Healthcare Industry News: SkyePharma
News Release - January 23, 2006
Resignation of SkyePharma's ChairmanLONDON, Jan. 23 (HSMN NewsFeed) -- SkyePharma PLC (Nasdaq: SKYE ; LSE: SKP ) announces the resignation of Ian Gowrie-Smith as Chairman of the Company. A new Chairman will be appointed at the Company's next Board meeting, on 1 February. It is also his intention not to stand for re-election as a Director of the Company at SkyePharma's 2006 Annual General Meeting.
Mr Gowrie-Smith, who founded SkyePharma in 1996, stepped down from the role of Executive Chairman to a non-executive Chairmanship in 2004. It has been Mr Gowrie-Smith's intention since early 2005 to continue this process by resigning at an appropriate time, both as Chairman and as a Director. A search for a new Chairman was therefore initiated in 2005, but was put on hold while the Company's Strategic Review and search for a new Chief Executive was ongoing. The search resulted in the identification of a number of excellent candidates for both positions. The Board would like to make clear that it will strenuously oppose any attempts to force a candidate onto the Board.
The Strategic Review of the Company continues and further announcements will be made in due course.
Ian Gowrie-Smith, SkyePharma's Chairman, said: "I have decided to resign in the interest of all shareholders. This expedites a process that was already ongoing and hopefully will bring to an end the recent acrimonious period and spare shareholders and the Company the expense and distraction of an Extraordinary General Meeting. It is unfortunate that the short-term interests of a small group of shareholders can cause such disruption to the development of a company where real achievements are often measured in decades. Building a pharmaceutical company is a long-term business and it is not surprising or unreasonable for investor patience to be tested from time to time. However, in ten years SkyePharma has come a very long way and now faces an exciting future with important products in late-stage development. SkyePharma is already a world leader in drug delivery and has the potential to become a major force in pharmaceuticals. I am very proud of what we have achieved and thank shareholders for their support and employees worldwide for their dedication.
"I have devoted over ten years to establishing and building SkyePharma, and perhaps that is long enough for anyone in such a demanding role. However, since I moved to become non-executive Chairman I have widened my business interests and I look forward to the new challenges they will bring."
SkyePharma PLC develops pharmaceutical products benefiting from world- leading drug delivery technologies that provide easier-to-use and more effective drug formulations. There are now eleven approved products incorporating SkyePharma's technologies in the areas of oral, injectable, inhaled and topical delivery, supported by advanced solubilisation capabilities. For more information, visit http://www.SkyePharma.com .
Certain statements in this news release are forward-looking statements and are made in reliance on the safe harbour provisions of the U.S. Private Securities Litigation Act of 1995. Although SkyePharma believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will materialize. Because the expectations are subject to risks and uncertainties, actual results may vary significantly from those expressed or implied by the forward-looking statements based upon a number of factors, which are described in SkyePharma's 20-F and other documents on file with the SEC. Factors that could cause differences between actual results and those implied by the forward-looking statements contained in this news release include, without limitation, risks related to the development of new products, risks related to obtaining and maintaining regulatory approval for existing, new or expanded indications of existing and new products, risks related to SkyePharma's ability to manufacture products on a large scale or at all, risks related to SkyePharma's and its marketing partners' ability to market products on a large scale to maintain or expand market share in the face of changes in customer requirements, competition and technological change, risks related to regulatory compliance, the risk of product liability claims, risks related to the ownership and use of intellectual property, and risks related to SkyePharma's ability to manage growth. SkyePharma undertakes no obligation to revise or update any such forward-looking statement to reflect events or circumstances after the date of this release.
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