WILMINGTON, N.C., July 17 /PRNewswire-FirstCall/ -- aaiPharma Inc.
(Nasdaq: AAII) announced today that the Company has acquired a unique
Darvocet(TM) line extension from Athlon Pharmaceuticals. Upon U.S. Food and
Drug Administration (FDA) approval, which is expected before the end of this
year, this unique line extension will be the only propoxyphene
napsylate/acetaminophen combination product on the market offering this
particular dose combination. Financial terms of the agreement were not
disclosed.
"Upon approval, this product will provide an important alternative to
Darvocet-N(R) 100 for patients suffering from mild-to-moderate pain,"
commented Dr. Philip S. Tabbiner, President and CEO of aaiPharma. "We believe
there is significant opportunity for this unique dose combination to
contribute to pain management, and this agreement allows us to bring this
product to market at least 12 months earlier than expected. This acquisition
will be accretive following the launch of the product, and this unique
Darvocet(TM) line extension will be one of the key drivers of near-term growth
for aaiPharma's pain management offering."
The total propoxyphene market, generic and branded, is valued at more than
$500 million, according to 2002 Verispan data. This new, unique Darvocet(TM)
line extension is expected to add substantial value to aaiPharma's growing
portfolio of branded pain management products. Separate from this
acquisition, aaiPharma plans to launch another Darvon(R) line extension later
this year, in addition to the launch of Darvon(R) Compound 32, which was
announced in June 2003.
About aaiPharma
aaiPharma Inc. is a leading, science-based specialty pharmaceutical
company with corporate headquarters in Wilmington, North Carolina. With more
than 23 years of drug development expertise and a proven sales and marketing
track record, the Company is focused on acquiring, improving and marketing
well-known, branded medicines in pain management, gastroenterology and
critical care. In addition to its branded product portfolio and robust
pipeline, aaiPharma continues to offer comprehensive drug development services
to the pharmaceutical, biotechnology, generic and device industries through
its services division, AAI Development Services. For more information, please
visit aaiPharma's website at http://www.aaipharma.com.
About Athlon Pharmaceuticals
Athlon Pharmaceuticals, Inc., headquartered in Birmingham, Alabama, is a
specialty pharmaceutical company that develops, markets and distributes
branded pharmaceutical products. Athlon pursues a growth strategy that
incorporates strategic business alliances, internal product development, and
the sales and marketing of Athlon products by its own sales force. Athlon's
focus is in the specific therapeutic areas of pain management and respiratory
illnesses in adults and children. For more information, please visit Athlon's
website at http://www.athlonpharm.com.
Forward Looking Statements
Information in this press release contains certain "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities and Exchange Act of 1934, including
statements concerning the future medical and commercial significance of the
filed product, the uniqueness of the product and its dose combination, the
expectations of FDA approval for the product, its accretive nature, future
launch plans for additional products, and the future development (including
through the use of our research and drug development capabilities), regulatory
approval, commercialization and growth of products in aaiPharma's pipeline and
of its product portfolio. The "forward-looking statements" herein involve
risks and uncertainties that could cause actual results to differ materially,
including, without limitation, risks and uncertainties pertaining aaiPharma's
ability to timely and successfully develop, improve, obtain timely regulatory
approval for, and profitably sell pharmaceutical products; to obtain, use,
enforce, defend and license valid and commercially valuable patents; to obtain
and enforce existing and future contracts with major pharmaceutical companies
for significant royalties and other considerations; to enter into and
implement future acquisitions, dispositions and other material transactions;
and on the commercial success of the contemplated products. Additional
factors that may cause the actual results to differ materially are discussed
in aaiPharma's recent filings with the Securities and Exchange Commission,
including, but not limited to, its Annual Report on Form 10-K filed on March
28, 2003, including its Exhibit 99.1 and other exhibits; its Form 10-Q filed
on May 15, 2003, its Form 8-Ks; and its other periodic filings.
Darvocet(TM) is a trademark and Darvocet-N(R) and Darvon(R) are registered
trademarks owned by aaiPharma Inc.
SOURCE aaiPharma, Inc.
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Related links:
http://www.aaipharma.com
CONTACT:
Media, Andrea L. Johnston, Vice President,
Corporate Communications, +1-910-254-7340, or Investors, James B.
Sloan, Jr., Senior Vice President, Corporate Finance,
+1-910-254-7690, both of aaiPharma, Inc.
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