EDMONTON, Jan. 5, 2012 /PRNewswire/ - Compass Biotechnologies, Inc. (COBIE:OB or "Compass"), previously headquartered in Edmonton, Alberta Canada is relocating their headquarters to Phoenix, Arizona. Compass is a publically-traded specialty pharmaceutical company focused on building value in several key market areas - women's health, anti-viral drugs and prophylactic vaccines against hepatitis, recombinant protein therapeutics called "biobetters", and a cytokine reagents and growth factor supplements business servicing the cell culture and biotech manufacturing industries.
The relocation of business operations to Phoenix also comes with the appointment of Mr. Garth Likes to Chairman of the Board, and the subsequent appointment of Dr. Joseph Sinkule as CEO and President. "The move to Phoenix at this time stems from the previously announced restructuring of various operational business units of the Company in which we will have four complimentary but somewhat distinctive operational initiatives, and it is felt that the day to day operations of these units can be better handled from new headquarters in Phoenix" stated Mr. Likes.
"The Board will recruit new management to oversee each business unit operation with offices based in the U.S., Europe, and Asia with a common vision to take the company to a new level." stated Dr. Sinkule, the new CEO of Compass. Dr. Sinkule continues, "The Board is recruiting a management team that will help Compass to develop a culture of product commercialization. The Compass management team will oversee all "front office" and "back office" activities of each business unit. By keeping the team small, frugal and efficient, we will advance our products with passion and persistence, and attempt to execute better than other companies with larger resources."
Compass recently announced that it has restructured itself internally to form several franchises or business units working in different therapeutic areas but using a common, versatile, core management team overseeing all aspects of business, finance, and product development going on in each franchise. The Company is working on the commercialization of certain generic products that will generate revenue near-term, as well as patented, proprietary products that have a significant return on investment but have a longer development time.
ABOUT COMPASS BIOTECHNOLOGIES INC.
Compass Biotechnologies, Inc. is a publically-traded specialty pharmaceutical company (COBI:OB) focused on building value in several key market areas - women's health, hepatitis anti-viral drugs and prophylactic vaccines, recombinant protein therapeutics called "biobetters", and cytokine reagents and growth factor supplements for the cell culture and biotech manufacturing industries. Products in these areas are being developed within business units or franchises with majority ownership held by Compass Biotechnologies, Inc.
Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this current report which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainty of financial estimates and projections, the competitive and regulatory environments, stock market conditions, unforeseen technical difficulties and our ongoing ability to operate a business and obtain financing. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that our beliefs, plans, expectations and intentions contained in this current report are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our quarterly reports on Form 10-Q and our other periodic reports filed from time-to-time with the Securities and Exchange Commission pursuant to the Securities Exchange Act.
SOURCE Compass Biotechnologies Inc.