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Pernix Therapeutics Announces Reorganization of Senior Management Team

Company Names Pharmaceutical Industry Veteran, Dr. Graham Miao, as President & CFO

MORRISTOWN, N.J., July 26, 2016 (GLOBE NEWSWIRE) -- Pernix Therapeutics Holdings, Inc. (PTX) (“Pernix” or the “Company”), a specialty pharmaceutical company, today announced a reorganization of the Company’s senior management team intended to improve Pernix’s efficiency, drive profitability and position the Company for future growth. As part of the management change, John Sedor will assume the role of Chief Executive Officer on a permanent basis and pharmaceutical industry veteran, Dr. Graham Miao, who has served as a senior advisor to Pernix’s Board of Directors since May, has been appointed as President and Chief Financial Officer. Dr. Miao will report directly to Mr. Sedor and will have responsibility for all functions related to finance, operations, regulatory and scientific affairs.

“These changes to our senior management team, which are another step forward following our recently announced restructuring of Pernix’s sales force, flatten our organization, reduce our cost structure and improve our efficiency. We believe this management reorganization optimally positions Pernix for future revenue growth and profitability, and supports our goal of maximizing shareholder value,” said Mr. Sedor. “Based on my thorough review of our organization since joining the Company in May, it has become clear to me that Pernix has significant growth opportunities. The recent strong prescription trends for Zohydro ER, Treximet and Silenor support this belief. Going forward, our focus will be on enhancing revenue growth of the current brands, especially Zohydro ER, which we view as a major value driver for Pernix, as well as pursuing other growth opportunities.”

“I am pleased to be joining the dedicated and talented Pernix team at such a critical point in the Company’s history,” said Dr. Miao. “I firmly believe that Pernix is well-positioned for long-term success. We are in the process of working to improve execution of our strategy with financial discipline as well as evaluate opportunities to optimize the current capital structure and maximize shareholder value.”

In addition, Sanjay Patel, Chief Financial Officer, Terence Novak, Chief Operating Officer, and Barry Siegel, Senior Vice President and General Counsel are no longer employed by Pernix. These departures do not reflect any disagreements about the...