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DRAXIS Health Reports Fourth Quarter and Year End Results
Date:2/7/2008

c. (Johnson & Johnson

Consumer) signed during the third quarter of 2007.

- DRAXIS has received notification from the US Food and Drug

Administration (FDA) that the company's manufacturing operations in

Montreal, Quebec continue to maintain their classification as

acceptable facilities following an extensive inspection by the FDA

in October 2007. The successful inspection was conducted primarily

with regard to two products manufactured on behalf of clients in the

DRAXIS Pharma sterile lyophilization (freeze-drying) production

facility and in DRAXIS Health's radiopharmaceutical business unit,

DRAXIMAGE. There were no Form 483 Inspectional Observations issued

during the FDA evaluation of DRAXIS' systems.

- Subsequent to the end of the fourth quarter of 2007, the Board of

Directors of DRAXIS appointed Mr. Dan Brazier as the new President

and Chief Executive Officer effective January 1, 2008. In addition,

the Board appointed Mr. Jean-Pierre Robert to the position of Chief

Operating Officer of DRAXIS Health Inc.

"The year 2007 has presented its fair share of challenges for the Company but as we proceed forward into 2008, we can see that the organizational and process changes we have instituted are beginning to have a positive impact," said Dan Brazier, President and CEO of DRAXIS Health Inc. "On an operating basis, net earnings for the fourth quarter of 2007 improved 4 cents over the third quarter of 2007, excluding severance charges in both quarters. We have taken steps to manage overhead costs and eliminate redundancies to better control our cost structure in the face of the rapid and unprecedented strengthening of the Canadian dollar against the U.S dollar in 2007. These moves include executive and staff reductions and the closure of our Mississauga offices in the first quarter of 2008. While
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SOURCE DRAXIS Health Inc.
Copyright©2008 PR Newswire.
All rights reserved

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