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NORTHFIELD LABORATORIES INC.
(Name of Registrant as Specified in its Charter)
C. ROBERT COATES
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3) Filing Party: C. Robert Coates
4) Date Filed: June 26, 2002
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Source: C. Robert Coates
Coates and Williams Challenge Northfield's CEO and Directors in Proxy Contest
Lake Forest, IL, June __ -- For the first time ever, Northfield's (NASDAQ: NFLD)
shareholders have the opportunity to actually choose two of their own directors.
C. Robert Coates and Bert Williams filed their definitive proxy with the
Securities and Exchange Commission on Monday and can now mail their proxies and
ballots to shareholders.
C. Robert Coates said, "We believe that Northfield's PolyHeme is technologically
superior to every other blood substitute. But having the best product is never
enough, as Dick DeWoskin, CEO of Northfield, has proven yet again. We are
extremely disappointed by DeWoskin's failure to get to even first base with the
Food and Drug Administration (FDA) and by the decline in the stock price to a
new low of $3.91 on May 31, 2002."
"Northfield announced it filed its Biologic License Application (BLA) with the
FDA on August 28, 2001. In their press release they said, 'We plan to continue
working with the FDA to support the strength of our application and to provide
any additional information that may be necessary to achieve a favorable
determination.'"
"But then on November 19, 2001, Northfield announced that the FDA issued a
'Refusal to File' letter. That means that there were obvious, severe flaws in
their application. Dick DeWoskin has still not communicated any of the contents
of the FDA letter. Seven months have gone by since the FDA refused to review
Northfield's application and there is still no resolution."
"Northfield's shareholders have repeatedly expressed concern about the 'Wall of
Silence' that DeWoskin has erected around Northfield. We want to change that by
joining the board of directors. Two years ago DeWoskin agreed to both increase
communications and add expertise to the board. Neither promise materialized."
"Northfield needs more money, and it needs a CEO who can get the job done for
the shareholders. We think the only way to remedy the present situation is to
find a major pharmaceutical firm which will invest in Northfield on terms
satisfactory to the shareholders. In addition to infusing much needed capital
into the company before it runs out of money, this pharmaceutical company would
provide Northfield with an experienced CEO and with the marketing and
manufacturing expertise that's missing."
"We believe that several of the major pharmaceutical companies would be more
than happy to work with Northfield if Dick DeWoskin were to agree to step down
as CEO after they made a major investment. We believe that Dick turned down an
offer in 1996 from a major pharmaceutical company of $30-35 a share. We believe
that even today Northfield can sell 3,000,000 new shares for at least $20 a
share."
"Northfield's product has tremendous potential, both to save lives and to
provide shareholders with above average returns on their investments. PolyHeme
has no competition in the trauma market. Moreover, our armed forces and Homeland
Security agencies will need to stockpile blood substitutes, just as they are now
stockpiling key vaccines and medicines."
If you are a shareholder and have any comments, suggestions or questions, please
call Simon Goldberg of The Robert Coates Group at 1-800-295-0841, extension 240
or email us at sgoldberg@rcoates.com.
Source: C. Robert Coates