MORTON GROVE, Ill., Sept. 25 /PRNewswire/ -- Brian Tambi, Morton Grove Pharmaceuticals, Inc. President and Chief Executive Officer, has left the company effective August 1, 2006 after nearly ten years as its CEO. He will continue as Non-Executive Chairman of the Board and a significant minority shareholder of the generic oral liquid pharmaceuticals firm.
Tambi has agreed to continue his role managing MGP’s partnership initiatives with Indian companies as well as other areas of strategic importance to MGP.
William Goldberg has been named Interim CEO and a member of the company’s board of directors effective immediately.
Tambi and certain investment funds managed by GTCR Golder Rauner, L.L.C. acquired MGP in January 2003 from an investor group led by William Blair Capital Partners and Tambi.
Since the acquisition of MGP, the company’s management team proceeded to strengthen MGP’s management structure and business by establishing a substantive R&D capability, Regulatory Affairs Group, Quality Systems Group and Manufacturing Science Function with responsibility for implementing Process Analytical Technology initiatives along with the FDA guidelines.
“We thank Brian for his many contributions to MGP and his key role during his 10 years at the helm in developing the company’s leadership position in the prescription oral liquid pharmaceutical segment,” said Company Director and GTCR Managing Principal Edgar D. Jannotta Jr.
“Since late 2003, under Brian’s leadership, MGP’s management team has extended the company’s R&D capability and new product development strategy to Intra-Nasal Spray drugs, Controlled Release oral liquids and oral liquid dose forms that are currently available only in solid dose forms. As a result, two ANDAs were filed in 2006 and an additional five, including Fluticasone, are expected to be filed in the second half of the year,” Jannotta added.
Morton Grove Pharmaceuticals, Inc.
CONTACT: William Goldberg of Morton Grove Pharmaceuticals,+1-847-967-5600, or Herb Kraus of Herb M. Kraus & Co., +1-312-578-9114
