Henry Schein Affiliate to Resume Shipment of Anesthetic Product
MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 23, 1999--Henry Schein, Inc. (Nasdaq: HSIC) announced today that Novocol Pharmaceutical of Canada, Inc., (Novocol), an affiliated company in which it owns a non-controlling interest, has been notified by the United States Food and Drug Administration (FDA) that Novocol is free to resume production of its dental anesthetic products for shipment into the United States. The Canadian Health Protection Branch (HPB) has provided Novocol with a similar notification for production and shipment into Canada.
In anticipation of this result, Novocol has already resumed
limited production. Novocol has advised that it will ramp up
production over the next few quarters and will, during this time
period, explore opportunities to increase its capacity to historical
levels. Novocol has further advised that it expects to resume shipment
of its products to the United States early in the fourth quarter of
1999.
Earlier this year, Novocol, in cooperation with the FDA,
voluntarily recalled certain batches of its anesthetic products and
suspended shipping these products to the United States pending a
review of all protocol and policies regarding the manufacturing of the
anesthetic products.
Henry Schein's equity in earnings of this unconsolidated
affiliate was $1.6 million for 1998. In addition, these products
represented $15 million of Henry Schein's 1998 sales.
Henry Schein, Inc. is the largest distributor of healthcare
products and services to office-based healthcare practitioners,
including dental practices and laboratories, physician practices and
veterinary clinics. The Company, recognized for its excellent customer
service and low prices, serves more than 300,000 customers worldwide.
Headquartered in Melville, New York, the Company employs over 6,000
people in 16 countries. Sales in 1998 were $1.9 billion. For more
information, visit the Henry Schein website at
http://www.henryschein.com.
Certain information contained herein includes information that is
forward-looking. The matters referred to in forward-looking statements
may be affected by the risks and uncertainties involved in the
Company's business. These forward-looking statements are qualified in
their entirety by the cautionary statements contained in the Company's
Securities and Exchange Commission filings.
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CONTACT: Henry Schein, Inc.
Steven Paladino
Senior Vice President and Chief Financial Officer
516/843-5500
or
Susan Vassallo
Manager, Investor and Public Relations
516/843-5562
svassa@henryschein.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: MEDICINE BIOTECHNOLOGY