Monday July 27, 8:29 am Eastern Time
Company Press Release
SOURCE: Andrx Corporation
Andrx Agrees To Take Cybear Public, Led By Key
Executives
FORT LAUDERDALE, Fla., July 27 /PRNewswire/ -- Andrx Corporation
(Nasdaq: ADRX - news) announced today that CyBear Inc., its Internet based
healthcare communications technology subsidiary, has entered into a merger
agreement with 1997 Corp. CyBear, Inc. is developing technology and products
that can address the growing communication and information problems in the
healthcare delivery system. 1997 Corp., the vehicle with which CyBear is merging,
is a ''blank check'' company that has a registration statement on file with the
Securities and Exchange Commission (''SEC'') to seek a business combination
with an operating entity. Commenting on the strategy behind the merger, Andrx
Chairman and Chief Executive Officer Alan P. Cohen said, ''With the additional
flexibility that this new structure will provide, CyBear can increase its power to
capitalize on the emergence of Internet technologies, enabling the components of
healthcare to communicate with each other and provide operating efficiencies,
overhead reductions, cost relief and improved patient care.''
Key to the potential success of CyBear is the management team that has agreed to
lead its operations. John Klein and Edward Goldman, MD, experienced and well
respected pharmaceutical and medical management executives, have agreed to join
CyBear's staff which has been developing CyBear's technology and products since
November 1996.
Mr. Klein, the former Chief Executive Officer, Chairman of the Board and a
director of Zenith Laboratories, Inc., a publicly traded pharmaceutical company
that was acquired by IVAX Corporation, and MIM Corporation [Nasdaq:MIMS -
news], a publicly traded pharmacy management company, has agreed to become
the Chairman and a director of CyBear, Inc. Dr. Goldman, the Executive Vice
President of Physician Development and Chief Medical Officer of Phymatrix
Corp. [Nasdaq:PHMX - news], a publicly traded physician management company,
has agreed to become the President, Chief Executive Officer and a director of
CyBear, Inc.
''Not long ago, anyone predicting that the Internet would revolutionize commerce
was branded a dreamer,'' said Klein. ''Today, these dreamers are recognized as
visionaries. Taking a page from their revolution, CyBear's expressed purpose is to
drive the Internet into the one area where it can have a greater impact than on
business: healthcare. We intend to settle for nothing less than leadership in
healthcare information technology.''
Dr. Goldman zeroed in on the core of CyBear's strengths: ''Metcalfe's Law states
that the utility and value of a network grows exponentially with the number of
users. It is one of the foundations upon which Internet commerce is based.
CyBear harnesses Metcalfe's Law, employing the power of universal connectivity
to create a 'virtual private network' that electronically links all network routers
efficiently, and effectively.''
Alan Cohen, Chairman and Chief Executive Officer of Andrx, noted that CyBear's
future potential will be channeled right to Andrx's bottom line. ''Andrx will
continue to own over 90% of CyBear, so our shareholders will benefit,'' said
Cohen. ''The opportunity offered by CyBear's technology and products has
attracted the proven skills and expertise of business executives such as John Klein,
Ed Goldman and others. The combination will win.''
Andrx is engaged in the formulation and commercialization of oral
controlled-release pharmaceuticals utilizing its proprietary drug delivery
technologies. In its ANDA program, the Company is developing generic versions
of selected high sales volume controlled-release brand name pharmaceuticals. In
its NDA program, the Company is developing its own brand name formulations of
certain existing drugs that it believes may be improved by the application of the
Company's drug delivery technologies. The Company also markets and distributes
pharmaceutical products manufactured by third parties.
Forward-looking statements (statements which are not historical facts) in this
release are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. For this purpose, any statements contained in this
report that are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the generality of the foregoing,
words such as ''may,'' ''will,'' ''expect,'' ''believe,'' ''anticipate,'' ''intend,''
''could,'' ''would,'' ''estimate,'' or ''continue'' or the negative other variations
thereof or comparable terminology are intended to indemnify forward-looking
statements. Investors are cautioned that all forward-looking statements involve
risks and uncertainties, including those risks and uncertainties detailed in the
Company's filings with the Securities and Exchange Commission.
This release and additional information about Andrx Corporation are also
available on the Internet at: andrx.com and cybear.net .
SOURCE: Andrx Corporation |
