Cabrera named CEO of Navarro
MIAMI Navarro Discount Pharmacies has announced that MBF Healthcare Partners executive Marcio Cabrera has been named chief executive officer.
Cabrera succeeds Gabe Navarro, who will continue serving on the company’s board and will assist with the company’s expansion plans.
A year ago, private equity fund MBF Healthcare Partners invested in Navarro. Terms of the deal were not disclosed but, at that time, the regional pharmacy stated that it planned to open three to five new stores in South Florida for the next few years. The company also cited that “future growth may include expansion out of the area and the possibility of acquisitions.”
In October, it was announced that Navarro Discount Pharmacy would merge its operations with Sedano’s Pharmacy & Discount Store. Sedano’s operates 11 pharmacies in the southern Florida market. Combined, the entity has more than 30 stores with annual revenues of more than $350 million. All of the stores are operating under the Navarro banner in the southern Florida market.
Cabrera, who has more than 15 years of experience in the health care field, serves as a managing director of MBF Healthcare Partners. Cabrera’s previous posts include serving as chief executive officer of Healthcare Atlantic, executive vice president of Ramsay Youth Services and chief financial officer of United HealthCare of Florida.
“The board and employees of Navarro are extremely grateful to Gabriel Navarro for his hard work and contributions to the company. Gabriel has been able to expand the company’s locations by over 50 percent and position it for future growth and increased profitability,” stated Fernandez, Navarro’s chairman and founder of MBF Healthcare Partners. “We are also pleased to have Gabriel’s continued support in the transition of leadership at Navarro and his assistance in the company’s future growth strategies.”
FDA committee to meet regarding Jerini’s Firazyr
WASHINGTON The Food and Drug Administration’s Pulmonary-Allergy Drugs Advisory Committee will meet Feb. 20 to discuss Jerini’s new drug application for Firazyr, which is used to treat attacks of hereditary angioedema, a genetic disease causing spontaneous and recurring edema attacks in various parts of the body.
If approved, Firazyr would be Jerini’s first product on the market and the first product approved in the U.S. to treat the disease, according to the company.
The company plans to start a Phase II clinical trial of Firazyr to treat drug-induced angioedema in 2008 to expand the drug’s indications.
CVS announces light December sales, still on course for top end of guidance
WOONSOCKET, R.I. CVS Caremark announced on Thursday that sales in December were lighter than the company expected due to unfavorable weather, a weak flu season and a wobbly economy.
However, Tom Ryan, chairman, president and chief executive officer, noted that “given favorable operating expenses and improved margins, we expect to report diluted earnings per share on a GAAP basis for the fourth quarter 2007 in the range of 54 cents to 55 cents, and for the full year 2007 in the range of $1.91 to $1.92, at the high end of our previous guidance of $1.89 to $1.92.”
Same-store sales for the five weeks ended Dec. 29 increased 1.8 percent. Pharmacy same-store sales rose 2.4 percent, and were negatively impacted by about 470 basis points due to recent generic introductions. Front-end same-store sales rose 0.6 percent.