Healthcare Industry News: Merck
News Release - April 30, 2013
ECR Pharmaceuticals Announces Re-launch of Zolpimist(R) and DexPak(R), Divestiture of Hylase(R) and Orbivan(R) Brands, and Dr. Cameron Durrant Named President and CEOAMITYVILLE, N.Y.--(Healthcare Sales & Marketing Network)--Hi-Tech Pharmacal Co., Inc. (HITK) today announced that its ECR Pharmaceuticals division re-launched Zolpimist® Oral Spray (zolpidem tartrate) and DexPak® Taperpaks (dexamethasone tablets) through its proprietary sales force at a series of launch meetings commencing this week.
Additionally, ECR has divested its interest in non-core products Hylase® and Orbivan®. Hylase was divested for a one-time payment in January, and Orbivan® was divested in March for $500,000 over two payments and an ongoing royalty stream.
Cameron Durrant, MD, MBA, recently named President and CEO of ECR Pharmaceuticals, commented: “I am thrilled to be a part of ECR, having spent several months consulting with the organization. ECR is executing against a clear strategy, part of which includes divesting or partnering non-core assets, while rigorously focusing on key assets, such as Bupap®, Tussicaps®, Zolpimist® and Dexpak® and ensuring these brands are fully optimized in the large markets in which they compete. We will continue to explore opportunities to grow and build capability in the markets in which we compete and divest or partner non-core assets,” he continued.
Prior to being named to this position, Dr. Durrant served as chairman and director on the boards of numerous companies, and operated as CEO/interim CEO or Executive Chairman for two venture-backed private and two public companies. He has held sales, marketing, strategy, business development, planning and operations roles with Merck and Co. in the United Kingdom, GlaxoSmithKline in the United Kingdom and globally, Pharmacia Corporation for the United States and globally and Johnson and Johnson globally. He has launched or held commercial responsibility for 7 brands which achieved blockbuster status and launched 20 brands, many of them category leaders.
Dr. Durrant earned his M.D. from the Welsh National School of Medicine, Cardiff, UK, his DRCOG from the Royal College of Obstetricians and Gynecologists, London, UK, his MRCGP from the Royal College of General Practitioners, London, UK, and his DipCH from the Melbourne Academy, Australia and his MBA from Henley Management College, Oxford, UK.
Mr. Reuben Seltzer, Vice Chairman of Hi-Tech stated, "Dr. Durrant has an enviable track record of success both in large pharmaceutical companies and entrepreneurial specialty pharmaceutical areas. We are delighted to have him on board with us and look forward to continuing to grow ECR Pharmaceuticals as a leading branded specialty pharmaceutical company.”
Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing generic and branded prescription and OTC products. The Company specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic, otic and inhalation products. The Company’s Health Care Products Division is a leading developer and marketer of OTC products for the diabetes marketplace. Hi-Tech’s ECR Pharmaceuticals subsidiary markets branded prescription products.
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Source: ECR Pharmaceuticals
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