Press Release

Pernix Therapeutics Announces Election of Two Healthcare Industry Veterans to Board of Directors

MORRISTOWN, N.J., Nov. 16, 2017 (GLOBE NEWSWIRE) -- Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX) (“Pernix” or the “Company”), a specialty pharmaceutical company, today announced the election of two new directors to its Board, John R. Leone and Douglas J. Swirsky at Pernix’s annual meeting of shareholders, held on Wednesday, November 15, 2017.  The Company’s Board remains at five members, four of whom are independent, as incumbent directors, Graham Miao, Ph.D., and Tasos Konidaris, did not stand for re-election. 

Mr. Leone is currently an Operating Partner at Madryn Asset Management, an investment platform focused on providing capital to healthcare companies. Madryn was spun out from Visium Asset Management, where he was a Partner from May 2013 to January 2017.  Prior to joining Visium, Mr. Leone was a Partner at Paul Capital Healthcare, a private equity firm that managed one of the largest dedicated healthcare funds globally (2007 to 2013). Previously, he served as President and Chief Executive Officer at Cambrex Corporation and as Senior Vice President and Chief Operating Officer of U.S. Commercial Operations at Aventis Pharmaceuticals. Mr. Leone currently serves as the chairman of the board of directors of Windtree Therapeutics, Inc. He received his B.S. degree in Engineering from the U.S. Military Academy at West Point, and his M.B.A. from the University of Colorado.

Mr. Swirsky was most recently President, CEO and a director of GenVec, Inc., a publicly-traded biotechnology company, a position he held from 2013 through the sale of the company in 2017. He joined GenVec in 2006 as Chief Financial Officer, Treasurer and Corporate Secretary. Prior to joining GenVec, Mr. Swirsky was a Managing Director and the Head of Life Sciences Investment Banking at Stifel Nicolaus from 2005 to 2006 and held investment banking positions at Legg Mason from 2002 until Stifel Financial's acquisition of the Legg Mason Capital Markets business in 2005. He has also previously held investment banking positions at UBS, PaineWebber and Morgan Stanley. Mr. Swirsky is the Chairman of the board of directors of Fibrocell Science, Inc. and the Chairman of the board of directors of Cellectar Biosciences, Inc. He received his B.S. in Business Administration from Boston University and his M.B.A. from the Kellogg School of Management at Northwestern University. Mr. Swirsky, who will serve as Chair of the Audit Committee of the Pernix Board of Directors, is a certified public accountant and a CFA® charter holder.

“We are pleased to welcome Doug and John to our Board,” said John Sedor, Chairman and Chief Executive Officer of Pernix Therapeutics Holdings, Inc.  “They both have a wealth of healthcare industry-related operating and capital markets expertise experience.  We look forward to their strategic contributions as we continue to grow our core product brands and seek new acquisition opportunities.”

“On behalf of the Board, I would also like to take this opportunity to thank Graham and Tasos for their valued support throughout their tenures as Board members,” continued Mr. Sedor.  “We wish them well in their future endeavors.”

About Pernix Therapeutics
Pernix Therapeutics is a specialty pharmaceutical business with a focus on acquiring, developing and commercializing prescription drugs primarily for the U.S. market.  The Company is currently focused on the therapeutic areas of Neurology and Pain, and has an interest in expanding into additional specialty segments.  The Company promotes its branded products to physicians through its internal sales force and markets its generic portfolio through its wholly owned subsidiaries, Macoven Pharmaceuticals, LLC and Cypress Pharmaceutical, Inc.

To learn more about Pernix Therapeutics, visit

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Statements including words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions are forward-looking statements.  These statements reflect the Company’s current views, expectations and beliefs concerning future events.  In addition, any financial projections and other estimates contained herein are forward-looking statements with respect to the anticipated performance of the Company. Such financial projections and estimates are as to future events and are not to be viewed as facts, and reflect various assumptions of management of the Company and are subject to significant business, financial, economic, operating, competitive and other risks and uncertainties and contingencies (many of which are difficult to predict and beyond the control of the Company) that could cause actual results to differ materially from the statements included herein. The inclusion of forward-looking statements should not be regarded as a representation by Pernix that any of its plans will be achieved.  Investors should note that many factors, including the risks and uncertainties inherent in Pernix’s business, as more fully described in Pernix’s filings with the SEC (including, but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent filings with the SEC), could affect the Company’s future financial results and could cause actual results to differ materially from those expressed in forward-looking statements, such as those contained in this press release.  The forward-looking statements in this press release are qualified by risk factors identified by the Company.  These risk factors, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.  The Company assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Investor Relations
Bob Yedid
LifeSci Advisors, LLC

Pernix Therapeutics Holdings, Inc.