EXHIBIT
99.1
FOR IMMEDIATE
RELEASE
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CONTACT:
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Carl
Hymans
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Ted
Karkus
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Chairman
of the Board, CEO
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(212)
725-4500 ext. 304
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(215)
345-0919 ext. 114
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carlh@schwartz.com
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Quigley
CEO, Ted Karkus, Announces Phase One of 2010 Strategic Plan
Karkus reports that the primary focus
will be on leveraging its OTC platform
Company
aggressively seeking product acquisitions and line extensions which leverage its
distribution network, says Karkus
DOYLESTOWN,
PA. – December 3, 2009 – Ted Karkus, Chairman and CEO of The Quigley
Corporation, (NASDAQ: QGLY) www.quigleyco.com announced today that the Company
has completed its evaluation of its opportunities to develop prescription
pharmaceutical and OTC products and has concluded that it is in its best
interests to focus primarily on the OTC/Personal Care marketplace, which may
include but are not limited to its Cold-EEZE(R) and
Kids-EEZE(R) brands,
as well as other homeopathic, dietary supplement, cosmetic, cosmeceutical, first
aid, functional food and beverage products. Mr. Karkus, the
Company’s Board of Directors, the Company’s executive team, and an outside
consultant have concluded that the costs and risks associated with continuing to
develop a line of prescription pharmaceutical products are not
warranted.
Mr.
Karkus stated, “The Company has determined that further material investment in
the Pharma subsidiary’s existing products under development would be curtailed
in light of its view concerning market opportunities, regulatory pathways, the
need for further robust and consistent preclinical and clinical testing and
continued requirements in the areas of commercial formulation and
development.”
However,
the Company has identified certain Pharma subsidiary products that it feels may
warrant further reasonable investment in order to determine whether they present
significant commercial opportunities. The products it will continue
to investigate include QR333 (potential topical symptomatic relief of diabetic
peripheral neuropathy); QR440 (potential relief of inflammation and joint pain);
and QR448 (potential anti-infective against infectious bronchitis in
poultry).
Mr.
Karkus has announced that future investment of Company resources in the Quigley
Pharma Division will be significantly reduced in favor of continued development
and building of the Cold-EEZE(R) brand
and a broader consumer product platform. “We are particularly interested in
leveraging our distribution network in mass, pharmacy and grocery retail by
acquiring or developing additional personal care and OTC products. Focusing on
products that can quickly be brought to market and do not require years of
research and development should significantly reduce product development costs
and lead time, while at the same time yielding increased revenues and profits”,
said Mr. Karkus. He added “We are aggressively searching for product
acquisitions and researching line extensions of our Cold-EEZE(R) and
Kids-EEZE(R) brands
to accomplish these goals, diversify our product offerings and to set the stage
for future growth of our Company.”
About
The Quigley Corporation
The
Quigley Corporation (Nasdaq: QGLY) (http://www.Quigleyco.com) is a diversified
natural health medical science company. Its Cold Remedy segment is a leading
marketer and manufacturer of the Cold-EEZE(R) family
of lozenges and sugar free tablets clinically proven to significantly reduce the
severity and duration of the common cold. Cold-EEZE(R)
customers include leading national wholesalers and distributors, as well as
independent and chain food, drug and mass merchandise stores and pharmacies. The
Quigley Corporation has several wholly owned subsidiaries including Quigley
Manufacturing Inc., which consists of an FDA approved facility to manufacture
Cold-EEZE(R)
lozenges and fulfill other contract manufacturing opportunities, and Quigley
Pharma, Inc., (http://www.QuigleyPharma.com), which conducts research in order
to develop and commercialize a pipeline of patented botanical and naturally
derived potential prescription drugs.
Forward-Looking
Statements
Certain
statements in this press release are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and involve
known and unknown risk, uncertainties and other factors that may cause the
Company's actual performance or achievements to be materially different from the
results, performance or achievements expressed or implied by the forward-looking
statement. Factors that impact such forward-looking statements include, among
others, changes in worldwide general economic conditions, changes in interest
rates, government regulations, and worldwide competition.