2004-05-12 Lab International creates Lab Pharma
LAB International Inc. (TSX:LAB), a fully-integrated product development organization specializing in inhalation delivery, has announced the creation of a new division, LAB Pharma, to consolidate all of LAB’s product development activities into one operational unit. Dr. Taneli Jouhikainen, President of Focus Inhalation Oy (Focus) prior to its acquisition by LAB last January, has been appointed president of the newly formed entity, which is headquartered in Turku, Finland.
By merging LAB’s pre-existing portfolio of proprietary therapeutics with the portfolio, scientific excellence and substantial manufacturing-infrastructure of its recently acquired Finnish operation, LAB Pharma has emerged as one of the leading developers and manufacturers of inhaled therapeutics, said Dr. Halvor Jaeger, CEO of LAB. Dr. Jouhikainen has solid experience in pharmaceutical product development and will drive the advancement and commercialization of our lead product, an inhaled formulation of fentanyl for the billion dollar break-through pain market.
LAB Pharma will undertake all aspects related to the development of LAB’s pipeline of inhaled therapeutics and will pursue opportunities to co-develop additional products sponsored by partners. LAB Pharma employs 35 individuals, including Dr. Hanna Sikorska, the Company’s Chief Scientific Officer.
Dr. Taneli Jouhikainen, Ph.D., M.B.A. brings a combination of big pharma R&D experience, as well as an in-depth knowledge of the pulmonary drug delivery industry and inhalation product development. Prior to the current position, he has held various managerial positions at Leiras and Schering, and was a member of the initial management team of Focus when the company was spun off from Schering in 2000. He was President of Focus, and will continue to lead LAB Pharma together with an experienced management team including previous Focus Inhalation and LAB Development directors.
LAB has also created a second operational unit, LAB Research, which will incorporate all research activities located in Canada, Europe and in the U.S. LAB also announced the departure of Mr. Ron Kaczorowski from the position of President and Chief Operating Officer to pursue other endeavors.
About LAB International
LAB International is a fully-integrated product development organization focused on the development of drug products with an emphasis on pulmonary delivery. The Company’s products target the existing multi-billion dollar inhalation drug market for local treatment of respiratory diseases as well as the opportunities for systemically active drugs which performance is improved by utilizing pulmonary delivery technology. Its lead product, for the treatment of breakthrough cancer pain, is a fast-acting Fentanyl formulation delivered using the Company?s approved TAIFUN® dry powder inhaler platform. LAB?s pipeline also includes therapeutics for asthma, COPD, and growth hormone deficiencies. LAB’s profitable and growing research services subsidiary supports its drug development efforts while serving more than 200 clients from state-of-the-art facilities in Canada, the US, and Europe.
LAB’s common shares trade on The Toronto Stock Exchange (“TSX”) under the symbol “LAB” with 36 million shares outstanding.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of LAB International Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
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