WILMINGTON, N.C., Jan. 6 /PRNewswire-FirstCall/ -- aaiPharma Inc.
(Nasdaq: AAII) announced today that the Company has appointed Mr. David
Hurley, formerly President of aaiPharma's Pharmaceutical Division, to the role
of Chief Operating Officer of aaiPharma, and Dr. Vijay Aggarwal, formerly
President of AAI Development Services to the role of President, Research and
Development, which includes oversight for the Development Services
organization.
Dr. Philip S. Tabbiner, President and Chief Executive Officer of aaiPharma
stated, "This integration of key functions within our organization reflect the
continued evolution of aaiPharma as a science-based pharmaceutical company
focused on pain management. The promotion of David Hurley to Chief Operating
Officer of aaiPharma and the expanded role for Vijay Aggarwal as President of
R&D will help assure that the Company is even better aligned to realize its
strategic goals as a world-class pharmaceutical business."
In his new role as Chief Operating Officer, Mr. Hurley will continue to
oversee the commercial operations of aaiPharma while adding responsibility for
Manufacturing, Human Resources, Information Systems and Technology, Corporate
Communications and Professional Development/Training. This integration of key
operational functions under Mr. Hurley's leadership will allow the Company to
focus on building a best-in-class infrastructure to continue to support the
growth and success of the overall business. With more than 20 years in the
pharmaceutical industry, Mr. Hurley will facilitate the transformation of
aaiPharma's internal business practices and mechanisms to keep pace with the
Company's rapid and successful transformation to a pharmaceutical company
business model.
Dr. Aggarwal's new position as President of R&D will allow the Company to
manage its development resources for maximum impact on its own product
pipeline and the needs of external clients. Separate project management teams
will focus on the unique needs of either internal or external development
programs, but the common leadership will allow aaiPharma to improve timelines,
allocate resources more effectively and efficiently, and ensure that the
Company is meeting its goal of getting the job done right and on time for
internal and external clients. Dr. Aggarwal's distinguished career in the
laboratory and pharmaceutical industries will further differentiate aaiPharma
as a world-class product development company.
"I am looking forward to working more closely with Vijay in his new role
in R&D, and I have the utmost confidence in both his and David's ability to
build upon the solid foundation that aaiPharma has built over the last 24
years," said Fred Sancilio, Ph.D., Executive Chairman and Chief Scientific
Officer of aaiPharma. "I continue to be very pleased with the strength and
depth of our management team and the overall strategic direction of the
Company."
About aaiPharma
aaiPharma Inc. is a leading, science-based pharmaceutical company focused
on pain management, with corporate headquarters in Wilmington, North Carolina.
With more than 24 years of drug development expertise and a proven sales and
marketing track record, the Company is focused on developing, acquiring, and
marketing well-known, branded medicines in its targeted therapeutic areas.
aaiPharma 's development efforts are focused on developing improved medicines
from established molecules through its significant research and development
capabilities. For more information on the Company, including its product
development organization AAI Development Services, please visit aaiPharma's
website at http://www.aaipharma.com .
Forward Looking Statements
Information in this press release contains certain "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities and Exchange Act of 1934, including the
quotations by Drs. Sancilio and Tabbiner and the statements pertaining to our
plans and expectations as to building our infrastructure, transformations of
our business model, practices and processes, and our resource allocations.
The "forward-looking statements" herein involve risks and uncertainties that
could cause actual results to differ materially, including, without
limitation, risks and uncertainties pertaining to the Company's ability to
timely and successfully implement these plans and expectations, and to
successfully acquire, finance, develop, improve, obtain timely regulatory
approval for, extend product life cycles of, conduct successful research on,
manufacture, have manufactured, and sell, on a commercially profitable basis,
pharmaceutical products; to obtain, use, enforce, defend and license valid and
commercially valuable patents; to obtain and enforce existing and future
contracts with major pharmaceutical companies for significant royalties and
other consideration; and on the commercial success of our existing and planned
products. Additional factors that may cause the actual results to differ
materially are discussed in aaiPharma's recent filings with the Securities and
Exchange Commission, including, but not limited to, our Annual Report on Form
10-K filed on March 28, 2003, including its Exhibit 99.1 and other exhibits;
our Forms 10-Q filed on May 15, 2003, August 14, 2003 (including its Exhibit
99.1) and November 14, 2003; our Form 8-Ks; and our other periodic filings.
SOURCE aaiPharma Inc.
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Related links:
http://www.aaipharma.com
CONTACT:
Media: Andrea L. Johnston, Vice President,
Corporate Communications, +1-910-254-7340, or Investors: James B.
Sloan, Jr. Senior Vice President, Corporate Finance,
+1-910-254-7690, both of aaiPharma Inc.
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