Pharmagen Appoints Industry Veteran Russell Skibsted as Chief Financial Officer ("CFO ")

SILVER SPRING, Md., June 11, 2014 /PRNewswire/ -- Pharmagen, Inc. (OTCPink: PHRX) (the "Company" or "Pharmagen") today announced that Russell Skibsted has been appointed as its Executive Vice President and Chief Financial Officer.  

Mr. Skibsted brings over 25 years of industry and financial management experience, including over 10 years with CFO responsibilities in public companies. Most recently, Mr. Skibsted was Sr. Vice President, Chief Financial Officer and Secretary of Aeolus Pharmaceuticals, a public biotechnology company developing compounds to protect against radiological and chemical threats with over $150 million in U.S. Government funding.  Prior to that, he was Sr. Vice President and Chief Business Officer of Spectrum Pharmaceuticals, where he completed one of 2008's largest licensing partnerships for a single, non-platform drug. Previously he was CFO at Hana Biosciences, a public biotech company focused on oncology, and Portfolio Partner and CFO at Asset Management Company, one of Silicon Valley's oldest and most respected venture capital firms. Mr. Skibsted received his undergraduate degree in economics from Claremont McKenna College and his MBA from the Stanford Graduate School of Business.

"The addition of Russell brings another Key Executive to the Pharmagen Team. We are proud to have Russell on board," says Richard Wolpow, Pharmagen's Chairman.  "His strong background in M&A, partnerships, finance and operations, of both large and small public and private companies, further supports our commitment to build a best-in-class company and continue to strive to create transparency and financial governance to our shareholders and the market," Wolpow continued. 

"Russell is a great compliment to the team, who along with the recent addition of Boyd Relac as our new COO, will take the lead in implementing the Company's long term consolidation plan and building out the remaining executive team," says Mackie Barch, who, in conjunction with Russell's appointment, and as part of the Company's broader strategy, will assume the new position of Founder and Vice Chairman of Pharmagen. "I understand and appreciate the path we are on and I am excited to have the support and experience that both Russell and Boyd bring, Barch continued.   

"I'm excited to join the Pharmagen team," Mr. Skibsted stated, "Pharmagen is positioned to lead the compounding pharmacy industry away from small businesses, which have been largely unregulated, to new, best-in-class levels of performance. Pharmagen will bring trust and confidence back to the compounding pharmacy."

About Pharmagen

Pharmagen, Inc. ("Pharmagen"), and wholly owned subsidiaries and operating divisions Pharmagen Laboratories, Inc., Pharmagen Distribution, LLC and Pharmagen Nutraceuticals, Inc. offers innovative solutions to the nations sterile pharmaceutical crisis. With a multi-solution approach, Pharmagen is helping to meet the demand of the health provider market through independent wholesale, compounding, and IT solutions.  Nationally focused, Pharmagen is a distributor of specialty drugs, compounding and admix pharmacy and producer of over-the-counter ("OTC") branded multivitamins. Pharmagen currently functions as a just-in-time source of supply for hospitals for those products that are hard-to-find..

Contact: 888-264-4597 or [email protected] 
Follow Us on Twitter: @pharmagenrx or
The Drug Shortage Report  http://drugshortagereport.blogspot.com/

Safe Harbor Statement

Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements.  These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Pharmagen actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements.  The risks, uncertainties and other factors are more fully discussed in Pharmagen's filings with the U.S. Securities and Exchange Commission.  All forward-looking statements attributable to Pharmagen herein are expressly qualified in their entirety by the above-mentioned cautionary statement.  Pharmagen disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.

SOURCE Pharmagen, Inc.