Akorn Announces Management Changes

Akorn Announces Management Changes

LAKE FOREST, Ill.--(BUSINESS WIRE)--Akorn, Inc. (NASDAQ:AKRX) today announced the appointment of Raj Rai as Interim Chief Executive Officer while the Board of Directors conducts a search to find a permanent replacement. Mr. Rai replaces Jeffery A. Whitnell, who is leaving the company to pursue other interests.

Mr. Rai has been a strategic consultant to the company for the past three months. Mr. Rai has 15 years of healthcare services background. Most recently, he was the President and CEO of Option Care, Inc. (NASDAQ:OPTN) a leading pharmacy services provider of home infusion therapies and specialty pharmaceuticals. During his tenure with Option Care, Inc., Mr. Rai was instrumental in the rapid expansion and growth of the company. Walgreen Co. acquired the company in 2007. Mr. Rai currently serves on the board of directors of SeQual Technologies, a leading manufacturer of portable oxygen concentrators. Mr. Rai holds a B.Tech degree in Mechanical Engineering from REC Warangal (India) and an MBA in Finance from Wayne State University.

The company also announced the appointment of Timothy A. Dick as the its Chief Financial Officer. Mr. Dick joins the company from Walgreens-Option Care, Inc., where he served as Vice President, Operations Improvement & Analysis with responsibility for finance, pricing and process improvement. Mr. Dick has previously held various leadership positions in the areas of financial planning, analysis, and acquisitions at Option Care, Inc. Prior to joining Option Care, Inc., Mr. Dick held various management positions in finance and acquisitions with both Johnson & Johnson and Peace Health, a Seattle-based regional health care system. Mr. Dick received a BBA in Accounting from the University of Texas at Tyler and an MBA in Finance from the University of Michigan's Ross School of Business. Mr. Dick will commence his new role on June 15, 2009.

The company has also appointed Joseph Bonaccorsi as Senior Vice President, General Counsel and Secretary. Mr. Bonaccorsi served as Senior Vice President, General Counsel and Secretary for Option Care, Inc. from 2002 through 2007. Following the Walgreen Co. acquisition of Option Care, Inc., Mr. Bonaccorsi served as Senior Vice President Mergers and Acquisitions and Counsel for the Walgreen's-Option Care Home Care division. Prior to joining Option Care, Inc. in 2002, Mr. Bonaccorsi was in private law practice in Chicago. Mr. Bonaccorsi earned a BS degree from Northwestern University and a JD degree from Loyola University School of Law, Chicago.

Dr. John N. Kapoor, Akorn's Chairman of the Board stated, "I am pleased with the progress the company has made in the last few months. With the addition of the new management team, we believe the company is on the path to capitalize on the opportunities that exist in the fast growing generic pharmaceutical industry."

About Akorn, Inc.

Akorn, Inc. manufactures and markets sterile specialty pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois and Somerset, New Jersey and markets and distributes an extensive line of hospital and ophthalmic pharmaceuticals. Additional information is available at the Company's website at www.akorn.com.

Materials in this press release may contain information that includes or is based upon forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Forward-looking statements give our expectations or forecasts of future events. 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. In particular, these include 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.

Any or all of our forward-looking statements here or in other publications may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining our actual future results. Consequently, no forward-looking statement can be guaranteed. Our actual results may vary materially, and there are not guarantees about the performance of our stock.

Any forward-looking statements represent our expectations or forecasts only as of the date they were made and should not be relied upon as representing our expectations or forecasts as of any subsequent date. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise, even if our expectations or forecasts change. 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.

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