Forest Laboratories Inc. Announces Appointment of Dr. Lawrence S. Olanoff as President and Chief Operating Officer
September 07 2006 - 9:00AM
PR Newswire (US)
NEW YORK, Sept. 7 /PRNewswire-FirstCall/ -- Forest Laboratories,
Inc. (NYSE:FRX) today announced that its Board of Directors has
appointed Lawrence S. Olanoff, M.D., Ph.D. as its President and
Chief Operating Officer and as a Director of the Company effective
October 30, 2006. Dr. Olanoff will succeed Kenneth E. Goodman, who
has announced his retirement after more than 26 years with Forest
but who will remain a member of the Company's Board of Directors.
Dr. Olanoff, who served as Forest's Executive Vice President and
Chief Scientific Officer for ten years ending July 2005 will be
returning to Forest from Celsion Corporation where he served as
President and Chief Executive Officer after leaving Forest. Prior
to joining Forest in 1995, Dr. Olanoff served as Senior Vice
President - Clinical Research and Development at Sandoz
Pharmaceutical Corporation and prior thereto served as Corporate
Vice President - Clinical Development and Medical Affairs at The
Upjohn Company. Dr. Olanoff, 54, holds a Ph.D. in biomedical
engineering and an M.D. degree from Case Western Reserve
University. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO ) Howard
Solomon, Chairman and Chief Executive Officer of Forest, stated:
"We are delighted with the return of Larry Olanoff to Forest and
his assuming the position of President and Chief Operating Officer.
During Larry's tenure as Chief Scientific Officer at Forest he
created and built the Forest Research Institute from a fledgling
group to an eight hundred person organization of distinguished
scientists, researchers, and support personnel which has produced
our successful marketed products, including Celexa(R), Lexapro(R)
and Namenda(R), as well as our robust development pipeline. Larry
has proven his excellent management skills, creativity and
extraordinary leadership capabilities and we welcome him back to
Forest in his new leadership role. On the other hand, we understand
Ken's desire to have more time to spend with his family and to use
for his not-for-profit activities. Ken has been a fundamental force
in Forest's growth and success for more than 26 years as well as a
warm friend and mentor to many at Forest. Although we will miss his
day to day guidance and contributions, we are pleased that Ken, who
will continue his employment with Forest through the end of the
year, will continue to serve on our Board of Directors and to make
his wealth of experience and talents available to us in that
capacity for many years to come." Dr. Olanoff noted, "I am pleased
to be able to rejoin Forest at this exciting time in the Company's
history and to assume a leadership role to guide Forest into its
future. Forest's product development pipeline has never been more
exciting and the quality of its executive leadership and
organizational strength presents a solid foundation for future
achievements. It is particularly gratifying to take on a new
leadership role at Forest where so many of my central career
achievements were accomplished." Ken Goodman commented, "I have
spent 26 wonderful years at Forest working side by side with Howard
Solomon. Over that time, Forest has grown from virtually a start-up
to a successful, mid-size, fully integrated pharmaceutical company.
With the recent upholding of our Lexapro patent, the strong
performance of our currently marketed products, an exciting
pipeline of new product opportunities and a strong experienced
senior management team in place in all areas, I felt as though this
was the opportune time to retire and pursue personal interests. I
know that I will be leaving the Company with an extraordinarily
bright future." About Forest Laboratories and Its Products Forest
Laboratories (http://www.frx.com/) is a US-based pharmaceutical
company dedicated to identifying, developing, and delivering
products that make a positive difference in peoples' lives. Forest
Laboratories' growing product line includes Lexapro(R)
(escitalopram oxalate), an SSRI indicated for adults for the
initial and maintenance treatment of major depressive disorder and
for generalized anxiety disorder; Namenda(R) (memantine HCl), an
N-methyl-D-aspartate (NMDA)-receptor antagonist indicated for the
treatment of moderate and severe Alzheimer's disease; Benicar(R)*
(olmesartan medoxomil), an angiotensin receptor blocker, and
Benicar* HCT(R) (olmesartan medoxomil-hydrochlorothiazide), an
angiotensin receptor blocker and diuretic combination product, each
indicated for the treatment of hypertension; and Campral(R)*
(acamprosate calcium), indicated in combination with psychosocial
support for the maintenance of abstinence from alcohol in patients
with alcohol dependence who are abstinent at treatment initiation.
* Benicar is a registered trademark of Daiichi Sankyo, and Campral
is a registered trademark of Merck Sante s.a.s., subsidiary of
Merck KGaA, Darmstadt, Germany. Except for the historical
information contained herein, this release contains
"forward-looking statements" within the meaning of the Private
Securities Reform Act of 1995. These statements involve a number of
risks and uncertainties, including the difficulty of predicting FDA
approvals, acceptance and demand for new pharmaceutical products,
the impact of competitive products and pricing, the timely
development and launch of new products and the risk factors listed
from time to time in the Company's SEC reports, including the
Company's Annual Report on Form 10-K for the fiscal year ended
March 31, 2006 and on Form 10-Q for the period ended June 30, 2006.
http://www.newscom.com/cgi-bin/prnh/20001011/FORESTLOGO DATASOURCE:
Forest Laboratories, Inc. CONTACT: Charles E. Triano, Vice
President - Investor Relations, of Forest Laboratories, Inc.,
+1-212-224-6714, Web site: http://www.frx.com/
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