Cubist Pharmaceuticals Announces the Appointment of David W. J. McGirr as Chief Financial Officer

Business Wire, Nov 5, 2002

Business Editors & Health/Medical Writers

LEXINGTON, Mass.--(BUSINESS WIRE)--Nov. 5, 2002

Cubist Pharmaceuticals, Inc. (Nasdaq: CBST) today announced that David W. J. McGirr will join the Company later this month as Senior Vice President, Chief Financial Officer & Treasurer. Mr. McGirr will replace Thomas A. Shea, currently Vice President of Finance & Administration, CFO & Treasurer, who will remain at the Company as its Vice President of Administration. The departments of Human Resources, Information Systems and Facilities Management will continue to report to Mr. Shea, while the Finance, Accounting and Corporate Communications departments will report to Mr. McGirr. Mr. Shea will also establish the risk management function at Cubist.

Mr. McGirr comes to Cubist with almost 25 years of financial experience. He began his career in 1978 at S.G. Warburg & Co. Ltd. serving in the International Corporate Finance Division in London through 1987, ultimately as Managing Director. From 1987 to 1989, Mr. McGirr served as Chief Executive Officer of S.G. Warburg Securities Canada, Ltd. before serving from 1992 to 1995 as Chief Financial Officer, Chief Administrative Officer, Managing Director and Member of the Management Committee at S.G. Warburg & Co., Inc. in New York, and as President and Member of the Investment Committee of S.G. Warburg Investments (USA) Inc. From 1996 to 1999, Mr. McGirr served as President and Chief Executive Officer of GAB Robins North America, Inc., an insurance services company, and from 1999 to 2002 as Chief Operating Officer, a member of the Board of Directors and then President of hippo inc., a private, venture-financed internet technology company. Mr. McGirr will continue on as a board member of hippo, inc. Mr. McGirr received a B.Sc. in civil engineering from the University of Glasgow, Scotland and an MBA from the Wharton School at the University of Pennsylvania.

Scott M. Rocklage, Ph.D., Cubist's Chairman and Chief Executive Officer commented: "We are extremely pleased to welcome someone with David's depth and breadth of financial experience to Cubist at this critical time in our Company's evolution. Over the past ten years, Cubist has grown from a start-up company focused exclusively on research to a global entity with capabilities not only in research but also in the development and commercialization of biopharmaceuticals. Throughout this expansion, Tom Shea has been an important member of Cubist's senior management team, creating the Company's finance and administration infrastructure and we are very pleased he will continue with us in his new role." Dr. Rocklage concluded, "As we now make the transition to a revenue-driven and operationally focused company, we are confident that David's expertise will prove invaluable in guiding Cubist through this exciting next phase of development."

About Cubist

Cubist Pharmaceuticals, Inc. is focused on becoming a global leader in the research, development and commercialization of novel pharmaceuticals to combat serious and life-threatening infections. Cubist is evaluating the safety and efficacy of CIDECIN(R) (daptomycin for injection) in the EDGE(TM) (Evaluation of Daptomycin against Gram-positive Entities) clinical trial program and has broadened its pipeline to include multiple pre-clinical drug candidates, including an oral version of ceftriaxone (OCTX), a broad-spectrum cephalosporin antibiotic, and CAB-175, a next generation cephalosporin antibiotic with demonstrated in vitro activity against methicillin-resistant Staphylococcus aureus (MRSA). The company is engaged in a strategic partnership with Novartis Pharma AG for the discovery and development of novel antiinfectives. Cubist is headquartered in Lexington, MA and has operations in Vancouver, BC, Canada and Slough, UK.

Cubist Safeharbor Statement

Statements contained herein that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements made by the Company. These factors include, but are not limited to: (i) the Company's ability to successfully complete product research and development, including pre-clinical and clinical studies and commercialization; (ii) the Company's ability to obtain required governmental approvals; (iii) the Company's ability to attract and/or maintain manufacturing, sales, distribution and marketing partners; (iv) the Company's ability to develop and commercialize its products before its competitors; and (v) the Company's ability to finance its operations. Additional factors that would cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company's filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in the Company's recent SEC filings.