Andrx Announces Retirement of Chief Scientific Officer.Business Editors/Health & Medical Writers FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Aug. 28, 2001 Andrx Corporation -- Andrx Group (Nasdaq:ADRX ADRX Andrx Corporation (stock symbol) ) today announced that Chih-Ming Chen, Ph.D. has resigned from his positions as the Company's Chief Scientific Officer and as President of Andrx Pharmaceuticals, Inc. effective immediately. Dr. Chen will remain as Co-Chairman of the Andrx Board of Directors and will continue to work as a consultant to the Company. Alan P. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Andrx's Co-Chairman and Chief Executive Officer, commented: "Chih-Ming's contributions to Andrx's success cannot be overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o , and we will miss him. Yet, having announced my own intention to retire some months ago, I understand and respect Chih-Ming's desire to pursue other interests. And, while I am confident Chih-Ming has solidified our scientific team, his continued involvement with Andrx will better ensure the smooth continuation of our development efforts." Dr. Chen stated, "We have successfully recruited and built a strong scientific team at Andrx over the past few years and many of the projects I led are nearing completion. I am confident that these projects will continue without interruption and that Andrx will move to the next level of success. I will never forget my colleagues and will continue to support their hard work as a Board member and consultant to the Company." During Dr. Chen's tenure, Andrx built a team of over 125 scientists, including 32 Ph.D.s and 8 M.D.s, and presently has 17 abbreviated new drug applications abbreviated new drug application Pharmacology An application made in the US by a pharmaceutical company requesting authority to market a 'new' drug for which both its therapeutic indications and formulation were previously approved by the FDA in another similar (ANDAs) and a new drug application (NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any ) on file with the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. . Included in these filings are generic versions of Prilosec(R), Tiazac(R), Wellbutrin SR(R), Zyban(R), Naprelan(R), and K Dur(R) as well as Altocor(TM), the Company's first brand drug, which Andrx hopes to be in a position to launch in the next twelve months. Until a replacement can be found, Scott Lodin, Andrx's Executive Vice President and General Counsel, will also assume the position of President of Andrx Pharmaceuticals, Inc. About Andrx Andrx Corporation, through its Andrx Group (Nasdaq:ADRX), is engaged in the formulation and commercialization of oral controlled-release pharmaceuticals utilizing its proprietary drug delivery technologies. In its ANDA ANDA abbr. abbreviated new drug application program, Andrx is developing generic versions of selected high sales volume controlled-release brand name pharmaceuticals. In its NDA program, Andrx is developing its own brand name formulations of certain existing drugs that it believes may be improved by the application of Andrx's drug delivery technologies. Andrx also markets and distributes pharmaceutical products manufactured by third parties. Through Andrx Corporation's Cybear Group (Nasdaq:CYBA CYBA Charter Yacht Broker Association CYBA Conejo Youth Basketball Association (Conejo Valley, California) CYBA California Yacht Brokers Association CYBA Cybertron Army CYBA Columbia Yacht Brokers Association ), Andrx Corporation intends to use the Internet to improve the efficiency of clinical, administrative and communications tasks in the healthcare industry -- while addressing the healthcare industry's critical need for secure and reliable transmission of information. Cybear also includes the Cybearclub joint venture with Andrx, which distributes healthcare products to physicians through the Internet. Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. This release and additional information about Andrx Corporation are also available on the Internet at: http://www.andrx.com. |
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