DOV Pharmaceutical, Inc., a biopharmaceutical company focused on the discovery, acquisition, development and commercialization of novel drug candidates for central nervous system disorders, has reorganized its senior management team to maximize the value of DOV's existing pipeline and explore and pursue the company's most attractive financing opportunities.

Dr Leslie Hudson has resigned from his position, as CEO and president and as a member of the board of directors. Reflecting their increased responsibilities in the company's management, current chief financial officer Barbara Duncan has taken on the role and title of president, CFO and Member of the DOV board of directors and current chief scientific officer Dr Phil Skolnick has been named executive vice president and CSO.

DOV chairman, Dr Arnold Lippa is now, executive chairman of the Board of Directors and Dr Warren Stern and Scott Myers will continue in their roles as senior VP of Drug Development and Senior VP of Commercialization and Strategic Marketing, respectively.

"On behalf of the full board of directors, I would like to thank Dr Hudson for his service to DOV," said Dr Arnold Lippa, executive chairman of the Board of Directors. "We arrived at these decisions and this new management structure in a collaborative way and with the best interests of our investors, employees and partners in mind. I would also like to thank Duncan and Dr Skolnick for accepting these greater roles and responsibilities. We have great confidence in this management team and look forward to working with them more closely."

Duncan joined DOV in August 2001 and has served as our senior VP, finance and chief financial officer and treasurer. Prior to joining DOV, Duncan served as a VP of Lehman Brothers Inc. and an Associate and Director at SBC Warburg Dillon Read, Inc.

Dr Skolnick joined DOV in January 2001 and has served as our Senior VP, Research and chief scientific officer. Prior to joining DOV, Dr Skolnick served as a Lilly research fellow (Neuroscience) at Eli Lilly and Company, as a Senior Investigator and Chief, Laboratory of Neuroscience, at the National Institutes of Health. Dr Skolnick also has served as a Research Professor of Psychiatry at the uniformed services University of the Health Sciences.