Akorn Announces New Management Appointments
Akorn, Inc. (NASDAQ: AKRX), a niche generic pharmaceutical company, today announced the appointment of Bruce Kutinsky as its Chief Operating Officer of its US operations effective September 1, 2012. Mr. Kutinsky was most recently the President of Akorn’s consumer health business. Mr. Kutinsky joined Akorn in late 2009 as Senior Vice President of Corporate Strategy and was named President, Consumer Health Division following the Company’s acquisition of Advanced Vision Research, Inc. in May 2011. Before joining Akorn, Mr. Kutinsky was Vice President – Strategic Solutions for Walgreen Co. Prior to that, Mr. Kutinsky served in various roles at Option Care, Inc. from 1997 to 2007, including the position of Chief Operating Officer from 2001 to 2003. Mr. Kutinsky holds a Doctorate of Pharmacy from the University of Michigan.
The company also announced the appointment of Dinesh Dua as the Chief Executive Officer and Managing Director of its Indian subsidiary, Akorn India Pvt. Ltd. (“AIPL”). Prior to joining AIPL, Mr. Dua was the Chief Executive Officer and Director of Nectar Lifesciences Ltd. Mr. Dua has over 30 years professional experience, predominately in the Indian pharmaceutical industry. He has held several senior management positions in companies like Zydus Cadila, Wockhardt and Jubilant Organosys. Mr. Dua holds a Masters in Business Management from the Indian Institute of Management, Ahmedabad, India.
Raj Rai, Chief Executive Officer, commented, “I would like to welcome Dinesh to the management team and look forward to his contributions to the India operations to expand our presence globally. Given their backgrounds, I am confident that both Bruce and Dinesh will provide excellent leadership to each operation while allowing me to focus on strategy and new business development. I look forward to working with them.”
About Akorn, Inc.
Akorn, Inc. is a niche pharmaceutical company engaged in the development, manufacture and marketing of multisource and branded pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois, Somerset, New Jersey and Paonta Sahib, India where the Company manufactures ophthalmic and injectable pharmaceuticals. Additional information is available on the Company’s website at www.akorn.com.
Forward Looking Statement
This press release includes statements that may constitute "forward-looking statements", including projections of certain measures of Akorn's results of operations, projections of certain charges and expenses, and other statements regarding Akorn's goals, regulatory approvals and strategy. Akorn cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Factors that could cause or contribute to such differences include, but are not limited to: statements relating to future steps we may take, prospective products, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, and financial results. These cautionary statements should be considered in connection with any subsequent written or oral forward-looking statements that may be made by the company or by persons acting on its behalf and in conjunction with its periodic SEC filings. You are advised, however, to consult any further disclosures we make on related subjects in our reports filed with the SEC. In particular, you should read the discussion in the section entitled "Cautionary Statement Regarding Forward-Looking Statements" in our most recent Annual Report on Form 10-K, as it may be updated in subsequent reports filed with the SEC. That discussion covers certain risks, uncertainties and possibly inaccurate assumptions that could cause our actual results to differ materially from expected and historical results. Other factors besides those listed there could also adversely affect our results.
Tim Dick, 847-279-6150
Chief Financial Officer