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IMCERA PRESIDENT BLAKE INGLE TAKES ON CEO RESPONSIBILITIES

Executive Summary

IMCERA PRESIDENT BLAKE INGLE TAKES ON CEO RESPONSIBILITIES following election to the post at an Oct. 16 shareholders' meeting. An 11-year veteran of the Mallinckrodt Medical parent, Ingle has served as president and chief operating officer of IMCERA since July 1990. He succeeds George Kennedy, 65, who has served as CEO since 1983 and announced his intention to retire from the position last year. Kennedy remains chairman of the board and has been elected chairman of the board's executive committee. Ingle, 49, joined IMCERA as VP-R&D in 1980, when the company was called International Mining and Chemicals Corporation (IMC). In 1988, he was named president and CEO of the firm's animal health care company Pitman-Moore. He was elected an IMCERA exec VP in 1989 and president and chief operating officer the following year. For 12 years prior to joining IMCERA, Ingle worked for Miles Labs in R&D. In the last several years, IMCERA has significantly redefined its corporate mix. The firm has spun off its fertilizer business and sold its gas and oil and industrial products segments. In 1986, it purchased Mallinckrodt and, in 1989, bought Coopers Animal Health. In 1990, the firm changed its name to IMCERA. The company which had $ 1.6 bil. in sales in fiscal 1991 (ended June 30), now consists of three businesses: Mallinckrodt Medical, a manufacturer of diagnostic products for the radiology, cardiology, nuclear medicine, anesthesiology and critical care markets that accounted for 31.4% of sales in fiscal 1991; Mallinckrodt Specialty Chemicals, which contributed 30.5% of 1991 revenues and produces a range of fine and specialty chemicals used in pharmaceuticals as well as food and beverage flavors and laboratory and cosmetic chemicals; and animal health care company Pitman-Moore, which accounted for 38.1% of total sales last year. The bulk (45.2%) of Mallinckodt Medical's 1991 revenues of $ 512.5 mil. derived from radiology and cardiology products. These include Optiray, a nonionic X-ray contrast medium introduced in the U.S. in June 1989, Hexabrix, an ionic, low osmolar X-ray imaging product used in cardiology procedures and in peripheral arteriography, and Conray, an ionic medium introduced 30 years ago. Speaking at a recent Dain Bosworth health care seminar in Minneapolis, Ingle pointed out that Mallinckrodt Medical has "in excess of 30 products in development." Chief among upcoming new products is an injectable ultrasound contrast agent Albunex, for which Mallinckrodt Medical has licensed exclusive North and South American distribution rights from Molecular Biosystems. A premarket approval application for use of Albunex in conjunction with echocardiography currently is pending at FDA. The product is going through FDA's device approval procedures. Other products in development include an injectable therapeutic for alleviation of pain associated with metastic bone cancer; a technetium imaging medium for myocardial perfusion assessment, for which an IND will be filed in 1992; an injectable radiotherapeutic for treatment of rheumatoid arthritis; and intravenous diagnostics for detection of endocrine and other cancer tumors as well as blood clots and Alzheimer's disease. As evidence of Mallinckrodt Medical's commitment to R&D, Ingle cited the recent initiation of construction for a new $ 5 mil., 13,600 square-foot development lab. The facility, which will be located near Mallinckrodt Medical's corporate headquarters in St. Louis, is scheduled for completion in mid-1992. It will focus on product development in the areas of X-ray contrast media, magnetic resonance imaging agents and other diagnostic pharmaceuticals and biotechnology-based products.
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