CHICAGO, July 14, 2015 (GLOBE NEWSWIRE) -- The Board of Directors of The Female Health Company (NASDAQ:FHCO) today announced that Karen King, the Company's president and chief executive officer, has left the Company to pursue other interests. The Company's chairman and former president and CEO, O.B. Parrish, has been reappointed by the board to serve as CEO.
"I look forward to working with our experienced management team and dedicated employees to advance and further strengthen our current strategic growth plan," stated Mr. Parrish. "Our organization continues to evaluate a number of complementary opportunities that have the potential to grow sales and diversify our product offering. In addition, we believe the Company's FC2 Female Condom® is a unique product that addresses a critical unmet need by protecting women around the world from sexually transmitted diseases and preventing unwanted pregnancies. The product has solid upside potential over the long-term and should continue to contribute cash to help fund our acquisition strategy."
"On behalf of the board, I would like to thank Karen King for her many contributions and wish her well in her future endeavors," continued Parrish. "We have commenced the search for an experienced senior executive to further strengthen our management team. Meanwhile, I have asked two of our board members to provide input on FHC's operations. During his career, David Bethune has led a number of healthcare companies, successfully blending internal product development with an in-licensing program to accelerate, bolster and spur growth. Donna Felch has deep, relevant experience and insights, having previously served as a member of FHC's senior management team. Both are seasoned, talented and highly qualified healthcare industry executives and will provide invaluable guidance and counsel as we execute our plan, with the goal of improving profitability and enhancing shareholder value significantly in coming years."
About David Bethune
David Bethune has served as a director of FHC since January 1996. He was most recently chairman and chief executive officer of Zila, Inc., an oral cancer screening company. Earlier, Mr. Bethune served as chairman and chief executive officer of Atrix Laboratories, Inc. and, prior thereto, he led the executive team of the IVAX Corporation as president and chief operating officer. Previously, Mr. Bethune was president and chief executive officer of Aesgen, Inc., a generic pharmaceutical company. Before joining Aesgen, Inc., he served as group vice president and a member of the Executive Committee at American Cyanamid Company until its sale to American Home Products. At American Cyanamid, Mr. Bethune had global executive responsibility for human biologicals, consumer health products, pharmaceuticals and opthalmics, as well as medical research. Before that, Bethune was president of Lederle Laboratories, a division of American Cyanamid.
About Donna Felch
Donna Felch, who previously served as FHC's vice president and chief financial officer, became a director of FHC in November 2012. Earlier, Ms. Felch rose through the senior management ranks to become vice president and treasurer of American Pharmaceutical Partners, Inc., a pharmaceutical company that develops, manufactures and markets injectible products. Previously, she served as director of corporate tax with Fujisawa USA, a subsidiary of a major Japanese pharmaceutical company. Ms. Felch formerly worked as a tax manager for LyphoMed, Inc., a generic pharmaceutical manufacturer.
Other key executives will continue in their current positions, including Michele Greco, EVP and CFO; Susan Ostrowski, EVP, Sales and Marketing; and Martin Tayler, EVP, Global Operations.
About The Female Health Company
The Female Health Company, based in Chicago, Illinois, manufactures and markets the FC2 Female Condom® (FC2). Since the Company began distributing FC2 in 2007, it has been shipped to 144 countries. The Company owns certain worldwide rights to the FC2 Female Condom®, including patents that have been issued in a number of countries around the world. The patents cover the key aspects of FC2, including its overall design and manufacturing process. The FC2 Female Condom® is the only currently available female-controlled product approved by FDA that offers dual protection against sexually transmitted infections, including HIV/AIDS, and unintended pregnancy. The World Health Organization (WHO) has cleared FC2 for purchase by U.N. agencies.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
The statements in this release which are not historical fact are "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release include statements relating the Company's ability to successfully complete an acquisition of a new product, technology or business and to successfully implement sales and marketing initiatives for FC2, and the effect of such initiatives on the Company's business and results of operations. These statements are based upon the Company's current plans and strategies, and reflect the Company's current assessment of the risks and uncertainties related to its business, and are made as of the date of this release. The Company assumes no obligation to update any forward-looking statements contained in this release as a result of new information or future events, developments or circumstances. Such forward-looking statements are inherently subject to known and unknown risks and uncertainties. The Company's actual results and future developments could differ materially from the results or developments expressed in, or implied by, these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to, the following: product demand and market acceptance; competition in the Company's markets and the risk of new competitors and new competitive product introductions; government contracting risks, including the appropriations process and funding priorities, potential bureaucratic delays in awarding contracts, process errors, politics or other pressures, and the risk that government tenders and contracts may be subject to cancellation, delay or restructuring; a governmental tender award indicates acceptance of the bidder's price rather than an order or guarantee of the purchase of any minimum number of units, and as a result government ministries or other public sector customers may order and purchase fewer units than the full maximum tender amount; the Company's reliance on its international partners in the consumer sector and on the level of spending on the female condom by country governments, global donors and other public health organizations in the global public sector; the economic and business environment and the impact of government pressures; risks involved in doing business on an international level, including currency risks, regulatory requirements, political risks, export restrictions and other trade barriers; the Company's production capacity, efficiency and supply constraints; the Company's ability to identify, successfully negotiate and complete suitable acquisitions or other strategic initiatives; the Company's ability to successfully integrate acquired businesses, technologies or products; and other risks detailed in the Company's press releases, shareholder communications and Securities and Exchange Commission filings, including the Company's Form 10-K for the year ended September 30, 2014. Actual events affecting the Company and the impact of such events on the Company's operations may vary from those currently anticipated.
For more information about the Female Health Company visit the Company's website at http://www.femalehealth.com and http://www.femalecondom.org. If you would like to be added to the Company's e-mail alert list, please send an e-mail to FHCInvestor@femalehealthcompany.com.