Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Adam C. Derbyshire Mike Freeman
Vice President and Director, Investor Relations and
Chief Financial Officer Corporate Communications
919 862-1000 919 862-1000
SALIX PHARMACEUTICALS REVIEWS
ACCOMPLISHMENTS AND UPDATES
PROGRESS AT ANNUAL MEETING
Specialty Sales Force to be Expanded
RALEIGH, NC, June 14, 2001 - Salix Pharmaceuticals, Ltd. (Nasdaq:SLXP) held its
2000 Annual Meeting of shareholders today at the Company's new Raleigh, North
Carolina headquarters. Mr. Robert Ruscher, President and CEO, reviewed the
accomplishments of 2000, and 2001 to date, and updated shareholders on recent
developments.
"The year 2000 was one of tremendous growth and advancement for Salix," stated
Mr. Ruscher. "The momentum gained during the year has extended into the first
half of 2001, and we anticipate ongoing growth as our specialty sales force
continues to introduce COLAZAL(TM) to gastroenterologists across the United
States. Highlights of the past 18 months include:
. Assimilation of an experienced management team, including
. Carolyn Logan: Senior Vice President, Sales and Marketing
. Adam Derbyshire: Vice President, Finance and Administration, CFO
. Joe Tyler: Vice President, Operations
. Launch of COLAZAL, a new, first-line therapy for the treatment of mildly
to moderately active ulcerative colitis
. 1Q01 sales totaled $3.3 million
. Year-to-date prescriptions exceeded 10,000
. Completion of second Phase III trial of rifaximin for infectious
diarrhea
. New Drug Application currently being assembled
. Balance sheet strengthened - $36 million cash and cash equivalents as
of May 31, 2001
. November 2000 offering raised $14 million
. May 2001 offering raised $28 million
. Nasdaq listing
. November 2000 initial listing on the SmallCap Market
. March 2001 National Market listing
"We are pleased to note that investors have been impressed with our achievements
over the past 18 months, and that their support has been reflected in the
performance of the Company's share price. Since our listing on Nasdaq nearly
seven months ago, our stock price has increased significantly while over the
same period the Nasdaq as a whole has declined."
Commenting on other developments, Mr. Ruscher stated, "We are in the process of
expanding our specialty sales force. It is our intention to add 20 to 30 sales
representatives to our gastroenterology sales force by the beginning of the
fourth quarter of 2001. We think this number of sales representatives will
optimize efficiency in terms of penetrating this market. With respect to
rifaximin, I am pleased to report that the Phase III trial for the treatment of
hepatic encephalopathy, a severe and chronic condition caused by compromised
liver function, is now underway in both Europe and the U.S. Patients are being
enrolled at eight sites in Europe and four in the U.S. Upon the completion of
this study, we intend to file a New Drug Application with the U.S. Food and Drug
Administration (FDA)."
Salix Pharmaceuticals, Ltd., headquartered in Raleigh, North Carolina, develops
and markets prescription pharmaceutical products for the treatment of
gastrointestinal diseases. Salix's strategy is to in-license proprietary
therapeutic drugs that have an existing database of positive, late-stage
clinical data; complete the development and regulatory submission of these
products; and market them through the Company's gastroenterology specialty sales
force. Salix's lead product is COLAZAL(TM), an anti-inflammatory drug approved
for the treatment of mildly to moderately active ulcerative colitis. The Company
launched the product in the U.S. through its specialty sales force in January
2001. Salix's follow-on product candidate is rifaximin, currently in development
for the potential treatment of infections of the lower gastrointestinal tract.
The Company currently intends to submit an NDA for rifaximin for the treatment
of infectious diarrhea to the U.S. FDA in late 2001. Salix trades on the Nasdaq
National Market under the ticker symbol "SLXP."
For more information please contact the Company at 919-862-1000 or visit our web
site at www.salixpharm.com.
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Please Note: This press release contains forward-looking statements
regarding future events. These statements are just predictions and are
subject to risks and uncertainties that could cause the actual events or
results to differ materially. These risks and uncertainties include the
risks of managing rapid growth, clinical trials and regulatory review,
market acceptance of our products, and the need to acquire new products.
The reader is referred to the documents that the Company files from time to
time with the Securities and Exchange Commission.