Jay D. Kranzler

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.