HAYWARD, Calif., Dec. 20, 2016 /PRNewswire/ -- Impax Laboratories, Inc. (NASDAQ: IPXL) today announced that J. Kevin Buchi, a member of the Impax Board of Directors (the "Board"), has been appointed Interim President and Chief Executive Officer. The Company's Board has come to a mutual agreement with G. Frederick Wilkinson that Mr. Wilkinson separate from his positions as President and Chief Executive Officer and as a member of the Board, effective immediately.
The Nominating Committee of the Impax Board has initiated a search to identify a permanent President and Chief Executive Officer.
"Fred has been instrumental in Impax's ability to remove the warning letter regarding the Company's Hayward facility, which has allowed us to regain generic approvals from that facility," said Robert L. Burr, Chairman of the Board of Directors of Impax Laboratories. "Additionally, we appreciate his contributions in helping to get Rytary® approved and launched, and enhancing the Company's generic and brand portfolio with the acquisition of the Tower entities. On behalf of the Board, we wish him well in his future endeavors."
Mr. Burr added, "The Board of Directors remains confident in, and committed to, the Company's strategic direction. We are focused on finding a successor CEO that will lead Impax through its future growth. Until then, Kevin, who brings a great deal of pharmaceutical experience, along with a highly experienced executive management team, will lead the Company."
"I am extremely proud of the many accomplishments Impax has realized over the past several years," said Mr. Wilkinson. "I am truly grateful for the support I've received from the Board of Directors, the executive management team and most importantly, our highly dedicated employees. I am confident that Impax is well positioned for great success in the future."
Mr. Buchi said, "I look forward to working closely with the Impax Board and management team in this interim role. Together, we will ensure a smooth transition to Impax's next CEO and will remain focused on our corporate priorities and continue to execute on our core competencies in drug delivery, formulation technology and product development."
About J. Kevin Buchi
Mr. Buchi currently serves as President, Chief Executive Officer and a member of the board of directors of TetraLogic Pharmaceuticals Corporation. Mr. Buchi intends to retire from his position as President and Chief Executive Officer of TetraLogic Pharmaceuticals at the end of the year commensurate with TetraLogic Pharmaceuticals' previously announced asset sale to Medivir AB, which transaction is currently expected to close by December 31, 2016. Prior to joining TetraLogic Pharmaceuticals in August 2013, Mr. Buchi served as Corporate Vice President of Global Branded Products at Teva Pharmaceutical Industries Limited from 2011 to May 2012. Before joining Teva, he was Chief Executive Officer of Cephalon, Inc., which was acquired by Teva in October 2011. Mr. Buchi joined Cephalon in 1991 and held various leadership positions, including Chief Financial Officer and Chief Operating Officer, before becoming Cephalon's Chief Executive Officer in December 2010. In addition to serving as a director of Impax and TetraLogic Pharmaceuticals, Mr. Buchi has since 2013 served as a director of Benitec Biopharma Ltd., a NASDAQ listed biotechnology company headquartered in Australia. He has extensive experience as a director having previously served on the board of a number of pharmaceutical companies including EPIRUS Biopharmaceuticals, Inc., Alexza Pharmaceuticals, Inc. and Forward Pharma A/S. Mr. Buchi received his B.A. degree in Chemistry from Cornell University and a Masters of Management degree from the J.L. Kellogg Graduate School of Management, Northwestern University.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
To the extent any statements made in this news release contain information that is not historical; these statements are forward-looking in nature and express the beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the Company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: fluctuations in revenues and operating income; the Company's ability to successfully develop and commercialize pharmaceutical products in a timely manner; reductions or loss of business with any significant customer; the substantial portion of the Company's total revenues derived from sales of a limited number of products; the impact of consolidation of the Company's customer base; the impact of competition; the Company's ability to sustain profitability and positive cash flows; any delays or unanticipated expenses in connection with the operation of the Company's manufacturing facilities; the effect of foreign economic, political, legal, and other risks on the Company's operations abroad; the uncertainty of patent litigation and other legal proceedings; the increased government scrutiny on the Company's agreements with brand pharmaceutical companies; product development risks and the difficulty of predicting FDA filings and approvals; consumer acceptance and demand for new pharmaceutical products; the impact of market perceptions of the Company and the safety and quality of the Company's products; the Company's determinations to discontinue the manufacture and distribution of certain products; the Company's ability to achieve returns on its investments in research and development activities; changes to FDA approval requirements; the Company's ability to successfully conduct clinical trials; the Company's reliance on third parties to conduct clinical trials and testing; the Company's lack of a license partner for commercialization of NUMIENT™ (IPX066) outside of the United States; impact of illegal distribution and sale by third parties of counterfeits or stolen products; the availability of raw materials and impact of interruptions in the Company's supply chain; the Company's policies regarding returns, allowances and chargebacks; the use of controlled substances in the Company's products; the effect of current economic conditions on the Company's industry, business, results of operations and financial condition; disruptions or failures in the Company's information technology systems and network infrastructure caused by third party breaches or other events; the Company's reliance on alliance and collaboration agreements; the Company's reliance on licenses to proprietary technologies; the Company's dependence on certain employees; the Company's ability to comply with legal and regulatory requirements governing the healthcare industry; the regulatory environment; the effect of certain provisions in the Company's government contracts; the Company's ability to protect its intellectual property; exposure to product liability claims; risks relating to goodwill and intangibles; changes in tax regulations; the Company's ability to manage growth, including through potential acquisitions and investments; the risks related to the Company's acquisitions of or investments in technologies, products or businesses; the restrictions imposed by the Company's credit facility and indenture; the Company's level of indebtedness and liabilities and the potential impact on cash flow available for operations; uncertainties involved in the preparation of the Company's financial statements; the Company's ability to maintain an effective system of internal control over financial reporting; the effect of terrorist attacks on the Company's business; the location of the Company's manufacturing and research and development facilities near earthquake fault lines; expansion of social media platforms and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as to the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, regardless of whether new information becomes available, future developments occur or otherwise.
About Impax Laboratories, Inc.
Impax Laboratories, Inc. (Impax) is a specialty pharmaceutical company applying its formulation expertise and drug delivery technology to the development of controlled-release and specialty generics in addition to the development of central nervous system disorder branded products. Impax markets its generic products through its Impax Generics division and markets its branded products through its Impax Specialty Pharma division. Additionally, where strategically appropriate, Impax develops marketing partnerships to fully leverage its technology platforms and pursues partnership opportunities that offer alternative dosage form technologies, such as injectables, nasal sprays, inhalers, patches, creams and ointments. For more information, please visit the Company's Web site at: www.impaxlabs.com.
Investor Relations and Corporate Communications
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SOURCE Impax Laboratories, Inc.