Halo Pharmaceutical, Inc. Acquires Whippany Manufacturing Facility from Abbott

WHIPPANY, N.J., Jan. 6, /PRNewswire/ -- Halo Pharmaceutical, Inc., a privately
held specialty pharmaceutical company, has announced today the completion of
its acquisition of the Whippany-NJ Manufacturing and Research facility from
Abbott (NYSE: ABT). At over 200,000 square feet, Halo's facilities
encompasses highly-diverse manufacturing and warehousing capabilities,
including an impressive array of formulation services, operations for the
aseptic filling of topical ointments, solid dosage forms (tablets and
capsules), liquids, suppositories, associated packaging (tablet, powder,
liquids and HUD) and ample laboratory space for formulation development,
pre-clinical and clinical supplies and support of commercial operations. An
additional asset is the site's capability to manufacture controlled substances
(C2-C5) and an API manufacturing unit with an outstanding track-record of
meeting DEA requirements. "We are extremely excited about the acquisition of
this outstanding facility," said Douglas Kollmorgen, President of Halo
Pharmaceutical. "The facility and the people who are continuing on with Halo,
have a long and proud history here. Under the management of Abbott, the
Whippany facility has been an exemplary production operation. We welcome the
opportunity to continue that tradition of excellence for our customers going
forward."

Halo's initial complement of personnel will consist of close to 80
highly-experienced pharmaceutical industry veterans from Abbott, and is
expected to grow rapidly as the business develops further. "We are combining
the best elements of traditional pharma with the innovation, agility and
strong work ethic of a startup company," said Mohd Asif, Chief Financial
Officer and head of the transaction team. "One of our great differentiators
will be our focus on infusing the operation with our own unique culture, while
preserving the focus on product quality, customer service and regulatory
compliance." On the subject of the facility's heritage, Mr. Asif also
explained that "it is essential that we recognize the significant contribution
that has been made by Abbott in helping to smooth the transition of the
Whippany facility to Halo stewardship, and to continue the strong legacy of
this plant and its people."

A cornerstone of Halo's plan for success in a competitive environment will be
a considerable focus on product quality, customer service and regulatory
compliance. "This is a rare opportunity to build off the successes of a great
company like Abbott," said John C. (Jack) Garvey, Vice President, Quality.
"The compliance record of the Whippany site has been exemplary, and the
culture is clearly focused on compliance. These important foundational
elements will enable the creation of a systems approach to quality, with a
focus on science-based, product-driven control frameworks that meet or exceed
current FDA regulatory requirements and expectations."

Halo is currently seeking and evaluating opportunities for contract
manufacturing, in-licensing, contract laboratory services, and the acquisition
of branded products from companies looking to rationalize their product
portfolios.

About Halo Pharmaceutical

Halo Pharmaceutical, headquartered in Whippany, NJ, is a full-service,
specialty pharmaceutical company, offering state-of-the-art contract
manufacturing, early stage formulation development and laboratory services to
the pharmaceutical and related industries. Halo is currently a supplier of
choice to a number of large and medium size brand pharmaceutical companies for
important lifecycle products. Contract manufacturing capabilities include
the ability to conduct aseptic filling, granulation, blending, tableting,
coating, packaging and related warehousing operations. Halo Pharmaceutical is
a privately-held company.

SOURCE Halo Pharmaceutical, Inc.

Douglas K. Kollmorgen, President, +1-973-428-4011, dkollmorgen@halopharma.com,
or Mohd Asif, Chief Financial Officer, +1-973-428-4013, masif@halopharma.com,
both of Halo Pharmaceutical, Inc.