EVANSTON, Ill., Aug. 1 /PRNewswire-FirstCall/ -- Northfield Laboratories,
Inc. (Nasdaq: NFLD), a leading developer of an oxygen-carrying blood
substitute for trauma and elective surgery situations, today urged its
shareholders not to sign any proxy card sent to them by dissident shareholder
C. Robert Coates.
Steven A. Gould, M.D., Northfield's Chairman and Chief Executive Officer,
commented, "We are disappointed that Mr. Coates has apparently chosen not to
support the positive changes we've recently announced. Northfield's board and
management are committed to enhancing shareholder value. We will soon be
sending our shareholders detailed information about the actions we are taking
to build the long-term value of their shares, and the reasons why Northfield's
board believes the efforts of Mr. Coates are unwise and not in the best
interest of Northfield or its shareholders."
Northfield indicated that it plans to mail proxy materials to its
shareholders shortly for its September 13, 2002 annual meeting.
Statements in this release that are not strictly historical are "forward-
looking" statements that are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks, which may cause the company's
actual results in the future to differ materially from expected results. These
risks include, among others: competition from other blood substitute products;
the company's ability to obtain regulatory approval to market PolyHeme
commercially; the company's and/or its representative's ability to
successfully market and sell PolyHeme; the company's ability to manufacture
PolyHeme in sufficient quantities; the company's ability to obtain an adequate
supply of raw materials; the company's ability to maintain intellectual
property protection for its proprietary product and to defend its existing
intellectual property rights from challenges by third parties; the
availability of capital to finance planned growth; and the extent to which the
hospitals and physicians using PolyHeme are able to obtain third-party
reimbursement, as described in the company's filings with the Securities and
Exchange Commission.
Northfield, the members of its board of directors and certain of its
executive officers may be deemed to be participants in the solicitation of
proxies in connection with Northfield's 2002 annual meeting of stockholders.
Information regarding each participant will be included in the definitive
proxy statement that will be filed by Northfield with the Securities and
Exchange Commission in connection with the annual meeting. Shareholders are
urged to read the definitive proxy statement carefully when it becomes
available because it will contain important information. Northfield's
definitive proxy statement will be available without charge at the SEC's
Internet web site at http://www.sec.gov. In addition, Northfield will provide copies
of its definitive proxy statement without charge upon request. Requests for
copies of the proxy statement should be directed to Northfield at (847) 864-
3500.
Visit the Northfield website at: http://www.northfieldlabs.com
SOURCE Northfield Laboratories, Inc.
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Related links:
http://www.northfieldlabs.com
CONTACT:
Steven A. Gould, M.D., Chief Executive
Officer of Northfield Laboratories, +1-847-864-3500, or
Investors, Bill Schmidle, +1-312-640-6753, or Media, Cindy
Martin, +1-312-640-6741, both of FRB Weber Shandwick
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