Amylin Announces Preliminary Results of Annual Meeting of Stockholders
May 27 2009 - 3:32PM
PR Newswire (US)
SAN DIEGO, May 27 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals,
Inc. (NASDAQ:AMLN) today announced that, based on a preliminary
vote count provided by its proxy solicitor, shareholders voted to
elect at least 10 of the Company's nominees, including its two new
independent nominees, Paul N. Clark and Paulo F. Costa, to Amylin's
Board of Directors at the Company's Annual Meeting of Stockholders
held today. The Company believes that no more than two of the five
dissident nominees (one independent nominee from Eastbourne Capital
Management, L.L.C. and one nominee from Carl Icahn) have been
elected to Amylin's Board. Additionally, Mr. Icahn's proposal to
reincorporate the Company from Delaware to North Dakota has been
defeated. The Company issued the following statement: We appreciate
the consideration and support of our shareholders, as well as the
valuable insights offered to our Board and management team over the
past several months. Today's outcome affirms that shareholders have
confidence in the Company's plan to build value in 2009 and beyond,
having apparently elected only two of the five dissident nominees.
We remain deeply committed to building long-term value for all of
our shareholders, especially through the anticipated launch of
exenatide once weekly, our investigational therapy that has the
potential to significantly advance the treatment of type 2
diabetes. We thank all of our Directors for their tremendous
commitment and contributions to Amylin. Our Board and management
team will work with the new Directors to continue to bring
transformational medicines to patients and maximize shareholder
value. IVS Associates, Inc., the independent Inspector of
Elections, has indicated that it expects to issue a preliminary
tabulation of the vote results early next week. Final results of
the Annual Meeting will be announced once they are certified by the
Inspector following the customary review and challenge period.
About Amylin Amylin Pharmaceuticals is a biopharmaceutical company
committed to improving lives through the discovery, development and
commercialization of innovative medicines. Amylin has developed and
gained approval for two first-in-class medicines for diabetes,
SYMLIN(R) (pramlintide acetate) injection and BYETTA(R) (exenatide)
injection. Amylin's research and development activities leverage
the Company's expertise in metabolism to develop potential
therapies to treat diabetes and obesity. Amylin is headquartered in
San Diego, California. Further information on Amylin
Pharmaceuticals is available at http://www.amylin.com/. Forward
Looking Statements This press release contains forward-looking
statements about Amylin, which involve risks and uncertainties. Our
actual results could differ materially from those discussed herein
due to a number of risks and uncertainties, including risks that
BYETTA, SYMLIN or exenatide once weekly may be affected by
competition, unexpected new data, safety and technical issues, or
manufacturing and supply issues; risks that our financial results
may fluctuate significantly from period to period and may not meet
market expectations; risks that any financial guidance we provide
may not be accurate; risks that our clinical trials will not be
completed when planned, may not replicate previous results or
achieve desired end-points; risks that our preclinical studies may
not be predictive; risks that our NDAs for product candidates or
sNDAs for label expansion requests, such as the exenatide once
weekly NDA mentioned in this press release, may not be submitted
timely or receive FDA approval; risks that our expense reductions
will not be as large as we expect; risks that the restructured
operations for exenatide will not produce the results we expect;
and other risks inherent in the drug development and
commercialization process. Commercial and government reimbursement
and pricing decisions and the pace of market acceptance may also
affect the potential for BYETTA, SYMLIN or exenatide once weekly.
These and additional risks and uncertainties are described more
fully in the Company's most recently filed Form 10-K and Form 10-Q.
Amylin disclaims any obligation to update these forward-looking
statements. CONTACTS: Alice Izzo Executive Director, Corporate
Affairs Amylin Pharmaceuticals, Inc. (858) 642-7272 or Steve
Frankel / Averell Withers Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449 DATASOURCE: Amylin Pharmaceuticals, Inc. CONTACT:
Alice Izzo, Executive Director, Corporate Affairs, Amylin
Pharmaceuticals, Inc., +1-858-642-7272, ; or Steve Frankel or
Averell Withers, both of Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449 Web Site: http://www.amylin.com/
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