BioScrip Appoints Chairman Richard H. Friedman as Its Chief Executive Officer; CEO to Lead Profitable Growth Strategy and Systems Integration from Merger
ELMSFORD, N.Y.--(BUSINESS WIRE)--May 30, 2006--BioScrip, Inc. (NASDAQ: BIOS) today announced that the Board of Directors appointed Richard H. Friedman, currently the Company's Executive Chairman, to the positions of Chief Executive Officer and Chairman of the Board, effective June 1, 2006.
"Rich's proven leadership skills, coupled with his expertise in our businesses and industry make him an obvious choice for those positions," commented Louis T. DiFazio, Chairman of BioScrip's Compensation Committee of its Board of Directors. "Through Rich's leadership and guidance, management will be best able to focus on achieving the Company's profitable growth strategy and systems improvements in order to meet the operational and financial needs of our complex business model, as well as additional merger related synergies."
Mr. Friedman has been the Executive Chairman of BioScrip, Inc. since its merger with Chronimed, Inc. in March, 2005. Prior to that, Mr. Friedman had served as MIM Corporation's Chairman and Chief Executive Officer since 1998.
Richard H. Friedman, Executive Chairman of BioScrip, Inc. commented, "I am fully committed to achieving the level of profitability we anticipated at the time of the merger."
Mr. Friedman replaces BioScrip's current President and Chief Executive Officer, Henry F. Blissenbach. With Mr. Friedman's appointment, Mr. Blissenbach's retirement date was accelerated by one month to May 31, 2006 instead of June 30, 2006 as had been previously reported. Mr. Blissenbach's commitment to consult for the Company through June, 2007 is unaffected by Mr. Friedman's appointment.
About BioScrip, Inc.
BioScrip provides comprehensive pharmaceutical care solutions. We partner with healthcare payors, pharmaceutical manufacturers, government agencies, physicians, and patients to deliver cost effective programs that enhance the quality of patient life. We focus our products and services in two core areas: Specialty medication distribution and clinical management services, both nationally and community-based, and Pharmacy Benefit Management services. Our specialty medication distribution capabilities include condition-specific clinical management programs tailored to improve the care of individuals with complex health conditions such as HIV/AIDS, Cancer, Infusion IVIG, Hepatitis C, Rheumatoid Arthritis, Multiple Sclerosis, and Transplantation. Our complete pharmacy benefit management programs include customized benefit plan design, pharmacy network management and sophisticated reporting capabilities that deliver improved clinical and economic outcomes. In addition, we have 34 locations including community and infusion pharmacies in major metropolitan markets across the U.S., providing nationwide access and clinical management capabilities in a high-touch community-based environment.
Forward Looking Statements
This press release may contain statements which constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company and our success with respect to the integration and consolidation. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Important factors that could cause such differences are described in the Company's periodic filings with the Securities and Exchange Commission.
CONTACT: BioScrip, Inc.
Barry A. Posner, 914-460-1638 (NY direct line)
952-979-3750 (MN direct line)
bposner@bioscrip.com
or
Investor Relations:
The Global Consulting Group
Lauren Puffer, 646-284-9404
lpuffer@hfgcg.com
SOURCE: BioScrip, Inc.