Columbia Laboratories Announces Senior Management Restructure, Chairman William Bologna Appointed CEO
AVENTURA, Fla.--(BUSINESS WIRE)--Jan. 18, 2000--
Vice Chairman James Apostolakis to Assume the Position of President
Columbia Laboratories (AMEX:COB) today announced that its Chairman William Bologna has been elected CEO, and Vice Chairman James Apostolakis has been elected President. Former President and CEO, Norman Meier has been appointed Chairman Emeritus of the Board of Directors.
In keeping with its commitment to focus on new product development activity and reduce non-core overhead, Columbia has restructured its senior management team. Columbia will concentrate on developing its extensive pipeline of Rx products including, Chronodyne(TM) (terbutaline gel) for the treatment of dysmenorrhea, a physiologic testosterone buccal tablet for men and a unique vaginal testosterone for menopausal women.
Columbia previously announced its plan to divest its Over The Counter Business. "Funds from this transaction will ensure we have the resources to speed development of innovative Rx products and to bring these products to market in a timely fashion. We are also committed to simultaneously reduce corporate overhead and expense. This change is a further step in realizing these goals," commented Columbia Chairman and CEO William Bologna.
Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company, dedicated to research and development of women's health care products, including those intended to treat infertility, dysmenorrhea, endometriosis, hormonal deficiencies and the prevention of sexually transmitted diseases. Columbia's products primarily utilize the company's patented bioadhesive delivery technology.
This press release contains statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, among other things, the inability to sell the over-the-counter business, competitive, economic and regulatory factors in the pharmaceutical and health care industry, general economic conditions, and other risks and uncertainties that may be detailed, from time-to-time, in Columbia's reports filed with the Securities and Exchange Commission.
CONTACT:
Columbia Laboratories, Inc., New York
James Apostolakis, Vice Chairman & President
212/588-1900
or
Columbia Laboratories, Inc., Aventura
David Weinberg, Chief Financial Officer
305/933-6089
or
In-Site Communications, Inc., New York
Lisa Carlton-Wilson, Investor Relations
212/759-3929
or
Trina Chiara, Media Relations, 860/646-7949 |
