FAIRFIELD, N.J., June 4 /PRNewswire-FirstCall/ -- Bradley Pharmaceuticals, Inc. announced that the Special Committee of its Board of Directors has retained Deutsche Bank Securities as its financial advisor.
As previously disclosed, the Bradley Board of Directors formed a Special Committee of independent directors to consider the Company’s strategic alternatives, including the proposal received last week from a group of investors led by Daniel Glassman, founder, President and CEO of the Company and the holder of nearly all of the Company’s Class B common stock, to acquire all of the outstanding shares of Bradley common stock and Class B common stock for $21.50 per share in cash. The Special Committee is composed of the three directors who were elected by the holders of the Company’s common stock: Mr. Seth W. Hamot, interim non-executive Chairman of the Board, Mr. Douglas E. Linton, Chairman of the Nominating and Corporate Governance Committee, and Mr. William J. Murphy, Chairman of the Audit Committee. The Special Committee intends to review Mr. Glassman’s proposal and alternatives available to the Company to determine whether the proposal is in the best interests of the Company and its public stockholders. The Special Committee has also instructed Deutsche Bank Securities to contact potentially interested parties. There can be no assurance that any definitive offer will be made, whether by Mr. Glassman’s group or another potential purchaser, that any agreement will be executed or that Mr. Glassman’s proposal or any other transaction will be approved or consummated.
About Bradley Pharmaceuticals, Inc.
Bradley Pharmaceuticals, Inc. was founded in 1985 as a specialty pharmaceutical company and markets to niche physician specialties in the U.S. and international markets. Bradley’s success is based upon its core strengths in marketing and sales, which enable the Company to Commercialize brands that fill unmet patient and physician needs; Develop new products through life cycle management; and In-License phase II and phase III drugs with long-term intellectual property protection that upon approval leverage Bradley’s marketing and sales expertise to increase shareholder value. Bradley Pharmaceuticals is comprised of Doak Dermatologics, specializing in therapies for dermatology and podiatry; Kenwood Therapeutics, providing gastroenterology, OBGYN, respiratory and other internal medicine brands; and A. Aarons, which markets authorized generic versions of Doak and Kenwood therapies.
Safe Harbor for Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that Bradley expects, believes or anticipates will or may occur in the future. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond Bradley’s control. Actual results may differ materially from those projected. These risks and uncertainties include those described from time to time in Bradley’s SEC filings, including its Annual Report on Form 10-K and its most recent Quarterly Report on Form 10-Q. Except as required by law, Bradley undertakes no obligation to publicly update any forward-looking statement in this press release, including any information related to the special committee and its work, whether as a result of new information, future events or otherwise.
Bradley Pharmaceuticals, Inc.
CONTACT: Cecelia C. Heer, Investor-Public Relations of BradleyPharmaceuticals, Inc., +1-973-882-1505, ext. 252
Web site: http://www.bradpharm.com//
