Readers are referred to the cautionary notes regarding Forward-looking Information and non-GAAP Financial Measures at the end of this release
Listed TSX, Symbol: CNJ
Cangene today announces that Dr. John Langstaff, President and CEO of Cangene Corporation, has advised the Board of Directors (“Board”) of the Company of his intention to step down from his current role after serving in this position for more than 20 years. Effective immediately, Dr. Langstaff resigns from his position as President and CEO, and from the Board of Directors, but will continue as a special advisor to the Company. Dr. Langstaff, after successfully leading the Company through years of tremendous challenges and significant growth, has decided to leave the Company to pursue personal interests. The Board wishes to thank Dr. Langstaff for his many years of valued contribution.
The Board has initiated a search for a successor to Dr. Langstaff, and in the meantime, has appointed Mr. Michael Graham, the current CFO of the Company, as acting President and CEO. The Board anticipates that a search for an appropriate successor, which will include current senior management, will occur over the next few months and expects that a permanent successor will be named before the end of the current fiscal year.
About Cangene Corporation
Cangene is one of Canada’s largest and earliest biopharmaceutical companies. It was founded in 1984 and is headquartered in Winnipeg, Manitoba. Cangene has approximately 800 employees in six locations across North America and its products are sold worldwide. It operates manufacturing facilities in Winnipeg, Manitoba and Baltimore, Maryland where it produces its own products and undertakes contract manufacturing for a number of companies. Cangene operates three U.S. and one Canadian plasma-collection facilities branded as Cangene Plasma Resources (http://www.cangeneplasma.com/). In addition, it has a regulatory affairs, sales and corporate communications office in Toronto, Ontario.
Cangene is focused on developing therapeutics for infectious diseases, and the Company uses patented manufacturing processes to produce plasma-derived and recombinant therapeutic proteins. Cangene has four FDA and/or Health Canada-approved hyperimmune products. In addition, the Company has several more products in development at various stages. Three of Cangene’s products have been accepted into the U.S. Strategic National Stockpile—botulism antitoxin (investigational product), anthrax immune globulin (investigational product) and a vaccinia immune globulin, a product that may be used to counteract certain complications that may arise from smallpox vaccination. Capitalizing on its drug manufacturing expertise, Cangene also operates a significant contract research and manufacturing business using the resources of Baltimore, Maryland-based Cangene bioPharma, Inc. (a wholly owned subsidiary; formerly Chesapeake Biological Laboratories, Inc.; http://www.cangenebiopharma.com/). Cangene’s website, http://www.cangene.com/, includes product and investor information, including past news releases.
Forward-looking and risk information
The reader should be aware that Cangene’s businesses are subject to risks and uncertainties that cannot be predicted or quantified; consequently, actual results may differ materially from past results and those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such risks or uncertainties include, but are not limited to: the regulatory environment including the difficulty of predicting regulatory outcomes; changes in the value of the Canadian dollar; the Company’s reliance on a small number of customers including government organizations; the demand for new products and the impact of competitive products, service and pricing; availability and cost of raw materials, especially the cost, availability and antibody concentration in plasma; fluctuations in operating results; government policies or actions; progress and cost of clinical trials; reliance on key strategic relationships; costs and possible development delays resulting from use of legal, regulatory or legislative strategies by the Company’s competitors; uncertainty related to intellectual property protection and potential costs associated with its defence; the Company’s exposure to lawsuits; and other matters beyond control of management. Risks and uncertainties are discussed more extensively in the MD&A section of the Company’s most recent annual report and annual information form, which are available on the Company’s website or on SEDAR at http://www.sedar.com/.
The preceding cautionary statements should be considered in connection with all written or oral statements, especially forward-looking statements, that are made by the Company or by persons acting on its behalf and in conjunction with its periodic filings with Securities Commissions, including those contained in the Company’s news releases and most recently filed annual information form. Forward-looking statements can be identified by the use of words such as “expects”, “plans”, “will”, “believes”, “estimates”, “anticipates”, “intends”, “may”, “bodes” and other words of similar meaning (including negative and grammatical variations). Should known or unknown risks or uncertainties materialize, or should management’s assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly make or update any forward-looking statements, except as required by applicable law.
“Cangene” is a trademark belonging to Cangene Corporation.
For further information:
about Cangene Corporation, please contact Michael Graham at (204) 275-4040 or by email at [email protected]