MIAMI--(BUSINESS WIRE)--IVAX Diagnostics, Inc. (AMEX:IVD - News) announced today that Paul F. Kennedy has been appointed the Company’s Chief Executive Officer, President and Chairman of the Board of Directors. Paul F. Kennedy has more than 30 years of senior executive experience with Novo Nordisk France, a French subsidiary of the world’s leading pharmaceutical company in the insulin market, Abbott France, a French subsidiary of the multinational pharmaceutical company, and Boots Co. Ltd., a U.K.-based healthcare retailer. During his 15-year tenure as Chief Executive Officer and President of Novo Nordisk France, that company achieved a market share of more than 65% of the insulin market in France. Mr. Kennedy was most recently a member of senior management and an executive director of Cozart plc, a medical diagnostics company specializing in drugs-of-abuse testing in the U.K. and Europe. During his tenure at Cozart, he was responsible for establishing and growing international sales, which he accomplished through a mix of acquisitions and organic sales growth.
The Company also announced today that Patrice Debregeas has been appointed Vice Chairman of the Board of Directors of the Company and that Laurent Le Portz has been appointed to the Board of Directors and the Audit and Compensation Committees of the Company.
Patrice Debregeas is currently the President of Debregeas & Associes Pharma SAS, a company specializing in drug development located in Paris, France. Previously, Mr. Debregeas was the Chief Executive Officer, President and co-founder of Ethypharm SA, a leading company in the field of drug delivery in Europe.
Laurent Le Portz is a seasoned investor with a strong experience in turnaround situations. Mr. Le Portz currently serves as a director of Fin’active, an investment management company focused on making controlling investments in diverse industries with an aim towards balance sheet rejuvenation, operational restructuring and strategic refocus. Mr. Le Portz previously served as Chief Executive Officer of Ethypharm North America, the North American operating subsidiary of Ethypharm SA, as well as Chief Financial Officer of Mojave Therapeutics, a biotechnology company which specialized in the development of off-the-shelf products for the treatment of cancer and viral diseases. Mr. Le Portz received an M.B.A. from Harvard Business School.
Paul Kennedy said, “I am excited about joining IVAX Diagnostics in my new positions. As both an executive and stockholder of IVAX Diagnostics, I believe strongly in IVAX Diagnostics’ plan to build upon its operating companies in the U.S. and Italy by expanding the menu of test kits that it offers and to supplement IVAX Diagnostics’ organic growth with focused and opportunistic acquisitions in the diagnostics markets of infectious disease and autoimmune disease and in higher-value market segments, such as drugs-of-abuse diagnostics. We also anticipate continuing IVAX Diagnostics’ pursuit of opportunities that will enhance its position in laboratory automation as well as focusing IVAX Diagnostics’ efforts on expanding sales in major markets, such as France, Germany, the U.K. and Spain.”
Patrice Debregeas said, “I expect that Paul’s, Laurent’s and my experience, together with the experience and dedication of the other members of the IVAX Diagnostics team, will enable IVAX Diagnostics to successfully expand its product offerings and market reach. We hope to make IVAX Diagnostics one of the leaders in the diagnostics industry.”
Kevin Clark, Chief Operating Officer of the Company who also served as acting Chief Executive Officer of the Company since January 2008, will remain with the Company in his capacity as Chief Operating Officer as well as Chief Operating Officer of ImmunoVision, Inc., the Company’s subsidiary located in Arkansas.
As previously announced, on September 2, 2008, a group controlled by Paul F. Kennedy and Patrice Debregeas purchased all of the approximately 72% of the outstanding shares of the Company owned by Teva Pharmaceutical Industries Limited for an aggregate purchase price of $14 million, or $0.70 per share.
About IVAX Diagnostics, Inc.
IVAX Diagnostics, Inc., headquartered in Miami, Florida, develops, manufactures and markets proprietary diagnostic reagents, instrumentation, and software in the United States and Italy through its three subsidiaries: Diamedix Corporation, Delta Biologicals S.r.l., and ImmunoVision, Inc.
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of IVAX Diagnostics, Inc., including, without limitation, that: IVAX Diagnostics may not successfully implement the strategic initiatives described above; the implementation of the strategic initiatives described above may result in additional expenses for IVAX Diagnostics; even if successfully implemented, the strategic initiatives described above may not result in improved financial performance for IVAX Diagnostics; IVAX Diagnostics may not expand the menu of test kits that it offers to include other complementary infectious disease or autoimmune testing sectors or otherwise; IVAX Diagnostics’ current customer base may not respond as expected to an expansion of IVAX Diagnostics’ menu of test kits; IVAX Diagnostics may not achieve organic growth; IVAX Diagnostics may not identify or consummate acquisitions in the diagnostics markets of infectious disease or autoimmune disease or in higher-value market segments, such as drugs-of-abuse diagnostics or otherwise; IVAX Diagnostics may not enhance its position in laboratory automation; IVAX Diagnostics may not expand sales in major markets, such as France, Germany, the U.K. or Spain or elsewhere; IVAX Diagnostics may not expand its product offerings, expand its market reach, or become a leader in the diagnostics industry; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risks and uncertainties set forth above, investors should consider the economic, competitive, governmental, technological and other risks and uncertainties discussed in IVAX Diagnostics’ filings with the Securities and Exchange Commission, including, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in such filings.
Contact:
IVAX Diagnostics, Inc., Miami Duane Steele, 305-324-2338 www.ivaxdiagnostics.com
Source: IVAX Diagnostics, Inc.
