Facet Biotech opposed to shareholder's slate of board nominees

By Lisa Kerner

Charlotte, N.C., April 6 - Facet Biotech Corp. rejected a suggestion by shareholder Roderick Wong to liquidate in favor of focusing on Facet's current strategic plan, the company announced on Monday.

In addition, Facet said it believes its current board comprised of four independent directors and company president and chief executive officer Faheem Hasnain has "a record of working to advance the interests of all stockholders, consistent with their fiduciary duty."

As previously reported, Wong plans to nominate himself and four additional candidates for election to the Redwood City, Calif., biotechnology company's five-person board at the company's 2009 annual meeting.

The additional nominees are Philip R. Broenniman, Robert L. Chapman Jr., David Gale and Bradd Gold.

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