Amphastar Pharmaceuticals, Inc. Announces Simplification of Management Structure

RANCHO CUCAMONGA, Calif., April 13, 2020 (GLOBE NEWSWIRE) -- Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the “Company”), a California-based, specialty, generic pharmaceutical company, today announces a recent simplification of the Company’s management by removing a layer of management in the organizational structure.

Mr. Jason B. Shandell has stepped down as President, General Counsel, and member of the Board of Directors, effective April 10, 2020. Mr. Shandell and the Company have mutually agreed that now is the right time to transition and to consolidate the Company’s management structure.

The Company thanks Mr. Shandell for his service over the past twelve years and wishes him success in his future endeavors.

Dr. Jack Y. Zhang, the Company’s Chief Executive Officer (CEO), Chief Scientific Officer and a member of the Board of Directors, has assumed the role and responsibilities of President, effective April 10, 2020. Jack Y. Zhang, Ph.D. co-founded Amphastar in 1996 and has served as CEO and a member of Board of Directors of Amphastar since its inception. Dr. Zhang also served as President of Amphastar from 1996 until June 2013. Dr. Zhang has served as Chief Scientific Officer of Amphastar since 2005. Dr. Zhang also co-founded Applied Physics and Chemistry Laboratories, Inc. (APCL), a full service chemical analytical laboratory in May 1989, where he held the position of CEO, as well as President until October 2002. Dr. Zhang is named as the inventor on numerous U.S. and foreign patents. He received a Ph.D. in chemistry from the State University of New York at Stony Brook and was a Post-Doctoral Research Associate at the California Institute of Technology.

Pipeline Information

The Company currently has seven ANDAs, filed with the FDA targeting products with a market size of approximately $1.9 billion, three biosimilar products in development targeting products with a market size of approximately $13 billion, and nine generic drug products in development targeting products with a market size of approximately $12 billion. This market information is based on IQVIA data for the 12 months ended December 31, 2019. The Company is developing multiple proprietary pipeline products for injectable and intranasal dosage forms, including a new drug application for intranasal naloxone.