Andrx Responds to aaiPharma's Press Release.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)--June 26, 2001 Andrx Corporation - Andrx Group (Nasdaq:ADRX ADRX Andrx Corporation (stock symbol) ) responded to what it claims to be an erroneous press release issued earlier today by aaiPharma, Inc. by announcing that it has entered into a settlement with aaiPharma allowing it to utilize the services of Dr. John R. Cardinal, a renowned scientist, to become Vice President of Research & Development of Andrx Pharmaceuticals. aaiPharma, principally a contract research organization, brought suit claiming that Dr. Cardinal's coming to work at Andrx would violate aaiPharma's non-compete agreement with Dr. Cardinal. As the North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. state court initially agreed with that interpretation, Andrx and aaiPharma agreed, as part of a settlement of the whole matter, that Dr. Cardinal could begin working for Andrx as early as August of this year in exchange for Andrx's reimbursement of a nuisance amount in legal fees and expenses ($50,000) claimed to be incurred by aaiPharma and Andrx's agreement that Dr. Cardinal would not work in certain areas, thereby helping to protect the confidentiality of what aaiPharma claims to be confidential information Noun 1. confidential information - an indication of potential opportunity; "he got a tip on the stock market"; "a good lead for a job" steer, tip, wind, hint, lead . Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (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 other variations thereof or comparable terminology are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risks 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion