Pacira Pharmaceuticals, Inc. Adds Experienced CFO James S. Scibetta to Leadership of the Organization
Parsippany, NJ, August 6 2008 - Pacira Pharmaceuticals, Inc., an acute care specialty pharmaceutical company, today announced the addition of a key senior executive to the company's management team. James S. Scibetta, joins Pacira as the Chief Financial Officer. Mr. Scibetta brings more than 20 years of financial leadership experience in private and public companies as well as investment banking to Pacira. Most recently he has been consulting to Genzyme Corporation (NASDAQ: GENZ) following his instrumental role as CFO of Bioenvision Inc. (NASDAQ: BIVN) in its 2007 sale to Genzyme for $345 million. Prior to his tenure at Bioenvision Mr. Scibetta was EVP and CFO of Merrimack Pharmaceuticals, Inc. where he aided the company in raising over $140 million of equity and debt capital. Mr. Scibetta is a Member of the Board of Directors and Chairman of the Audit Committee of both Labopharm Inc. (NASDAQ: DDSS) and Nephros Inc. (Amex: NEP). Prior to his life science company executive tenures, Jim held senior investment banking positions at PaineWebber and Shattuck Hammond Partners where he was responsible for sourcing and executing capital raising, strategic advisory and mergers & acquisitions transactions for a broad base of public and private technology-based healthcare companies encompassing businesses of biotechnology, pharmacy benefits management, CRO, health and wellness benefits management, disease management, evidenced-based medicine and others.
Pacira President and CEO Dave Stack stated, "Jim brings outstanding experience and financial leadership with a strategic perspective focused on value creation to Pacira. We expect his contributions to enhance our organizational management, growth, and capital markets strategic initiatives."
About Pacira
Pacira is an acute care specialty pharmaceutical company with a primary focus on developing products which satisfy the needs of our customers in the institutional marketplace. The Company utilizes DepoFoam® delivery technology to cost-effectively improve patient care through enhanced dosing and administration profiles. Currently, the Company is developing DepoBupivacaine™ in phase III clinical studies for postsurgical pain. Revenues are generated from two approved products which are marketed by partners: DepoCyt® for lymphomatous meningitis and DepoDur® for post-surgical pain. Additional information about Pacira is available at www.pacira.com.
This press release contains forward looking statements, which involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ materially from the forward looking statements discussed in this press release. These forward looking statements include risks and uncertainties that current or future collaboration will prove to be commercially successful.