Phillip Frost

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Phillip Frost
Residence Miami Beach, Florida
Nationality United States
Ethnicity Jewish
Alma mater B.A. University of Pennsylvania
M.D. Yeshiva University
Net worth Increase US$ 4 billion (2014)[1]
Spouse(s) Patricia Orr

Phillip Allen Gamma Frost[2] (born c. 1935) is an American entrepreneur.

Early Life and education[edit]

Frost was born into an observant Jewish family[3] in the United States, he has two elder brothers who are 15 and 16 years older than him respectively. Both brothers fought in World War II one in the Air Force and one in the Army. At 13 he got his first job, working in a local hardware shop after school.[4] Frost earned a B.A. in French Literature from the University of Pennsylvania in 1957.[5] He received an M.D. from the Albert Einstein College of Medicine in 1961 and attended the University of Paris from 1955 to 1956.

Career[edit]

He served as a Lieutenant Commander, U.S. Public Health Service at the National Cancer Institute from 1963 to 1965. Dr. Frost was a Professor of Dermatology at the School of Medicine, University of Miami from 1966 to 1972.[5] He was Chairman of the Department of Dermatology at Mt. Sinai Medical Center of Greater Miami, Miami Beach, Florida from 1972 to 1990.[2]

Key Pharmaceuticals[edit]

Michael Jaharis and Frost bought Key Pharmaceuticals, Inc. in 1972.[5] Dr. Frost was Chairman of the Board of Directors of Key Pharmaceuticals from 1972 until its acquisition by Schering-Plough in 1986 for $600 million. Frost's share was $100 million.[6]

Ivax Corporation[edit]

Frost served as Chairman of the Board of Directors and Chief Executive Officer of Ivax Corporation since 1987. He sold this Miami pharmaceutical maker, Ivax, for $7.4 billion to Israel-based Teva Pharmaceuticals in January 2006.

Teva Pharmaceutical Industries[edit]

Frost became Vice Chairman of Teva Pharmaceutical Industries in January 2006 when Teva acquired Ivax Corporation. He was named the Chairman of the Board of Teva in March 2010 and was reelected to the position in May 2012.[7]

Protalix BioTherapeutics[edit]

Frost was one of the first and largest investors in Protalix BioTherapeutics, investing $24 million in the company that would later go on to develop a U.S. Food and Drug Administration-approved treatment for Gaucher disease. He resigned from the company's Board of Directors in 2007. A 2010 U.S. Securities and Exchange Commission filing indicated that Frost donated around $8 million in Protalix shares to a charitable organization.[8][9][10]

Current business[edit]

Frost became the CEO and Chairman of OPKO Health, Inc. upon the consummation of the merger of Acuity Pharmaceuticals Inc., Froptix Corporation and eXegenics, Inc. on March 27, 2007. He was named Chairman of the Board of Ladenburg Thalmann Financial Services, an investment banking, asset management, and securities brokerage firm providing services through its principal operating subsidiary, Ladenburg Thalmann & Co. Inc., in July 2006 and has been a director of Ladenburg Thalmann since March 2005. Dr. Frost also serves as Chairman of the Board of Directors of PROLOR Biotech, Inc. (NYSE Amex: PBTH), a development stage biopharmaceutical company.

Dr. Frost is also a director of Castle Brands (NYSE Amex:ROX), a developer and marketer of premium brand spirits, and Continucare Corporation (NYSE Amex:CNU), a provider of outpatient healthcare services. Dr. Frost previously served as a director for Northrop Grumman Corp.,SearchMedia Holding Limited (NYSE Amex:IDI) formerly Ideation Acquisition Corp., Protalix Bio Therapeutics, Inc., and SafeStitch Medical Inc., and as Governor and Co-Vice-Chairman of the American Stock Exchange (now NYSE Amex).[11]

Frost owns ~19% of ChromaDex, a publicly traded natural products company based in Irvine, California.[12] In 2011 Frost became the largest shareholder in the Coconut Grove Bank, the oldest bank in South Florida.[13]

In 2014, Frost invested $825,000 in Drone Aviation Holding Corp., and joined their strategic advisory board.[14]

Philanthropy[edit]

In October 16, 2003, a $33 million gift to the School of Music was announced by the University of Miami. In honor of their bequest, the largest ever given to a university-based music school in the U.S. at the time, the School of Music was officially renamed the Phillip and Patricia Frost School of Music.[15] In 2003, the Art Museum at Florida International University was officially renamed The Patricia & Phillip Frost Art Museum.[16] On 26 March 2011 it was announced that Phillip Frost donated $35 million towards the construction of the new Miami Science Museum building at Bicentennial Park in Downtown Miami which will be named the Patricia & Phillip Frost Science Museum.[17]

He serves on the Board of Regents of the Smithsonian Institution, and as a member of the Board of Trustees of the University of Miami, a Trustee of each of the Scripps Research Institute, the Miami Jewish Home for the Aged, Chairman of the Board of Temple Emanu-El (Miami Beach, Florida), and the Mount Sinai Medical Center.[18]

Personal life[edit]

Frost is married to Patrica Orr,[19] an elementary school principal.[5] They live on a six acre parcel on Star Island, Miami Beach.[20]

References[edit]

Notes
  1. ^ "Phillip Frost". Forbes. Retrieved 31 May 2014.
  2. ^ a b Businessweek 2011
  3. ^ Miami Herald: "Billionaire Phillip Frost an ‘entrepreneur’s entrepreneur’" By John Dorschner January 6, 2013
  4. ^ Roth 2010
  5. ^ a b c d NNDB
  6. ^ Pacenti 2007
  7. ^ Globes 2012
  8. ^ Tsipori
  9. ^ StreetInsider
  10. ^ Securities and Exchange Commission
  11. ^ Forbes
  12. ^ Gould, David (2012-01-23). "ChromaDex Corp. Names Consumer Products Veteran Jeffrey Himmel CEO". Retrieved 2012-05-29. 
  13. ^ Coconut Grove Bank 2011
  14. ^ Ampel, Celia. "Billionaire Phillip Frost leads investment in drone company". South Florida Business Journal. Retrieved 2 September 2014. 
  15. ^ University of Miami
  16. ^ Florida International University
  17. ^ Miami Herald 27 March 2011
  18. ^ Sauter, Eric. "Florida Philanthropists Phillip and Patricia Frost Give $1 Million to Scripps Florida". Scripps. Retrieved 2 September 2014. 
  19. ^ Colby College Alumni newsletter retrieved July 7, 2013
  20. ^ Shay 2009
Bibliography