Dr. Zein E. Obagi Offers Strategy for Future of Obagi Medical Products, Inc.
LOS ANGELES, Nov. 5, 2010 /PRNewswire/ — This week, Dr. Zein E. Obagi, the founder and former officer and director of Obagi Medical Products, Inc. (“OMP”) requested a meeting with OMP’s recently appointed Interim CEO, Albert F. Hummel, to discuss the future of OMP. In 1988, Dr. Obagi founded OMP, which became the world’s top distributor of physician-dispensed prescription skin care products. ZO Skin Health, Inc (“ZO”), a worldwide producer of skin products dedicated to restoring healthy skin, currently distributes new non-medical products developed by Dr. Obagi based on his philosophy.
Dr. Obagi developed Obagi Nu-Derm, a skin treatment that improves cellular skin function and remains the most innovative skin product created in the past 20 years. Even to this day, the Obagi Nu-Derm System continues to be the economic foundation of OMP’s business, as well as its best-selling product. Dr. Obagi has spent more than 20 years educating physicians and professionals about the science behind anti-aging products and his skin health philosophy, a significant factor in the success of OMP and the Nu-Derm System. Dr. Obagi sees an opportunity for OMP’s and ZO’s products to complement each other and fulfill the skin health circle for patients.
Dr. Obagi, whose family trust is currently one of OMP’s largest shareholders, has great interest in the company’s future success notwithstanding the S-1 Registration Statement OMP filed with the SEC on October 26, 2010 (Nasdaq: OMPI: http://www.sec.gov/Archives/edgar/data/1375247/000137524710000028/0001375247-10-000028-index.htm.) Dr. Obagi believes OMP is well-positioned for a strong future and needs to focus its direction and produce products that are consistent with his original philosophy and approach that led to the company’s many early successes.
In his letter requesting the meeting, Dr. Obagi stated, “At this important time in the company’s history, it makes sense for us to meet in person to share our visions for the company and to discuss how OMP can grow its revenue and profits for the benefit of all shareholders….I also would like to discuss with you the opportunities for OMP to work in collaboration both with me and ZO Skin Health, Inc….to the benefit of OMP and ZO.” Dr. Obagi also proposes reinstituting the educational symposia that were instrumental in building OMP’s network of distributors and customers. Dr. Obagi’s letter concludes by observing: “It is in OMP’s best interest for us to discuss these matters before final decisions are made. To that end, I will make myself available at your earliest convenience.”
ABOUT DR. ZEIN E. OBAGI
Zein Obagi, MD is the quintessential maverick of skin care. Twenty years ago he pioneered the concept of total skin health and developed a line of medical skin care products that transformed and made healthy skin. At that time, Dr. Obagi merely intended to challenge the norms of traditional skin care. Instead he shattered the status quo.
Today his pioneering ideas about skin health are no longer surprising. Around the world, Dr. Zein Obagi, MD is well-recognized, respected and celebrated for delivering results-oriented skin care. Now he’s done it again with ZOÃ‚® Skin Health–the first retail line of skin care products that brings Rx-inspired, results-oriented technology to go above and beyond traditional cosmeceuticals.
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SOURCE Dr. Zein E. Obagi