PLIVA, Inc. Announces Changes In Management And Supervisory Boards

31 Oct 2006
www.biospace.com
Financial StatementGeneric DrugExecutive ChangeAcquisitionPatent Infringement
ZAGREB, Croatia, Oct. 31 /PRNewswire-FirstCall/ -- Barr Pharmaceuticals, Inc. and its newly acquired subsidiary PLIVA d.d. today announced changes to the Management and Supervisory Boards of PLIVA d.d. The changes resulted from the meeting of PLIVA's Supervisory Board that was held on October 30, 2006 in Zagreb, Croatia. Following the successful closing of Barr's acquisition of PLIVA, Barr and PLIVA are pleased to announce a new combined PLIVA management team with the appointment of three new members to PLIVA's Management Board. PLIVA's Management Board will continue to be led by Zeljko Covic as President and Chief Operating Officer and Ivan Mijatovic will remain as Member and Chief Financial Officer. Joining the Management Board will be Paul M. Bisaro, President and Chief Operating Officer of Barr Pharmaceuticals, Inc., Tim Sawyer, Vice President, Sales for Generic Products in Barr Laboratories, Inc., and Zdravka Knezevic, Executive Director of Global Research and Development in PLIVA, with a mandate through to June 30, 2010. As a result of the combination and change in structure, Mike Urwin has elected to leave the Board but has agreed to stay on for an interim period to help ensure a smooth transition during the integration of both companies. The Board thanks him for his contribution to the company during the last two years. The Supervisory Board also voted to support the Management Board's decision to convene an extraordinary General Assembly for December 19, 2006, where a new Supervisory Board will be elected and PLIVA's Articles of Association will be amended to reflect Barr's legal and regulatory reporting requirements in the United States The current Supervisory Board Members: Massimo Armanini, Franjo Lukovic, Zdenko Adrovic, Branko Jeren, Ivan Vidakovic, Slobodan Vukicevic, Michael Unsworth, Ettore dell' Isola and Ronald Freeman tendered their resignations effective from the date of the extraordinary General Assembly and election of the new Supervisory Board. PLIVA and Barr strongly thank each of them for their contribution to the company during the term of their mandate. The Supervisory Board also discussed PLIVA's preliminary financial results for the nine month period ended September 30, 2006 and will review and approve the final results at its meeting to be held on November 7th, 2006. About Barr Pharmaceuticals, Inc. Barr Pharmaceuticals, Inc., is global specialty pharmaceutical company that operates in more than 30 countries worldwide and is engaged in the development, manufacture and marketing of generic and proprietary pharmaceuticals, biopharmaceuticals and active pharmaceutical ingredients. A holding company, Barr operates through its principal subsidiaries: Barr Laboratories, Inc., Duramed Pharmaceuticals, Inc. and PLIVA d.d. and its subsidiaries. The Company markets more than 120 generic and 25 proprietary products in the U.S. and more than 550 products globally. Forward-Looking Statements Except for the historical information contained herein, the statements made in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by their use of words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates" and other words of similar meaning. Because such statements inherently involve risks and uncertainties that cannot be predicted or quantified, actual results may differ materially from those expressed or implied by such forward-looking statements depending upon a number of factors affecting the Company's business. These factors include, among others: the difficulty in predicting the timing and outcome of legal proceedings, including patent-related matters such as patent challenge settlements and patent infringement cases; the outcome of litigation arising from challenging the validity or non- infringement of patents covering our products; the difficulty of predicting the timing of FDA approvals; court and FDA decisions on exclusivity periods; the ability of competitors to extend exclusivity periods for their products; our ability to complete product development activities in the timeframes and for the costs we expect; market and customer acceptance and demand for our pharmaceutical products; our dependence on revenues from significant customers; reimbursement policies of third party payors; our dependence on revenues from significant products; the use of estimates in the preparation of our financial statements; the impact of competitive products and pricing on products, including the launch of authorized generics; the ability to launch new products in the timeframes we expect; the availability of raw materials; the availability of any product we purchase and sell as a distributor; the regulatory environment; our exposure to product liability and other lawsuits and contingencies; the increasing cost of insurance and the availability of product liability insurance coverage; our timely and successful completion of strategic initiatives, including integrating companies and products we acquire and implementing our new enterprise resource planning system; fluctuations in operating results, including the effects on such results from spending for research and development, sales and marketing activities and patent challenge activities; the inherent uncertainty associated with financial projections; changes in generally accepted accounting principles; and other risks detailed from time-to-time in our filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the fiscal year ended June 30, 2006. The forward-looking statements contained in this press release speak only as of the date the statement was made. The Company undertakes no obligation (nor does it intend) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required under applicable law. Barr Pharmaceuticals, Inc. CONTACT: Carol A. Cox, +1-201-930-3720, ccox@barrlabs.com; Marija Mandic,+385-1-6160-355, marija.mandic@pliva.com Web site: Company News On-Call:
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