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K-V Pharmaceutical Secures Financing Commitments Establishing Path Forward For Specialty Pharmaceutical Business
Date:11/17/2010

ant, the "Warrants").  All warrants issued will have an exercise price of $1.62 per share.  Jefferies & Co advised the Company on the above transaction.  

Board Appoints Experienced Veteran to CEO Post

The Board of Directors also announced today that it has appointed Greg Divis as the permanent Chief Executive Officer of the Company.  Mr. Divis has served as the Company's Interim CEO since June 10, 2010, and will continue to serve as President of Ther-Rx Corporation, the branded pharmaceutical subsidiary of the Company.  For over 20 years, Mr. Divis has served in commercial and general management leadership roles with pharmaceutical companies such as Schering-Plough Corporation and Sanofi-Aventis.  This included direct responsibility for entire country operations in the UK and Ireland, extensive business development experience, and significant commercial leadership experience for large multi-national corporations.

Mr. Joseph Lehrer, lead director of the Company's Board, stated, "Since taking over as the Company's interim chief executive officer, Greg has demonstrated exceptional leadership skills and vast knowledge of the pharmaceutical industry.  Greg is guiding this organization through an important time in its recovery.  The Board, management and all of the Company's employees recognize Greg's leadership skills, and we look forward to working with Greg and the rest of the Company's management in achieving success for our employees, customers and shareholders."

A Focused Future for K-V in Branded Specialty Pharmaceuticals

In conjunction with the Company's securing its funding with affiliates of Centerbridge, K-V has made the strategic decision largely to tie its future to the development and commercialization of branded specialty pharmaceuticals.  The company is working with third party consultants and the U.S. Food & Drug Administration (FDA) to obtain approva
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SOURCE K-V Pharmaceutical Company
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