EVANSTON, Ill., Aug. 17 /PRNewswire/ -- Northfield Laboratories Inc.
(Nasdaq: NFLD), a leading developer of an oxygen-carrying blood substitute,
today reported that C. Robert Coates, a shareholder of the company, has filed
suit in Delaware to delay Northfield's annual meeting of shareholders
scheduled for August 31, 2001. The Delaware court has set an August 30, 2001,
hearing date to consider Coates' suit.
In his complaint, Coates has requested that the annual meeting be
postponed to allow additional time for him to solicit shareholder proxies to
elect two representatives to the Northfield board. Coates previously
delivered letters to Northfield nominating his brother and one other
individual for election as directors and, very recently, requesting a list of
Northfield's shareholders entitled to vote at the upcoming annual meeting.
Northfield's proxy statement for the annual meeting was mailed to
shareholders on August 3, 2001, prior to the date Coates filed his lawsuit and
notified Northfield of his intention to nominate directors and solicit proxies
for his nominees. Northfield had not received any prior communication from
Coates indicating his intention to nominate directors in connection with the
upcoming Northfield meeting.
Northfield believes the lawsuit is without merit, and intends to
vigorously defend the rights of shareholders to proceed with the annual
meeting as originally scheduled.
"To say that we are very surprised that Mr. Coates is taking this action
would be an understatement," said Richard DeWoskin, chairman and chief
executive officer. "This suit will distract us at a critical time when our
attention should be focused on completion of the Biologics License Application
for our PolyHeme oxygen-carrying blood substitute product and submission of
that application to the FDA."
Shareholders who have not yet signed and returned their proxy cards
included with Northfield's proxy statement are requested to do so promptly, so
that the annual meeting can proceed as planned once this lawsuit is resolved
by the Delaware courts.
About the Company
Northfield Laboratories, founded in 1985, is a leading developer of an
oxygen-carrying blood substitute. Its product, PolyHeme, is the only blood
substitute undergoing clinical trials that has been tested at large enough
dosages to be considered a substitute for acute blood loss in trauma and
surgical settings. As a result of the process used to manufacture the blood
substitute, essentially a solution of polymerized hemoglobin, PolyHeme has a
longer shelf life than blood, requires no cross matching and does not transmit
disease.
Certain Information Concerning Participants
The board of directors of Northfield may be deemed to be participants in
the solicitation of proxies referred to in this press release. Information
regarding each of Northfield's directors is included in the proxy statement
filed by Northfield with the Securities and Exchange Commission on August 3,
2001. If Northfield's annual meeting of shareholders scheduled for August 31,
2001, is postponed, Northfield may file a revised proxy statement or proxy
supplement with the Securities and Exchange Commission. Northfield
shareholders are urged to read the proxy statement and any revised or
supplemental proxy materials carefully when they are available because they
contain important information. Northfield's proxy statement is, and any
revised or supplemental proxy materials 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 proxy statement and any revised or supplemental
proxy materials without charge upon request. Requests for these materials
should be directed to Northfield's Corporate Secretary at (847) 864-3500.
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.
SOURCE Northfield Laboratories Inc.
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Related links:
http://www.northfieldlabs.com
CONTACT:
Richard DeWoskin, Chief Executive Officer of
Northfield Laboratories, Inc., +1-847-864-3500, or General
Information, Leslie Hunziker of The Financial Relations Board,
+1-312-640-6760
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