BETHESDA, Md., Oct. 3 /PRNewswire/ -- Sucampo Pharmaceuticals, Inc. today announced that it has completed the acquisition of all of the capital stock of its affiliated European and Asian operating companies, Sucampo Pharma Europe Ltd. and Sucampo Pharma, Ltd. With the completion of this transaction, which closed on September 28, 2006, the affiliates became wholly owned subsidiaries of the Company.
In conjunction with the consolidation, the Company today announced a realignment of its senior executive team. Co-founder and board member Sachiko Kuno, Ph.D., has been elected chairman of the Board of Directors. Dr. Kuno retains the role of president of the Company.
Co-founder Ryuji Ueno, M.D., Ph.D., Ph.D., previously chairman of Sucampo Pharmaceuticals, replaces Dr. Kuno as chief executive officer. Dr. Ueno remains chief scientific officer and a member of the Board of Directors.
"This consolidation allows Sucampo to establish a unified strategy focused on developing and marketing our own proprietary pipeline of products and pursuing worldwide business development opportunities as an emerging, international pharmaceutical company," Dr. Kuno said. "We have realigned roles and responsibilities within the management team to capitalize on Dr. Ueno's global research and development expertise, complemented by my global business development experience. These skills will be important to the Company as we look toward commercializing our product candidates in Europe and the Asia Pacific region."
Sucampo Pharmaceuticals, Inc.
Sucampo Pharmaceuticals, Inc. is an emerging pharmaceutical company based in Bethesda, Md. Sucampo was founded in 1996 by Sachiko Kuno, Ph.D., the company's president and chairman of the Board of Directors, and Ryuji Ueno, MD, Ph.D., Ph.D., the company's chief executive officer and chief scientific officer. Sucampo focuses on the development and commercialization of drugs based on prostones, a class of compounds derived from functional fatty acids that occur naturally in the human body. The therapeutic potential of prostones was first identified by Dr. Ueno. In January 2006, Sucampo received marketing approval from the FDA for its first product, AMITIZA(TM), for the treatment of chronic idiopathic constipation in adults. Sucampo has entered into an agreement with Takeda Pharmaceutical Company Limited (Osaka, Japan) to jointly commercialize AMITIZA(TM) for gastrointestinal indications in the United States and Canada. Sucampo's specialized sales force complements the efforts of Takeda by focusing on institutional and long-term care facilities.
AMITIZA(TM) is a trademark of Sucampo Pharmaceuticals, Inc.
Any statements in this press release about future expectations, plans, and prospects for Sucampo, including statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the risk factors discussed in our Form S-1 filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of October 3, 2006. Subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to October 3, 2006.
Contact: Mariam Morris, CPA or Scott Solomon Chief Financial Officer Vice President Sucampo Pharmaceuticals Sharon Merrill Associates, Inc. 301-961-3400 617-542-5300 MMorris@sucampo.comSSolomon@investorrelations.com
Sucampo Pharmaceuticals, Inc.CONTACT: Mariam Morris, CPA, Chief Financial Officer, SucampoPharmaceuticals, +1-301-961-3400, MMorris@sucampo.com; Scott Solomon, VicePresident, Sharon Merrill Associates, Inc., for Sucampo Pharmaceuticals,Inc., +1-617-542-5300, SSolomon@investorrelations.com
