Amphastar Pharmaceuticals, Inc. Announces Simplification of Management Structure
April 13 2020 - 5:16PM
Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the
“Company”), a California-based, specialty, generic pharmaceutical
company, today announces a recent simplification of the Company’s
management by removing a layer of management in the organizational
structure.
Mr. Jason B. Shandell has stepped down as President, General
Counsel, and member of the Board of Directors, effective April 10,
2020. Mr. Shandell and the Company have mutually agreed that now is
the right time to transition and to consolidate the Company’s
management structure.
The Company thanks Mr. Shandell for his service over the past
twelve years and wishes him success in his future endeavors.
Dr. Jack Y. Zhang, the Company’s Chief Executive Officer (CEO),
Chief Scientific Officer and a member of the Board of Directors,
has assumed the role and responsibilities of President, effective
April 10, 2020. Jack Y. Zhang, Ph.D. co-founded Amphastar in 1996
and has served as CEO and a member of Board of Directors of
Amphastar since its inception. Dr. Zhang also served as President
of Amphastar from 1996 until June 2013. Dr. Zhang has served as
Chief Scientific Officer of Amphastar since 2005. Dr. Zhang also
co-founded Applied Physics and Chemistry Laboratories, Inc. (APCL),
a full service chemical analytical laboratory in May 1989, where he
held the position of CEO, as well as President until October 2002.
Dr. Zhang is named as the inventor on numerous U.S. and foreign
patents. He received a Ph.D. in chemistry from the State University
of New York at Stony Brook and was a Post-Doctoral Research
Associate at the California Institute of Technology.
Pipeline Information
The Company currently has seven ANDAs, filed with
the FDA targeting products with a market size of approximately $1.9
billion, three biosimilar products in development targeting
products with a market size of approximately $13 billion, and nine
generic drug products in development targeting products with a
market size of approximately $12 billion. This market information
is based on IQVIA data for the 12 months ended December 31, 2019.
The Company is developing multiple proprietary pipeline products
for injectable and intranasal dosage forms, including a new drug
application for intranasal naloxone.
Amphastar’s Chinese subsidiary, ANP, currently has 14 Drug
Master Files (DMFs), on file with the FDA and is developing more
additional DMFs
Company Information
Amphastar is a specialty pharmaceutical company that focuses
primarily on developing, manufacturing, marketing, and selling
technically-challenging generic and proprietary injectable,
inhalation, and intranasal products. Additionally, the Company
sells insulin API products. Most of the Company’s finished
products are used in hospital or urgent care clinical settings and
are primarily contracted and distributed through group purchasing
organizations and drug wholesalers. More information and
resources are available at www.amphastar.com.
Amphastar’s logo and other trademarks or service marks of
Amphastar, including, but not limited to Primatene®, Amphadase® and
Cortrosyn®, are the property of Amphastar.
Forward Looking Statements
All statements in this press release that are not historical are
forward-looking statements, including, among other things,
statements relating to the Company’s expectations regarding future
financial performance, backlog, sales and marketing of its
products, market size and growth, the timing of FDA filings or
approvals, including the DMFs of ANP, the timing of product
launches, acquisitions and other matters related to its pipeline of
product candidates, its share buyback program and other future
events. These statements are not historical facts but rather are
based on Amphastar’s historical performance and its current
expectations, estimates, and projections regarding Amphastar’s
business, operations and other similar or related factors. Words
such as “may,” “might,” “will,” “could,” “would,” “should,”
“anticipate,” “predict,” “potential,” “continue,” “expect,”
“intend,” “plan,” “project,” “believe,” “estimate,” and other
similar or related expressions are used to identify these
forward-looking statements, although not all forward-looking
statements contain these words. You should not place undue reliance
on forward-looking statements because they involve known and
unknown risks, uncertainties, and assumptions that are difficult or
impossible to predict and, in some cases, beyond Amphastar’s
control. Actual results may differ materially from those in
the forward-looking statements as a result of a number of factors,
including those described in Amphastar’s filings with the
Securities and Exchange Commission. You can locate these reports
through the Company’s website at http://ir.amphastar.com and on the
SEC’s website at www.sec.gov. Amphastar undertakes no
obligation to revise or update information in this press release to
reflect events or circumstances in the future, even if new
information becomes available or if subsequent events cause
Amphastar’s expectations to change.
Contact Information: Amphastar Pharmaceuticals, Inc. Bill
Peters Chief Financial Officer (909) 980-9484
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