Wednesday May 30, 7:57 am Eastern Time
Press Release
SOURCE: Alliance Pharmaceutical Corp.
Alliance Pharmaceutical Corp. Announces Oxygent(TM) Payment From Baxter
SAN DIEGO, May 30 /PRNewswire/ -- Alliance Pharmaceutical Corp. (Nasdaq: ALLP - news) announced today that it has received $3 million from Baxter Healthcare Corporation as part of Baxter's ongoing commitment to the development of Oxygent(TM) (perflubron emulsion), an intravascular oxygen carrier. Under the agreement established in May 2000, Baxter obtained an exclusive license for the sales and distribution of Oxygent in the United States, Canada and Europe, with an option to manufacture the product. Baxter purchased $20 million of Alliance preferred stock in May 2000, and agreed to invest an additional $30 million during 2001. Following today's payment, Baxter must invest an additional $23 million in Alliance prior to the end of September in order to maintain its rights to the product.
The $3 million payment was part of a six-year arrangement in which manufacturing process equipment owned by Alliance has been purchased by Baxter and has been leased back to Alliance. Under the lease, Alliance will have exclusive use of the equipment and rights to repurchase it at any time.
Alliance and Baxter are currently finalizing a comprehensive international plan for seeking regulatory approvals for the product. Alliance has requested a meeting with the Food and Drug Administration (FDA), and the companies expect to meet with the FDA in the near future to discuss their analysis and interpretation of the recent clinical trials, and their proposed strategy for resuming clinical development of Oxygent.
Alliance Pharmaceutical Corp. is developing therapeutic and diagnostic products based on its perfluorochemical and surfactant technologies. Alliance's products are intended primarily for use during acute care situations, including surgical, cardiology, and respiratory applications. Imavist(TM), an ultrasound contrast agent being developed with Schering AG, Germany, was the subject of a New Drug Application that has been reviewed by the FDA and found it to be approvable, upon satisfactory response to certain issues identified in the review process. LiquiVent®, a liquid perfluorochemical, is being developed for respiratory therapy applications. Additional information about the Company is available on Alliance's web site at www.allp.com.
Except for historical information, the matters set forth in this release are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth herein, including the availability of funding for development, the uncertainties associated with the conduct of preclinical or clinical studies and the timing or ability to investigate scientific data. Alliance refers you to cautionary information contained in documents the Company files with the Securities and Exchange Commission from time to time, including the last Form 10-K and Form 10-Q, and those risk factors set forth in the most recent registration statement on Form S-3 (File No. 333-47032) and Form S-4 (File No. 333-49676). Alliance is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
For further information, please contact:
Gwen Rosenberg, Vice President, Corporate Communications, at (858) 410-5275
SOURCE: Alliance Pharmaceutical Corp. |
