BLUE BELL, PA July 18, 2003 - InKine Pharmaceutical Company, Inc. (Nasdaq: INKP) today announced the election of Robert F. Apple to its Board of Directors. 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 sales and manufacturing operations. Mr. Apple currently serves as both Chief Operating and Chief Financial Officer of the Company. He will continue to report directly to Leonard S. Jacob, M.D., Ph.D., InKines Chairman and Chief Executive Officer.
It is with great confidence and personal pleasure that we announce Bobs election to the Board of Directors, said Leonard S. Jacob, M.D., Ph.D., Chairman and Chief Executive Officer of InKine. Bob and I have worked closely together for many years developing InKines specialty gastrointestinal franchise. His leadership has been integral to the success of InKine. In the finance arena, Bob recently negotiated the conversion of our $13 million in convertible debt, improving our financial condition and future earnings prospects. On the commercial side, we recently received audited prescription data for May, which once again was an all-time high in terms of prescriptions filled and market share. We look forward to Bobs contributions to our Board, 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 is developing other clinical compounds 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.
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