Mr. Condella added, "The Board has started a search for a Board member with significant experience helping life sciences companies like Columbia in their efforts to grow and expand."
Mr. Kasnet noted that he will continue to serve as Chairman of the Board of
Separately, the Company also announced that the Board of Directors has approved an amendment to the Company's Shareholder Rights Plan (the "Plan"). Previously, the Plan could be triggered in the event that a shareholder acquired an ownership interest in excess of 4.99%. Pursuant to the amendment, and subject to the terms and conditions of the Plan, as amended, a shareholder is now permitted to maintain an ownership interest of up to 9.99 % without triggering the provisions of the Plan. Mr. Condella added that the primary purpose of the Shareholder Rights Plan is to help protect the Company's valuable net operating loss carryforwards.
CRINONE® is a registered trademark of
Forward Looking Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This communication contains forward-looking statements, which statements are usually indicated by the words "may," "will," "plans," "believes," "expects," "anticipates," "potential," "should," or similar expressions, and which are generally not historical in nature. These include all statements relating to expected financial performance and future business or product developments. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. These statements are based on management's current expectations and Columbia does not undertake any responsibility to revise or update any forward-looking statements contained herein, except as expressly required by law. For a discussion of certain risks and uncertainties associated with Columbia's forward-looking statements, please review Columbia's reports filed with the
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/columbia-laboratories-announces-search-for-new-board-member-impending-retirement-of-chairman-stephen-g-kasnet-amendment-to-increase-permissible-ownership-levels-under-shareholder-rights-plan-300027695.html