EATONTOWN, N.J., Sept. 11 /PRNewswire/ -- Dr. Robert A. Vukovich announced
today that he has decided to change the focus of his activities at Roberts
Pharmaceutical Corporation (Amex: RPC). Dr. Vukovich will continue as
Chairman of the Board, but will forego his day-to-day activities as President
and CEO to concentrate on Roberts' long-term strategic business and product
development programs. The Company's Board of Directors has approved the
change and has elected John T. Spitznagel as President and Chief Executive
Officer, effective immediately. Mr. Spitznagel, with more than 30 years
experience in the ethical pharmaceutical business, has served as Roberts
Executive Vice President, Worldwide Sales and Marketing, since March 1996 and
as a member of the Company's Board of Directors since July 1996.
In addition to the regular duties of Chairman, Dr. Vukovich will devote
substantial time to issues of long-term strategic importance to the Company,
including the identification of new product opportunities and expediting the
development of Roberts pipeline compounds.
In commenting on this change, Mr. Spitznagel stated, "the identification
of new product opportunities and pipeline development are vital aspects of the
Company's growth. Dr. Vukovich possesses special skills in these areas and,
coupled with his proven entrepreneurial abilities, we know that he will make
continued invaluable contributions to the Company's future growth. We expect
to build on our business base and assure a strong future for the Company, its
stockholders, employees, customers and its communities. We look forward to
Dr. Vukovich providing us with his expertise in new product development,
strategic planning, and new business development in the successful pursuit of
our corporate objectives."
"This is the right time to move on to the next generation of leadership
now in place at Roberts," Dr. Vukovich said of his decision. Dr. Vukovich
commended the Company's management team, most notably its new President and
CEO John Spitznagel, and expressed confidence in its future. "Roberts is well
positioned to grow and prosper in the 21st century global marketplace. I look
forward to the future with confidence and gratitude for having been given the
opportunity to lead this great Company."
Mr. Spitznagel served as President of Reed and Carnick Pharmaceuticals
from September 1990 through July 1995. In 1989 and 1990, he served as Chief
Executive Officer of BioCryst Pharmaceuticals, Inc. From 1979 through 1989,
Mr. Spitznagel held various positions with Wyeth-Ayerst Laboratories,
advancing from Marketing Director to Senior Vice President of Marketing and
Sales. Mr. Spitznagel was employed by Roche Laboratories from 1971 through
1979 and by Warner-Chilcott Laboratories from 1966 through 1971 in various
sales, marketing and management positions. Mr. Spitznagel received his
undergraduate degree from Rider University and an M.B.A. from Fairleigh
Dickinson University.
Dr. Vukovich founded Roberts Pharmaceutical Corporation in 1983 and has
served as President, CEO and Chairman ever since. Under his leadership,
Roberts became a public company in 1990 and has raised over $400 MM in equity
capital. The company was established as a drug development organization with
a substantial new product pipeline and global business partners. Recently,
Roberts received FDA approval for two new drugs, ProAmatine(R) and
Agrylin(TM), and acquired a new FDA/HPB approved manufacturing facility.
Prior to Roberts, Dr. Vukovich spent 17 years in the pharmaceutical
industry developing new drugs for Warner Lambert, Bristol-Myers Squibb and the
Revlon Health Care Group. He has authored or co-authored over 125 scientific
publications and has developed and commercialized over 40 new chemical entity
drugs for the US and other markets. He is a graduate of Allegheny College and
holds a Ph.D. in Clinical Pharmacology and Pathology from Jefferson Medical
College of Philadelphia. He has served on several corporate boards and has
received many awards including Entrepreneur of the Year for Biotechnology,
Cancer Care Man of the Year, Crohn's and Colitis Foundation Man of the Year,
and a special recognition from the National Organization for Rare Diseases for
the development of ProAmatine and Agrylin.
Roberts Pharmaceutical Corporation, with operating subsidiaries in the
United States, Canada, and the United Kingdom, focuses on new health care
solutions through the acquisition and development of specialty
pharmaceuticals. The Company's first proprietary product, ProAmatine(R), was
recently launched in the U.S. as the first FDA cleared drug to treat
orthostatic hypotension. Agrylin(TM), Roberts second pipeline product, has
since been launched in the U.S. as the first drug approved to treat essential
thrombocythemia and is currently under review for approval in Canada and
Europe.
This and past press releases of Roberts Pharmaceutical Corporation are
available through PR Newswire's Company News On-Call fax service at
1-800-758-5804, extension 760975 and on the internet at
http://www.prnewswire.com and http://www.robertspharm.com.
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, 732-389-1182, ext. 3064
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