BLUE BELL, PA January 8, 2003 - InKine Pharmaceutical Company, Inc. (Nasdaq: INKP) today announced the promotion of Robert F. Apple to Chief Operating Officer. Mr. Apple joined InKine in November 1997 as Vice President of Finance and Administration. Since that time his role has grown to include responsibilities for areas such as manufacturing and distribution. With the promotion to COO along with his existing responsibility as CFO, Mr. Apple's role will be further augmented to include the Company's recently added sales franchise. He will continue to report directly to Leonard S. Jacob, M.D., Ph.D., InKine's Chairman and CEO.
"Bob is stepping up to an even more crucial role in InKine's leadership team," said Leonard S. Jacob, M.D., Ph.D., Chairman and CEO of InKine. "Bob joined me over five years ago as a co-founder of InKine. His strong management skills during this time have played a big part in InKine making the transition from a research and development company to a fully integrated specialty pharmaceutical company. With the expiration of our Procter and Gamble Pharmaceutical sales contract and our major investment in our own gastrointestinal specialty sales organization, I am confident that Bob's demonstrated leadership and attention to detail will have a positive impact on the success of Visicol. I look forward to working with Bob in the years ahead as we continue to further develop and expand our product portfolio," added Dr. Jacob.
About InKine Pharmaceutical
InKine Pharmaceutical Company, Inc. is a publicly traded biopharmaceutical company focused on the diagnosis and treatment of cancer and autoimmune diseases. The Company's development strategy is to acquire late-stage drug candidates with short time lines to commercialization. The Company's first product, Visicol® is the first and only tablet purgative preparation indicated for bowel cleansing prior to colonoscopy. InKine's second product, IBStat®, is a novel oral hysocyamine spray for the treatment of Irritable Bowel Syndrome (IBS) and spasm of the colon. Additionally, the Company has other development programs such as Colirest, which is in clinical trials for the treatment of Crohn's disease and completed Phase II trials for the treatment of ulcerative colitis. For further information, please visit InKine on their web site http://www.inkine.com.
In addition to historical facts or statement of current condition, this press release may contain forward-looking statements. Forward-looking statements provide InKine's current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, development of potential pharmaceutical products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, sales and earnings projections, and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" or other words and terms of similar meaning. InKine's performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries as well as more specific risks and uncertainties such as those set forth in its reports on Form 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, InKine does not intend (and it is not obligated) to update publicly any forward-looking statements. This discussion is permitted by the Private Securities Litigation Reform Act of 1995.