Press Releases

Press Release List

FOR IMMEDIATE RELEASE

ProEthic Pharmaceuticals’ CEO Carl Whatley Named “2006 Alabama Small Business Person of the Year”

Montgomery, Alabama, March 7, 2006 - ProEthic Pharmaceuticals, Inc., a privately funded specialty pharmaceutical company that acquires, develops and markets niche prescription products, announced today that its Chairman and CEO, Mr. Carl Whatley, has been named the “2006 Alabama Small Business Person of the Year” by the U.S. Small Business Association. He will represent Alabama at the National Small Business Week Activities to be held in April in Washington, D.C. National Small Business Week recognizes outstanding small business owners for their personal achievements and contributions to our nation’s economy.

Under his leadership, ProEthic has been recognized for several other distinctive awards. In both 2004 and 2005, ProEthic won the Montgomery Chamber of Commerce’s “Small Business of the Year Award.” In June 2005, Mr. Whatley was named a finalist for the Ernst and Young “Entrepreneur of the Year” program. Perhaps the greatest recognition came in June 2005 when Entrepreneur Magazine awarded ProEthic the 26th position in the 2005 “Hot 100” issue.

ProEthic has also been extremely successful financially. In 2002, the company began sales and marketing activities with five full-time sales representatives promoting three prescription drugs. In 2005, the company ended the year with over 80 sales representatives and 15 products. Year-end net sales totaled almost $22 million.

Lisa McGinty, Director of Small Business Programs for the Montgomery Area Chamber of Commerce, stated, “Carl is deserving of this award for so many reasons. Firstly, his leadership and alliance-building abilities are uniquely impressive, and why, in my opinion, ProEthic has enjoyed such success. Secondly, Carl has a clear vision of ProEthic’s future, and since the company’s inception he has stayed true to that vision. I can’t think of anyone more deserving of this award than Carl Whatley.”

About ProEthic Pharmaceuticals, Inc.

ProEthic is a privately funded specialty pharmaceutical company that acquires, develops and markets niche prescription products. ProEthic markets branded prescription allergy, respiratory, pain and men's prostate vitamin products to general and family practitioners and selected specialty physicians in rural and suburban markets in 31 states. The company develops and commercializes proprietary formulations of previously approved compounds and selectively seeks regulatory approval to market well-characterized compounds for new therapeutic indications. ProEthic has built its product portfolio and development pipeline through a combination of internal development and acquisition of late-stage drug candidates. It also markets niche generic prescription pharmaceutical products through Midlothian Laboratories LLC, a wholly owned subsidiary. For more information, please visit the ProEthic website at: www.proethic.com.

About the U.S. Small Business Association

For more information about all of SBA’s programs for small businesses, call the SBA Answer Desk at 1-800-U ASK SBA or TDD 704-344-6640. Also visit the SBA’s extensive Web site at www.SBA.gov