EATONTOWN, N.J., Nov. 8 /PRNewswire/ -- Roberts Pharmaceutical Corporation
(Nasdaq: RPCX) announced today that shareholders, at a special meeting and by
approximately 95% of votes cast, approved the issuance of the Company's 5%
Convertible Preferred Stock. Net proceeds to Roberts from the private
placement of the Convertible Preferred Stock approximates $100 million.
In response to shareholder questions, the Company noted that in line with
earlier announcements, ProAmatine(TM), Roberts' first pipeline drug, is now
being launched into the U.S. market. Roberts also reaffirmed optimism about
the potential approval of its second pipeline drug Agrelin(R). In this
regard, the Company notes that the labeling review, generally a last step in
the FDA review process, is already in progress for Agrelin(R).
Roberts Pharmaceutical Corporation is an international pharmaceutical
company focusing on the acquisition and development of late-stage drugs.
Roberts currently markets its products in seven countries and has operating
subsidiaries in the U.S., Canada, and the United Kingdom.
This release may contain forward-looking statements which reflect
management's current views of future events and operations. These forward-
looking statements are based on assumptions and external factors, including
assumptions relating to regulatory action and competing products. Any changes
in such assumptions or external factors could produce significantly different
results.
SOURCE Roberts Pharmaceutical Corporation
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CONTACT:
Stuart Z. Levine, Ph.D., Director of Investor
Relations of Roberts Pharmaceutical Corporation, 908-389-1182
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