EVANSTON, Ill., Sept. 26 /PRNewswire/ -- Northfield Laboratories Inc.
(Nasdaq: NFLD) announced today that it has reached agreement with C. Robert
Coates and Management Insights, Inc. on a series of steps designed to promote
increased understanding and investor awareness regarding Northfield and its
PolyHeme(TM) blood substitute product.
Northfield's senior management, Richard E. DeWoskin and Steven A. Gould,
and Mr. Coates met today to discuss ways to enhance the flow of information
available to Northfield's shareholders and others in the scientific, business
and investment communities. Northfield indicated that it planned to increase
significantly the resources devoted to investor relations activities and to
consider additional steps to provide enhanced information to its public
investors. In addition, Northfield agreed to explore expanding its board of
directors to include one or more additional independent directors with
substantial FDA regulatory experience or a background in the pharmaceutical
industry.
Northfield also provided clarification that shareholders attending its
upcoming annual meeting of shareholders would be free to ask questions and
make statements. Arrangements have been made to permit those shareholders
attending the annual meeting in person to view the business update
presentation being broadcast on the Internet at the meeting site following the
conclusion of the meeting. If the webcast format works well at the annual
meeting, Northfield may schedule periodic webcasts to update shareholders on
the Company's progress.
Mr. Coates and Northfield's senior management agreed to meet periodically
in the future to review the status of the steps being implemented by
Northfield.
Following the meeting, Mr. Coates and Management Insights indicated that
they had determined to withdraw their proposed slate of directors and will not
solicit proxies in connection with the 2000 annual meeting.
For more information on Northfield Laboratories Inc. via facsimile at no
cost, simply dial 1-800-PRO-INFO and enter the company code NFLD.
Visit the Northfield website at http://www.northfieldlabs.com .
SOURCE Northfield Laboratories Inc.
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Related links:
http://www.northfieldlabs.com
CONTACT:
Richard DeWoskin, Chief Executive Officer of
Northfield Laboratories, 847-864-3500, or General, Leslie
Hunziker, Analysts-Investors, Leslie Loyet, of The Financial
Relations Board, 312-266-7800
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