AAIPharma Expands Phase 1 Capacity and Strengthens Global Clinical Operations Monday January 23, 5:14 pm ET
WILMINGTON, N.C.--(BUSINESS WIRE)--Jan. 23, 2006--AAIPharma Inc. (PINK SHEETS:AAIIQ - News) announced today that the Company has opened a new Phase I clinic in the Research Triangle Park area, North Carolina. Located at 200 Perimeter Park Drive in Morrisville, the new clinic will increase the Company's Phase 1 capacity in the U.S. to 144 beds and provide clients a flexible, state-of-the-art facility for projects of all sizes. The focus of this clinic, which is complemented by the Company's 65-bed Phase I unit in Germany, will continue to be the conduct of bio-equivalence trials in support of our customers' ANDA programs. However, it will also provide the Company with the infrastructure to strengthen and expand our clinical pharmacology operation in support of our customers' NDA programs. In addition, AAIPharma has appointed two new executives to lead and expand the Company's clinical operations worldwide. Dr. George Perentesis has joined the Company to head up AAIPharma's North American Clinical Operations. Dr. Brian O'Keeffe has joined the Company to head up AAIPharma's European Clinical Operations.
Dr. Perentesis has over 20 years of clinical development experience in the pharmaceutical and contract research industry. His history includes positions at Schering Plough, Novo Nordisk, and PRA International. Most recently, Dr. Perentesis was Vice President of Research and Development at Sucampo Pharmaceuticals Inc., in Bethesda MD.
Dr. O'Keeffe has worked in research and development at a global level within the pharmaceutical and development services industry for over 20 years. Most recently, he worked with the government contracting organization Abt Associates where he participated in program management for several projects involving the FDA, AHRQ, DAIDS and other Health and Human Services agencies. Prior to this, he served as President of Quintiles Asia Pacific, and as Medical Director for Bayer in the UK and in Singapore.
"Both Dr. Perentesis and Dr. O'Keeffe will significantly strengthen our Company's global clinical capability," stated Dr. Ludo J. Reynders, President and CEO of AAIPharma. "Their experience, leadership skills, and scientific expertise will allow our customers to truly benefit from our global drug development service offering. The expansion of our Phase 1 capacity and the strengthening of our global clinical operations are important steps in our strategy to reposition the Company as a strong global drug development company."
Posts: 1364 | From: Somebody from Europe | Registered: Sep 2005
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Under the terms of the reorganization plan, approximately 100% of the equity of the Company will be distributed to its current bondholders, including amongst others JPMorgan Securities, Inc., which will result in the Company being a private Company. Holders of unsecured claims will be entitled to receive their pro rata share of a cash distribution from a $4 million pool. Current holders of the Company's common stock will receive no distribution and all shares of AAIPharma's existing common stock will be cancelled.
I've seen this played out before in emerging bankrupt companies. One has about 10-15 days to play this stock. When the common shares get cancelled could be at anytime and when it happens, all the shares will be worth zero. It would appear this timeframe is still a few weeks away, but I would say this is like a 2-3 week option, as it gets closer to the end of the "expiration period" the stock wil go down and down until it is eventually zero. That said, there will be some, especially in the next few days, that may trade the stock and it may go up today and through the week, but with time against it starting next week, it has to go down until it is cancelled. Very risky, but short term money could be made depending on how many want to play the very short term game....imo.
-------------------- I may be wrong, but I don't think so.... Posts: 837 | From: Madison, WI | Registered: Sep 2005
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