Press Releases
July 17, 2001
Xanodyne™ Pharmacal™, Inc. Formed in Northern Kentucky
FLORENCE, KY, July 17, 2001 -- Roger D. Griggs announced today the creation of a Northern Kentucky-based pharmaceutical company -- Xanodyne Pharmacal, Inc. Mr. Griggs is Chairman and acting Chief Executive Officer for Xanodyne. The company will focus on developing, manufacturing, and promoting specialty pharmaceutical products.
Xanodyne is active in the development and promotion of prescription pharmaceuticals, including products used to treat cancer, bleeding disorders, and other therapeutic indications. Xanodyne will focus on developing products for oncologists and pain management. Xanodyne is currently in the process of building a national sales and marketing team.
Xanodyne acquired three marketed oncology products from Immunex Corporation, a Seattle-based company. Mr. Griggs said, "Xanodyne provides a strong platform from which to develop, license, and market pharmaceutical products for specialty physician practices. We are excited about this acquisition and the opportunities it represents for the organization and region. Northern Kentucky is an excellent place to build a specialty business. Our current product mix and personnel have the potential for rapid growth, and we look forward to further enhancing our management team."
Mr. Griggs was formerly chief executive officer of Richwood Pharmaceuticals and is currently the Managing Director for Union Springs LLC, an investment company that provides funding to early-stage healthcare companies. Mr. Griggs also serves as Chairman of the Board for PediaMed Pharmaceuticals of Philadelphia, Pennsylvania and Integrity Pharmaceuticals of Indianapolis, Indiana. Richwood, founded by Mr. Griggs in 1991, grew into an organization employing over 200 people at the time of its merger with Shire Pharmaceuticals (Andover, England) in 1997. Joining Union Springs as co-investors in the acquisition are Essex/Woodlands Venture Partners of Chicago, HealthCare Ventures, and Blue Chip Venture Company of Cincinnati.