WILMINGTON N.C., Nov. 3 /PRNewswire-FirstCall/ -- aaiPharma Inc.
(Nasdaq: AAII), a science-based specialty pharmaceutical company, today
announced that its merger agreement with CIMA LABS INC. has been terminated,
and it will continue to focus on its independent growth strategy. aaiPharma
has received the $11.5 million termination fee from CIMA, as provided in the
terminated merger agreement, against which merger-related expenses will be
applied.
"We are eager to refocus our full energies on pursuing our growth strategy
as an independent company," said Dr. Philip S. Tabbiner, President and CEO of
aaiPharma. "Having just reported solid performance in our third quarter, the
recent approval and national launch of Darvocet A500(TM), and the agreement to
acquire a portfolio of pain products, including Roxicodone(R) and Oramorph(R)
SR, we are confident that aaiPharma will continue its strong growth as we
successfully execute our science-based specialty pharmaceutical strategy."
Dr. Tabbiner continued, "Having reduced our debt by $80 million as of
September 2003, we have enhanced our financial flexibility and are well
positioned to expand our branded pharmaceutical products franchise, focusing
more intently on the pain management marketplace. We will also continue to
invest in research to drive our pipeline forward and the infrastructure needed
to achieve our business goals."
About aaiPharma
aaiPharma Inc. is a science-based specialty pharmaceutical company with
more than 23 years of drug development experience. Focusing on targeted
therapeutic areas, the Company markets a growing portfolio of established
branded products and applies innovative technologies to increase the
commercial potential of these products. At the same time, aaiPharma's research
and development organization is developing a pipeline of products to position
the Company for near-term and long-term growth in its targeted therapeutic
areas. In addition to developing and marketing its own line of proprietary
pharmaceutical products, aaiPharma continues to be a leader in providing
contract pharmaceutical development services through its AAI Development
Services division. For more information on the Company, please visit us on
the web at http://www.aaipharma.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 the
statements by Dr. Tabbiner and the statements pertaining to the Company's
expectations of continued growth, product acquisitions and investment in
proprietary product research and development. The "forward-looking statements"
herein involve risks and uncertainties that could cause actual results to
differ materially, including, without limitation, risks and uncertainties
pertaining to the Company's ability to timely and successfully find, acquire,
finance, develop, improve, enhance, obtain timely regulatory approval for,
maximize the value of, extend product life cycles of, conduct successful
research on, renew marketing of, and sell, on a commercially profitable basis,
pharmaceutical products (including Darvocet A500(TM) and the portfolio of pain
products under acquisition contract); the effect of possible future
acquisitions, dispositions and other strategic transactions involving the
Company; and the commercial success of the Company's contemplated products and
services. 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 Forms 10-Q filed on May 15, 2003 and August 14, 2003 (including its
Exhibit 99.1); its Form 8-Ks; and its other periodic filings.
Darvocet A500(TM) is a trademark of aaiPharma Inc. Roxicodone(R) and
Oramorph(R) SR are registered trademarks of Elan Corporation, plc.
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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