EVANSTON, Ill., Sept. 12 /PRNewswire-FirstCall/ --
Northfield Laboratories Inc. (Nasdaq: NFLD), a leading developer of an oxygen-
carrying blood substitute for trauma and elective surgery situations, today
responded to recent false accusations made by dissident shareholder C. Robert
Coates regarding Institutional Shareholder Services (ISS), the nation's
leading independent voting advisory firm. ISS has recommended that its
clients vote in favor of Northfield's seven director nominees at the annual
meeting of shareholders to be held on September 13, 2002.
Steven A. Gould, M.D., Northfield's Chairman and Chief Executive Officer,
said, "I am disappointed with Mr. Coates's comments and false accusations that
suggested that Northfield somehow misled ISS. ISS is a highly respected,
independent organization whose mandate is to provide objective analyses and
recommendations on proxy voting and corporate governance issues. Northfield
provided honest and factual information to ISS, and ISS made its decision,
giving Northfield a strong endorsement in recommending a vote for the Board's
nominees.
"I believe that Mr. Coates's recent actions and false accusations are
reckless and potentially damaging and indicate precisely the reasons that
Northfield's Nominating Committee felt that neither Mr. Coates nor Mr.
Williams had the credentials, qualities or character appropriate for
membership on our Board of Directors."
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.
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 Inc., +1-847-864-3500, or
Investors, Lisa Fortuna, +1-312-640-6779, or Media, Cindy Martin,
+1-312-640-6741, both of FRB Weber Shandwick
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