FORT COLLINS, Colo., Nov. 19 /PRNewswire-FirstCall/ -- Atrix Laboratories, Inc. today announced the retirement of David R. Bethune, Atrix's chairman and chief executive officer for the past five years.
During merger discussions with QLT Inc., Mr. Bethune agreed to participate as a member of the QLT Board to assist in the transition phase. However, because the integration meetings during the last several months have gone smoothly and QLT has defined the general and overall role of the Atrix facility, Mr. Bethune is happy to turn over his QLT Board position to another current Atrix Board member.
"Going forward I have the utmost respect for and confidence in both QLT's management and Mike Duncan, Atrix's Vice President and General Manager, in managing our business," Bethune said. "Even though I will not be a board member I will be pleased to give any advice or counsel to QLT whenever it is sought."
"Dave has been instrumental in transitioning Atrix from a struggling dental company to a robust specialty pharmaceutical company," said Mike Duncan. "A testament to his vision and leadership is the change in company value from less than 100 million when he came to over 830 million when Atrix merged with QLT. Very few have demonstrated such leadership in such a short period of time."
Paul Hastings, President and CEO of QLT Inc. expressed his thoughts on Mr. Bethune's retirement as well. "Working with Dave on the merger has been a great experience for me," Mr. Hastings said. "Atrix has seen wonderful achievements under his leadership and accomplished numerous high-level goals. It's a pleasure to complete this merger with a company that has experienced such significant growth under such dynamic leadership."
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995:
This press release contains statements that qualify as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. The company is subject to certain risk factors that may cause actual results to differ materially from anticipated results. Those risks include, but are not limited to, risks associated with product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development and competition from other products and treatments. For additional information about risk factors, please see the reports filed by the company with the SEC, including the company's Annual Report on Form 10-K for the year ended December 31, 2003 and the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2004. The statements in this press release are made as of today, based on information currently known to management, and the company disclaims any duty to update such statements.
Atrix Laboratories, Inc.
CONTACT: Jennifer Geraci, Investor Relations, Atrix Laboratories, Inc.,+1-970-482-5868, Jgeraci@atrixlabs.com