Akorn, Inc. Announces Withdrawal of Registration Statement
BUFFALO GROVE, Ill.--(BUSINESS WIRE)--Oct. 15, 1998--Akorn, Inc. (NASDAQ: AKRN) announced today it has made application with the SEC to withdraw its registration statement in connection with a proposed public offering of 5,540,000 shares of its common stock.
The Company has applied to withdraw the offering due to current market conditions, which management believes has resulted in a stock price which does not reflect the inherent value of the Company's business.
John Kapoor, Chief Executive Officer of Akorn, Inc. said: "Our current business continues to be robust and can be financed internally. We will again consider accessing the capital markets when market conditions warrant."
Akorn, Inc. is a specialty pharmaceutical company that develops, manufactures and markets ophthalmic and injectable sterile pharmaceutical products in the United States. The Company sells more than 90 diagnostic and therapeutic pharmaceutical products focused primarily on ophthalmology, anesthesia, antidotes and rheumatology.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Sefosm Act of 1995. Actual results may differ materially from anticipated results as a result of certain risks and uncertainties, including but not limited to the effects of federal, state and other governmental regulation of the Company's business; the company's success in acquiring, developing, manufacturing and marketing new products; the effects of competition from generic pharmaceuticals and other pharmaceutical companies; and other risks and uncertainties identified in the Company's Securities and Exchange Commission Filings.
This release is available on the KCSA Worldwide Public Relations Website at www.kcsa.com.
CONTACT:
Akorn Inc., Buffalo Grove
Rita McConville, Chief Financial Officer
(847) 279-6151
or
KCSA Worldwide, New York
Paul Holm/Joseph A. Mansi
(212) 682-6300, ext.201/205
KEYWORD: ILLINOIS
BW1475 OCT 15,1998
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