WuXi PharmaTech Addresses Conviction of Former Employee for Theft of Chemical Compounds
Published on Monday, 04 June 2012 04:41 Written by TradersHuddle Staff
SHANGHAI, June 4, 2012 /PRNewswire-Asia/ -- WuXi PharmaTech (NYSE: WX), a leading pharmaceutical, biotechnology and medical device R&D services company with operations in China and the United States, today commented on the conviction of a former employee for the theft of chemical compounds.
In 2011, a junior employee of WuXi PharmaTech, acting by himself, stole and sold for personal gain sample amounts of two patented chemical compounds made for a customer. Working together with the customer, WuXi PharmaTech cooperated with law enforcement authorities to identify the employee, who was apprehended and subsequently convicted under applicable Chinese law on May 22, 2012. The compounds in question were recovered.
WuXi PharmaTech has stringent intellectual property (IP) protection procedures and a zero-tolerance policy for any activity that damages the interests of its customers. This is the only known misappropriation of customer compounds in the company's 11 years of operations.
"We regret that one of our employees committed a crime on our premises," commented Dr. Ge Li, chairman and CEO of WuXi PharmaTech. "The strong and trusting customer relationships we have built over the past 11 years are based in part on our culture of commitment to IP security. As in any company, there will always be the risk of damage caused by a determined criminal. At WuXi PharmaTech, customer IP protection is our lifeline and we are committed to working closely with our customers to ensure the security of their projects."
Dr. Li noted that this was an isolated case involving sample amounts of two patented compounds whose chemical structures are available in their respective patent filings. The company treats any breach of security protocols with the utmost seriousness and is undertaking an ongoing review to strengthen security measures to ensure the protection of customer IP. In addition, the company is intensifying employee training and strengthening oversight of facilities through increasing the number of both regular and unannounced laboratory and office inspections.
About WuXi PharmaTech
WuXi PharmaTech is a leading pharmaceutical, biotechnology, and medical device R&D outsourcing company, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. WuXi PharmaTech's operating subsidiaries are known as WuXi AppTec.
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, among others, strengthening security measures to ensure the protection of customer IP, intensifying employee training, and strengthening oversight of facilities through increasing the number of both regular and unannounced lab and office inspections.
These forward-looking statements are not historical facts but instead represent only our belief regarding future events that are uncertain and may be outside of our control. While we will continue to take great measures to secure our customers' IP, unauthorized parties may attempt to obtain and use this information. Any unauthorized disclosure or misappropriation of our customers' IP could subject us to liability for breach of contract, as well as significant damage to our reputation, which could materially harm our business, including our financial condition, results of operations, cash flows and prospects.
You should read the information contained in this release in conjunction with the information included in our 2012 Annual Report on Form 20-F filed with the Securities and Exchange Commission and available on the Securities and Exchange Commission's website at http://www.sec.gov. We undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release, except as required by law. Such information speaks only as of the date of this release.
For more information, please visit http://www.wuxiapptec.com or contact:
Aaron Shi (for the media)
Ronald Aldridge (for investors)
SOURCE WuXi PharmaTech (Cayman) Inc.
- /C O R R E C T I O N -- WuXi PharmaTech (Cayman) Inc./
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