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Mr. Tsang joined WuXi PharmaTech in 2006 as Chief Financial Officer. He
made important contributions to the company's growth and development,
including the successful initial public offering in
The board has formed a search committee to recruit a new Chief Financial
Officer. Mr. Tsang has agreed to provide transition services and to assist in
recruiting his successor. In the interim,
Mr. Hu joined WuXi PharmaTech in 2007 and has been Chief Operating Officer
since
"I want to thank Benson for his financial leadership during an important
period in our company's history," said Dr.
About WuXi AppTec and WuXi PharmaTech
WuXi AppTec is a leading pharmaceutical, biotechnology and medical device
R&D outsourcing company, with operations in
Cautionary Note Regarding Forward-Looking Statements
Statements in this release contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995, including those regarding the company's long-term growth prospects, strength of its balance sheet and its financial condition. It is also uncertain how long it will take to find a replacement CFO.
Forward-looking statements contained herein are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that may adversely impair our growth prospects and financial condition include: uncertainty in the global economy may adversely impact our business and the trends for outsourced R&D and manufacturing; pharmaceutical and biotechnology companies may not change their business models as expected or in a manner favorable to us; we may fail to capitalize on the opportunities presented; we may not maintain our preferred provider status with our clients; and may be unable to expand our capabilities successfully to meet client needs. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on Page 10 of our 2007 Annual Report on Form 20-F available on the U.S. Securities and Exchange Commission's website at http://www.sec.gov .
For more information, please contact:
Ronald Aldridge (for investors)
WuXi PharmaTech (Cayman) Inc.
Tel: +1-215-218-5515
Email: ir@wuxiapptec.com
Sherry Shao (for the media)
WuXi PharmaTech (Cayman) Inc.
Tel: +86-21-5046-4002
Email: pr@wuxiapptec.com
Web: http://www.wuxiapptec.com
SOURCE WuXi PharmaTech (Cayman) Inc.