Peania, June 30, 2008 - Lavipharm's Annual Shareholders' Meeting was held today at the corporate headquarters with a quorum of 55.01% of the share capital. During the Meeting, the management presented the financial results FY 2007 and the prospects for 2008, while a new Board of Directors was elected.
During his speech, the Chairman and CEO of Lavipharm Dr. Athanase Lavidas referred to the Fentanyl Transdermal System and its progress, both in Greece and abroad: "In December 2007, the approval to market the Fentanyl Transdermal System in Germany, the largest transdermal fentanyl market in the European Union, was granted. Within the next two weeks, the first order will be shipped from our premises and the product is expected to be launched in August. In addition, approvals from regulatory authorities of other European countries are in progress".
Regarding the product's launch in the US market, Dr. Lavidas mentioned that Lavipharm has already initiated legal proceedings against the manufacturer on the grounds of breach of contract and prevention of the product launch in the market. More specifically, he noted that "The fact that we are in the midst of legal proceedings does not allow me to elaborate on this issue. There is no doubt that these developments have had a negative impact on our US subsidiary and this is the primary reason we have not yet achieved the expected inflows affecting the Group's turnover. Unexpected events, difficulties and temporary obstacles cannot guide our choices. On the contrary, instead of pondering on the problem, we can only focus on its solution."
Dr. Lavidas focused on the strategic development of the Company through continuous enrichment of its products and services portfolio. More specifically, he referred to the company's main objective which is strengthening its competitiveness, its market share and its overall position in the Greek and international pharmaceutical industry. In this context, structural changes in the management team were realized within 2007, including the establishment of the Group Commercial Department. Dr. Lavidas also referred to the rebranding of Castalia and its enrichment with new innovative products.
Thereafter, Mr. Chris Maniatis, the Group's CFO presented the financial results of 2007 and Q1 2008.
During the Meeting, all issues of the agenda were discussed. Dr. Lavidas presented the new Board of Directors, the majority of which is now comprised of independent non-executive members, six out of a total of nine members. Lavipharm's new Board of Directors, elected for a term of three years, is comprised of Dr. Athanase Lavidas, Mrs Tania Vranopoulos, Mrs Vana Lavidas, Mr. Minas Tanes, Professor Nikolaos Choulis and the new members Mr. Odysseus Kiriakopoulos, former Chairman of SEV, Entrepreneur, Mr. Dimitris Gertsos, Entrepreneur, Professor Christos Diamantopoulos, and Mrs Lito Ioannidou, Business Consultant, former Vice-Chairman of Citibank and the Athens Stock Exchange.
All issues on the agenda were approved, apart from the amendment of the Corporate By-Laws, the discussion of which was postponed due to the lack of the relevant quorum required by law. The final decision regarding this issue will be taken at the 1st Repeat Shareholders' Meeting, scheduled for Friday, July 11, 2008, at Lavipharm?s premises in Peania.
Lavipharm is an integrated Group engaged in the research, development, manufacturing, marketing, sales, wholesaling, logistics, and retailing of pharmaceutical, cosmetic and consumer health products in Greece with a strong international activity.