, Dr. Wagner was involved in securing an agreement with Hoechst (now Aventis), as well as a Series B financing.  Dr. Wagner also previously worked at Gilead Sciences, Inc., where he was Director, Cell Biology and a member of Gilead's management team. While at Gilead, Dr. Wagner led the development of antisense therapeutics, and was engaged in a collaboration with Glaxo Wellcome.  At Gilead, Dr. Wagner was an inventor on several technologies related to antisense therapeutics and delivery methodologies.

Dr. Wagner received his B.S. in Biochemistry from Trinity College, and his Ph.D. in Chemistry from Brown University. 

About SRU Biosystems
SRU Biosystems, Inc., is a life science company developing novel technologies for rapidly analyzing the interactions of large genomic, protein, peptide, antibody or small molecule compound libraries against a wide range of biochemical targets. SRU is incorporating its technology into microtiter plates, microarray slides and other industry standard formats to create sensitive and high throughput tools that can be used to answer important biological questions for biomedical research, pharmaceutical drug discovery and diagnostics. www.srubiosystems.com

For more information, please contact: