| Wed 16 Feb 2011, 10:44 | | LHG - Litha Healthcare Group Limited - Press Release - Litha Healthcare Group |
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LHG
LHG
LHG - Litha Healthcare Group Limited - Press Release - Litha Healthcare Group
extends its global network to drive growth strategy
LITHA HEALTHCARE GROUP LIMITED
(Formerly Myriad Medical Holdings Limited)
Incorporated in the Republic of South Africa
(Registration number 2006/006371/06)
Share code: LHG, ISIN: ZAE000144671
("Litha" or "the company")
PRESS RELEASE - LITHA HEALTHCARE GROUP EXTENDS ITS GLOBAL NETWORK TO DRIVE
GROWTH STRATEGY
An international agreement will see the Group`s operations benefitting from
the sourcing and distribution of pharmaceuticals, in South Africa and overseas
markets.
Litha Healthcare Group Limited, a JSE-listed company with operations in the
pharmaceutical, medical devices and biotechnology sectors of the healthcare
industry, today announced the signing of a new business development agreement
with CPOINT CAPITAL INC., a Canadian based company, headed up by Ian Jacobson.
"This agreement represents an exciting and significant step forward for the
Litha Group and in particular our Litha Pharma Division," says Group CEO,
Selwyn Kahanovitz. "Ian Jacobson`s relationships with key pharmaceutical
suppliers in multiple countries, as well as his sourcing and distribution
capabilities in these markets, make Ian and his team at CPOINT CAPTIAL INC. a
valuable partner in our growth and expansion strategy."
Litha Healthcare Group`s footprint includes an extensive portfolio of
pharmaceutical products, vaccines and medical devices registered for
distribution in the South African market, as well as established
infrastructure to support the distribution of products into the local and
international markets. Kahanovitz adds, "By combining the strengths of Litha
together with Ian`s extensive experience and expertise in business development
internationally, we anticipate accelerated growth in our pharmaceutical
division, with potential spin-off benefits for our other divisions."
"Although the agreement initially focuses on the sourcing and supply of
generic products for our Pharma Division, Ian`s team will also use their
expertise to identify innovative and new technologies in healthcare for our
Medical and Biotech Divisions, in keeping with the growth strategies of these
two divisions," add Kahanovitz.
Ian Jacobson will join Litha Group`s board of directors, as a non-executive
member. A former South African, Ian now lives in Toronto, where until recently
he held the position of CEO of Cobalt Pharmaceuticals, an Arrow Group company,
overseeing $300 million in sales. The Arrow Group was sold in 2009 to Watson
Pharmaceuticals. Prior to his tenure at Arrow Group, Jacobson was part of the
executive team at Amerpharm, serving in variety of positions, including
Executive Vice President at Genpharm (in Canada). Amerpharm was sold to Merck
KGaA in 1996.
With over 30 years experience in the pharmaceutical industry, specialising in
operations, business development and sales and marketing, Jacobson has
succeeded in a number of high profile positions at various companies around
the globe, including the USA, Canada, Europe, and South Africa.
"This agreement will create a significant boost to our product pipeline for
Litha Pharma," confirms Group CEO, Selwyn Kahanovitz. "Ian and his team`s
extensive experience in the development and distribution of pharmaceutical
products not only in the South African market, but on a global level, will
greatly benefit the Group."
"Litha Healthcare Group`s strategic focus remains the development of our
Pharmaceutical Division. Generics provide consumers with high quality,
affordable products and we see considerable potential for growth in the South
African market," observes Kahanovitz. "As a diversified healthcare group,
Litha is well positioned to create growth opportunities for our three
divisions, in particular the pharmaceutical division and the group remains on
track to achieve its development strategies."
16 February 2011
Date: 16/02/2011 10:44:00 Produced by the JSE SENS Department.
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