DRAXIS Appoints New President Of DRAXIMAGE Subsidiary.Business Editors MISSISSAUGA, Ontario--(BUSINESS WIRE)--June 20, 2001 Dr. Richard Flanagan To Succeed Retiring Ray Dore DRAXIS Health Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DRAX)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DAX.) announced today that Dr. Richard Flanagan has been named President of its radiopharmaceutical radiopharmaceutical /ra·dio·phar·ma·ceu·ti·cal/ (-fahr?mah-soo´ti-k'l) a radioactive pharmaceutical, nuclide, or other chemical used for diagnostic or therapeutic purposes. subsidiary, DRAXIMAGE Inc., succeeding Ray Dore who has elected, after heading the company for many years, to retire as President effective September 1, 2001. Mr. Dore will continue to serve as a special advisor to the President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of parent company DRAXIS Health on a full time basis to the end of 2001 and thereafter on a reduced schedule. "Richard Flanagan, with over 20 years of experience in the pharmaceutical industry and considerable expertise in nuclear medicine, is the ideal professional to lead DRAXIMAGE into its next stage of planned growth," said Dr. Martin Barkin, President and CEO of DRAXIS Health. "DRAXIMAGE is committed to bringing innovative products to both the diagnostic and therapeutic segments of the radiopharmaceutical market and DRAXIS is confident that Dr. Flanagan and his team are fully prepared to execute their aggressive business plan with excellence." Dr. Richard Flanagan, currently Executive Vice President, has been with DRAXIMAGE since its founding in July 1997 and has served successively senior positions within the organization since 1980 when it was a division of Merck Frosst Canada. Prior to joining Merck Frosst, Dr. Flanagan served as an Adjunct Professor in the Faculty of Pharmacy at the University of Alberta. Dr. Flanagan is the author of thirty scientific papers and an inventor on twelve patents. Dr. Flanagan obtained his Ph.D. in Organic Chemistry from the University of Alberta and a B.Sc. from the University College, Dublin, Ireland. He is a Killam Fellow and received the Hugh Ryan Memorial Gold Medal gold medal traditional first prize. [Western Cult: Misc.] See : Prize . Dr. Flanagan has served as an advisor to the International Atomic Energy agency International Atomic Energy Agency: see Atomic Energy Agency, International. International Atomic Energy Agency (IAEA) International organization officially founded in 1957 to promote the peaceful use of nuclear energy. and has served as a member of research grant review committees in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . DRAXIMAGE discovers, develops, manufactures and markets diagnostic imaging and therapeutic radiopharmaceuticals for the global marketplace. Products currently marketed by DRAXIMAGE include a line of lyophilized ly·oph·i·lize tr.v. ly·oph·i·lized, ly·oph·i·liz·ing, ly·oph·i·liz·es To freeze-dry (blood plasma or other biological substances). [lyophil(ic) + -ize. Technetium-99m kits used in nuclear imaging procedures, a line of imaging and therapeutic products labelled with a variety of isotopes including radioiodine radioiodine /ra·dio·io·dine/ (-i´o-din) any radioactive isotope of iodine, particularly 123I, 125I, and 131I; used in diagnosis and treatment of thyroid disease and in scintiscanning. , and BrachySeed(TM), a second generation Iodine-125 brachytherapy implant. DRAXIMAGE has a number of products in late-stage development including a Palladium-103 BrachySeed(TM) and three Technetium-99m-based diagnostic imaging products: Fibrimage(R) for imaging deep vein thrombosis A blood clot (thrombos) in a vein deep within the muscle, typically in the thigh or calf. It is caused by disease or the lack of activity such as sitting for hours at a computer screen. currently in Phase III, Amiscan(TM) for the early diagnosis of acute myocardial infarct currently in Phase II, and INFECTON for imaging infection. DRAXIS Health Inc. is a diversified specialty pharmaceutical company with operations in three niche markets: radiopharmaceuticals (DRAXIMAGE), contract manufacturing (DRAXIS Pharma), and pharmaceutical sales and marketing (DRAXIS Pharmaceutica). Except for historical information, this news release contains certain forward-looking statements that involve risk and uncertainties, which may cause actual results to differ materially from the statements made. Such factors include, but are not limited to, changing market conditions, clinical trial results, the establishment of new corporate alliances, the impact of competitive products and pricing, the timely development, regulatory approval and market acceptance of the Company's products, and other risks detailed from time-to-time in the Company's filings with the US Securities and Exchange Commission and Canadian securities authorities |
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