DRAXIS Health Inc. Announces Retirement of Dr. Martin Barkin as President and Chief Executive Officer
01 Novembre 2007 - 1:53AM
PR Newswire (US)
MISSISSAUGA, ON, Oct. 31 /PRNewswire-FirstCall/ -- DRAXIS Health
Inc. (TSX: DAX) (NASDAQ:DRAX) announces that Dr. Martin Barkin
today informed the board of directors that he will retire as the
President and Chief Executive Officer of the Company effective
December 31, 2007. Dr. Barkin joined the senior management of
DRAXIS in 1992. Over the last fifteen years, he has been
instrumental in guiding the Company through a period of significant
growth from a small Canadian pharmaceutical marketing company to
its current position as a provider of specialized pharmaceutical
and radiopharmaceutical products in markets globally. Brian King,
Chair of the board of directors, indicated that, "The Board of
Directors wishes to acknowledge and thank Martin for the
significant contribution that he has made to the growth and
strategic positioning of DRAXIS during his time at the Company and
for his dedication to its employees, its goals and its progress
over the years. The Board of Directors has commenced a process to
identify Dr. Barkin's successor." With Dr. Barkin's impending
retirement, Dan Brazier, presently Chief Operating Officer, will
immediately take on the roles and responsibilities currently held
by Dr. Barkin until a successor is appointed as President and Chief
Executive Officer. Dr. Barkin said, "I have worked closely together
with Dan Brazier for the last several months in the Office of the
President and he has been assuming more and more of my
responsibilities. I have become very comfortable with his abilities
and, therefore, the time was now right for me to inform the board
of my intentions to retire at the end of this year." About DRAXIS
Health Inc.: DRAXIS Health, through its wholly owned operating
subsidiary, DRAXIS Specialty Pharmaceuticals Inc., provides
products in three categories: sterile products, non-sterile
products and radiopharmaceuticals. Sterile products include liquid
and freeze-dried (lyophilized) injectables plus sterile ointments
and creams. Non-sterile products are produced as solid oral and
semi-solid dosage forms. Radiopharmaceuticals are used for both
therapeutic and diagnostic molecular imaging applications.
Pharmaceutical contract manufacturing services are provided through
the DRAXIS Pharma division and radiopharmaceuticals are developed,
produced, and sold through the DRAXIMAGE division. DRAXIS employs
approximately 500 staff in its Montreal facility. For additional
information please visit http://www.draxis.com/ Caution Concerning
Forward-Looking Statements This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act") and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") and as contemplated under other applicable
securities legislation. These statements can be identified by the
use of forward-looking terminology such as "may," "will," "expect,"
"anticipate," "estimate," "continue," "plan," "intend," "believe"
or other similar words. These statements discuss future
expectations concerning results of operations or financial
condition or provide other forward-looking information. Our actual
results, performance or achievements could be significantly
different from the results expressed in, or implied by, those
forward-looking statements. You should not place undue reliance on
any forward-looking statement, which speaks only as of the date
made. These statements are not guarantees of future performance. By
their nature, forward-looking statements involve numerous
assumptions, known and unknown risks, uncertainties and other
factors that may cause the actual results or performance of the
Company to be materially different from such statements or from any
future results or performance implied thereby. Factors that could
cause the Company's results or performance to differ materially
from a conclusion, forecast or projection in the forward-looking
statements include, but are not limited to: - the achievement of
desired clinical trial results related to the Company's pipeline
products; - timely regulatory approval of the Company's products; -
the ability to comply with regulatory requirements applicable to
the manufacture and marketing of the Company's products; - the
Company's ability to obtain and enforce effective patents; - the
non-infringement of third party patents or proprietary rights by
the Company and its products; - factors beyond our control that
could cause interruptions in our operations in our single
manufacturing facility (including, without limitation, material
equipment breakdowns); - reimbursement policies related to health
care; - the establishment and maintenance of strategic
collaborative and commercial relationships; - the Company's
dependence on a small number of key customers; - the disclosure of
confidential information by our collaborators, employees or
consultants; - the preservation of healthy working relationships
with the Company's union and employees; - the Company's ability to
grow the business; - the fluctuation of our financial results and
exchange and interest rate fluctuations; - the adaptation to
changing technologies; - the loss of key personnel; - the avoidance
of product liability claims; - the loss incurred if current
lawsuits against us succeed; - the volatility of the price of our
common shares; - market acceptance of the Company's products; -
factors described under "Outlook" in the Company's MD&A for the
most recent quarter; and - the risks described in "Item 3. Key
Information - Risk Factors" in the Annual Report Form 20-F filed by
the Company with the United States Securities and Exchange
Commission and which is also filed as the Company's Annual
Information Form with Canadian securities regulators. For
additional information with respect to certain of these and other
factors, and relating to the Company generally, reference is made
to the Company's most recent filings with the United States
Securities and Exchange Commission (available on EDGAR at
http://www.sec.gov/) and the filings made by the Company with
Canadian securities regulators (available on SEDAR at
http://www.sedar.com/). The forward-looking statements contained in
this document represent the Company's expectations as at October
31, 2007. Unless otherwise required by applicable securities laws,
the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. DATASOURCE: DRAXIS Health
Inc. CONTACT: DRAXIS Health Inc., Jerry Ormiston, Executive
Director, Investor Relations, Phone: 1-877-441-1984
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