ONTARIO, Calif., Jan. 30, 2004 (PRIMEZONE) -- LifePoint, Inc. (AMEX:LFP), a leader in non-invasive drug diagnostic technologies and solutions, announced today the addition of a new outside director, William A. Cavendish.
William A. Cavendish is an international pharmaceutical executive with extensive senior management experience in world class U.S. and international companies. He also has broad-based public and private company board of directors experience. Mr. Cavendish is currently the President of Healthcap LLC, a company which performs advisory services for business development, venture capital and direct investment in small and medium size life-science companies. He is also the CEO and a director of Unihart Biotech Pharma NV, a drug discovery and development company focusing on virology and oncology. Until 2002, Mr. Cavendish was head of Pharmacia CHC International, a division of Pharmacia Corporation, and responsible for Pharmacia's consumer healthcare and nutritional business outside of North America. From 1977 until 2001, Mr. Cavendish held positions of increasing responsibility within American Home Products Corporation (now Wyeth Corporation), culminating with a senior management position in Whitehall International Inc., a division of American Home Products Mr. Cavendish has a MS in Economics from the University of Rome and an MBA from Columbia University.
William Cavendish replaces Paul Sandler, M.D. who has served LifePoint as a director since 1997. Dr. Sandler notified LifePoint that due to personal reasons he intended to resign from the Board effective upon the addition of a new director to replace him. The addition of Mr. Cavendish keeps the number of LifePoint's independent directors at five and a total of six directors.
"LifePoint has made great progress and has done a good job of executing the post-financing plan developed in August of 2003, and we are now at the point of being able to re-initiate marketing of the IMPACT(r) Test System this quarter," stated Stan Yakatan, Chairman of LifePoint, Inc. "It remains crucial for LifePoint to quickly build its businesses and William's proven expertise in building successful business with a strong record of sales and profits growth should be helpful in developing and executing LifePoint's business plans. Additionally, his specific experience with several companies developing products and serving markets similar to LifePoint's strengthens LifePoint's business development and strategic planning capabilities."
About LifePoint, Inc
LifePoint, Inc., a leader in non-invasive drug diagnostic technologies and solutions, has developed, manufactures and markets the IMPACT(r) Test System -- a rapid diagnostic testing, screening and drug monitoring device for use in law enforcement and the workplace, and in the future, ambulances, pharmacies, and home healthcare markets. LifePoint's patented and proprietary technologies for the use of saliva as a non-invasive, blood-comparable test specimen, used in conjunction with the flow immunosensor technology licensed from the United States Navy, have allowed LifePoint to develop a broadly applicable, rapid, on-site diagnostic test system. The first product simultaneously detects drugs of abuse and alcohol. The initial three target markets -- law enforcement, industrial workplace and medical emergency room -- are estimated to be over $1.6 billion in total opportunity.
This press release contains forward-looking statements regarding future events and the future performance of LifePoint, Inc. that involve risks and uncertainties that could cause actual results to differ materially. Although the Company believes that the expectations reflected in any forward-looking statements made herein are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. The Company undertakes no obligation to update any forward-looking statements made to conform to actual results or to changes to expectations. These risks include, but are not limited to the need to hire personnel, dependence on third parties for certain marketing efforts, FDA 510(k) clearance in medical markets, market acceptance and potential need for additional financing. These risks and others are described in further detail in the Company's reports filed with the Securities and Exchange Commission.
LifePoint(r) and IMPACT(r) are trademarks of LifePoint, Inc.