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PharmaPrint Joint Ventures, Vendor Payment Plan Talks Underway

This article was originally published in The Tan Sheet

Executive Summary

PharmaPrint is counting on several strategic initiatives, including negotiating payment plans with vendors and selling shares of its privately held Internet company, to counteract losses stemming from a terminated agreement with American Home Products.

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Steven Bowman tapped interim CEO, filling in until a replacement is found for Richard Piazza, the company announces May 11. Piazza stepped down from the president, CEO and chairman of the board positions he assumed last November from Elliot Friedman, who remains a board member (1"The Tan Sheet" Oct. 18, 1999, p. 20). Former PharmaPrint corporate counsel and board member Phil Trad temporarily assumed the responsibilities of president, treasurer and company secretary; the board remains without a chairman. Although a search is underway, PharmaPrint says restructuring debt and shoring up the firm's finances are more pressing priorities than recruiting a president or permanent replacements for the other positions (2"The Tan Sheet" Feb. 28, p. 8)

Centrum Herbals Supply Terms, Technology Contested By AHP, PharmaPrint

American Home Products and PharmaPrint are suing each other over alleged breaches of license and supply agreements for Centrum Herbals. PharmaPrint additionally is charging AHP with using PharmaPrint's technology to create its own line of combination products containing an herbal and one vitamin, mineral and/or other nutrient, to be launched within six months.

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