NEW YORK, Sept. 7 /PRNewswire-FirstCall/ -- Forest Laboratories, Inc.
(NYSE: FRX) today announced that its Board of Directors has appointed
Lawrence S. Olanoff, M.D., Ph.D. as its President and Chief Operating
Officer and as a Director of the Company effective October 30, 2006. Dr.
Olanoff will succeed Kenneth E. Goodman, who has announced his retirement
after more than 26 years with Forest but who will remain a member of the
Company's Board of Directors. Dr. Olanoff, who served as Forest's Executive
Vice President and Chief Scientific Officer for ten years ending July 2005
will be returning to Forest from Celsion Corporation where he served as
President and Chief Executive Officer after leaving Forest. Prior to
joining Forest in 1995, Dr. Olanoff served as Senior Vice President -
Clinical Research and Development at Sandoz Pharmaceutical Corporation and
prior thereto served as Corporate Vice President - Clinical Development and
Medical Affairs at The Upjohn Company. Dr. Olanoff, 54, holds a Ph.D. in
biomedical engineering and an M.D. degree from Case Western Reserve
University.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO )
Howard Solomon, Chairman and Chief Executive Officer of Forest, stated:
"We are delighted with the return of Larry Olanoff to Forest and his
assuming the position of President and Chief Operating Officer. During
Larry's tenure as Chief Scientific Officer at Forest he created and built
the Forest Research Institute from a fledgling group to an eight hundred
person organization of distinguished scientists, researchers, and support
personnel which has produced our successful marketed products, including
Celexa(R), Lexapro(R) and Namenda(R), as well as our robust development
pipeline. Larry has proven his excellent management skills, creativity and
extraordinary leadership capabilities and we welcome him back to Forest in
his new leadership role.
On the other hand, we understand Ken's desire to have more time to
spend with his family and to use for his not-for-profit activities. Ken has
been a fundamental force in Forest's growth and success for more than 26
years as well as a warm friend and mentor to many at Forest. Although we
will miss his day to day guidance and contributions, we are pleased that
Ken, who will continue his employment with Forest through the end of the
year, will continue to serve on our Board of Directors and to make his
wealth of experience and talents available to us in that capacity for many
years to come."
Dr. Olanoff noted, "I am pleased to be able to rejoin Forest at this
exciting time in the Company's history and to assume a leadership role to
guide Forest into its future. Forest's product development pipeline has
never been more exciting and the quality of its executive leadership and
organizational strength presents a solid foundation for future
achievements. It is particularly gratifying to take on a new leadership
role at Forest where so many of my central career achievements were
accomplished."
Ken Goodman commented, "I have spent 26 wonderful years at Forest
working side by side with Howard Solomon. Over that time, Forest has grown
from virtually a start-up to a successful, mid-size, fully integrated
pharmaceutical company. With the recent upholding of our Lexapro patent,
the strong performance of our currently marketed products, an exciting
pipeline of new product opportunities and a strong experienced senior
management team in place in all areas, I felt as though this was the
opportune time to retire and pursue personal interests. I know that I will
be leaving the Company with an extraordinarily bright future."
About Forest Laboratories and Its Products
Forest Laboratories (http://www.frx.com) is a US-based pharmaceutical
company dedicated to identifying, developing, and delivering products that
make a positive difference in peoples' lives. Forest Laboratories' growing
product line includes Lexapro(R) (escitalopram oxalate), an SSRI indicated
for adults for the initial and maintenance treatment of major depressive
disorder and for generalized anxiety disorder; Namenda(R) (memantine HCl),
an N-methyl-D-aspartate (NMDA)-receptor antagonist indicated for the
treatment of moderate and severe Alzheimer's disease; Benicar(R)*
(olmesartan medoxomil), an angiotensin receptor blocker, and Benicar*
HCT(R) (olmesartan medoxomil-hydrochlorothiazide), an angiotensin receptor
blocker and diuretic combination product, each indicated for the treatment
of hypertension; and Campral(R)* (acamprosate calcium), indicated in
combination with psychosocial support for the maintenance of abstinence
from alcohol in patients with alcohol dependence who are abstinent at
treatment initiation.
* Benicar is a registered trademark of Daiichi Sankyo, and Campral is a
registered trademark of Merck Sante s.a.s., subsidiary of Merck KGaA,
Darmstadt, Germany.
Except for the historical information contained herein, this release
contains "forward-looking statements" within the meaning of the Private
Securities Reform Act of 1995. These statements involve a number of risks
and uncertainties, including the difficulty of predicting FDA approvals,
acceptance and demand for new pharmaceutical products, the impact of
competitive products and pricing, the timely development and launch of new
products and the risk factors listed from time to time in the Company's SEC
reports, including the Company's Annual Report on Form 10-K for the fiscal
year ended March 31, 2006 and on Form 10-Q for the period ended June 30,
2006.
SOURCE Forest Laboratories, Inc.
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Related links:
http://www.frx.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Charles E. Triano, Vice President - Investor
Relations, of Forest Laboratories, Inc., +1-212-224-6714,
Charles.triano@frx.com
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