Theratechnologies inc.

Theratechnologies inc.

March 30, 2006 11:38 ET

Theratechnologies' CEO Upbeat on Future Prospects: Key TH9507 Clinical Results Expected by End of Year

MONTREAL, QUEBEC--(CCNMatthews - March 30, 2006) - Theratechnologies (TSX:TH) today staged an upbeat annual meeting at the Centre Mont-Royal in downtown Montréal. Company Chairman, A. Jean de Grandpré, spoke of changes at the Board level with three new directors in the space of a year, while President and CEO, Yves Rosconi, focused on plans to build value for shareholders. CFO, Luc Tanguay, outlined a strong financial position with approximately $53 million of cash on hand.

Among the slate of nine directors re-elected today were three new directors who joined the Board between March 2005 and February 2006. Mr. de Grandpré told shareholders the Board was seeking:"... the best possible balance of pharmaceutical, financial and management expertise."

The three new directors were: Robert Goyer who has held key posts in regulatory agencies such as the Therapeutic Products Directorate of Health Canada and the Régie de l'assurance maladie du Québec; Bernard Reculeau, formerly a senior executive with the large European pharmaceutical company, sanofi-aventis; and Gérald A. Lacoste, former President of the Montreal Exchange and the Quebec Securities Commission.

Mr. Rosconi said that following a strategic review completed late last year, the Company will be retaining the commercial rights to its flagship product, TH9507. "... In the course of our review, it became clear that many of the biotech companies that became spectacular success stories were those who were able to hold on to their intellectual property and commercial rights," he told shareholders, citing several well-known American biotechs as examples.

Theratechnologies is now evaluating potential future projects by applying four "value-creating criteria" in order to: "...Grow by developing and commercializing a series of products that have value-creating characteristics that are similar to TH9507 in HIV-associated lipodystrophy," Mr. Rosconi explained.

The company recently announced that it had completed enrollment for its first of two Phase 3 trials in its lipodystrophy program, with results expected before the end of the year. Mr. Rosconi is optimistic about the Company's prospects for success. "We believe that all of this could add up to a very big opportunity for Theratechnologies," he concluded.

Mr. Tanguay also had good news for shareholders. Theratechnologies added nearly $38 million to its liquidity position in 2005 and the early part of 2006, and currently has approximately $53 million of cash on hand. "One of the advantages flowing from these activities is the financial flexibility that Theratechnologies currently enjoys," he told his audience. Using financial data published by Dundee Securities in January, Mr. Tanguay said Theratechnologies is among the best-financed biopharmaceutical companies in all of Canada.

About Theratechnologies

Theratechnologies (TSX:TH) is a Canadian biopharmaceutical company that discovers or acquires innovative drug candidates in order to develop them and bring them to market. The Company targets unmet medical needs in financially attractive specialty markets where it can retain full or partial ownership of the drug and generate attractive returns for shareholders. Its most advanced program is TH9507, now in Phase 3 clinical trials for a serious metabolic disorder known as HIV-associated lipodystrophy. The Company also has other promising projects at earlier stages of development.

Forward-looking statements

This press release contains forward-looking statements regarding the future plans of the Company and expectations about the TH9507 Phase 3 clinical program including the nature of the results and their timing. By their very nature, these statements involve uncertainties and inherent risks, both general and specific, which give rise to the possibility that predictions will not materialize. We therefore caution investors against placing undue reliance on these statements. We refer you to pages 16 and 17 of the 2005 annual report, which contain a more exhaustive analysis of the risks and uncertainties connected to the business of the Company. We have no obligation to update the forward-looking statements and we do not undertake to do so.

Contact Information

  • Theratechnologies
    Yves Rosconi
    President and Chief Executive Officer
    (514) 336-4804, ext. 203
    Luc Tanguay
    Senior Executive Vice-President
    and Chief Financial Officer
    (514) 336-4804, ext. 204
    Tobie Trudel
    Director, Investor Relations and Communications
    (514) 336-4804, ext. 229