Sounds like some low-life shorts are after ADRX:
Andrx Dispels Additional Rumors
Business Wire - October 06, 1999 15:52
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 6, 1999--ANDRX CORPORATION (Nasdaq:ADRX) today took the unusual step of publicly commenting on a confluence of rumors that have recently been injected into the marketplace. "Having dispatched one set of malicious rumors during our successful skirmish with Medix in 1997, I am perfectly comfortable taking this non-traditional action," said Alan P. Cohen, Co-Chairman and Chief Executive Officer of Andrx. "Let me state categorically that there has been no adverse event or material change in our business or legal affairs. Andrx believes that recent rumors concerning the status of the Federal Trade Commission's investigation of the Company resulted from persons with other self-serving agendas."
In recent days, Andrx has been contacted by anxious investors who have been exposed to several additional rumors. The first is to the effect that the FDA has identified deficiencies in Andrx's ANDA for a generic version of Prilosec(R). Another rumor involves accounting irregularities. Cohen angrily dismissed these rumors as a: "low-water mark in corporate competitiveness. We stay on top of these applications on a daily basis, and to the best of our knowledge, FDA review of Andrx's ANDA filings for generic versions of Prilosec(R) as well as Naprelan(R), Tiazac(R), K-Dur(R), Wellbutrin(R) and Zyban(R) are all proceeding apace. We are equally pleased to categorically refute any rumors concerning accounting irregularities at Andrx.
"Our ANDA is for a generic Prilosec(R), which, like the AstraZeneca product, is a capsule. We believe that the Prilosec(R) rumor resulted from a citizen petition Andrx submitted for strategic purposes. That petition would have authorized us to obtain an ANDA for a tablet version of Prilosec(R), which is not marketed in the U.S. That citizen petition was previously approved, but FDA recently advised us that pediatric studies would be required for this tablet version. Thus, FDA's recent notification has no effect on our ANDA currently under review."
Scott Lodin, Andrx Vice President and General Counsel, added, "We are confident that FTC or, if necessary, the courts, will conclude that Andrx has at all times been committed to making generic competition available at the earliest practicable opportunity. Patent litigation is the true obstacle to the availability of generic versions of still-patented drugs, and we are doing everything we can to eliminate or reduce this roadblock."
Alan P. Cohen concluded, "We urge our shareholders, employees, and most of all our customers to focus on Andrx's unparalleled momentum and record of achievement, and not be distracted by the kind of skullduggery we've recently had to endure."
Peter |
