This co just keeps on keeping on..I am in love with this co. read below just came out today. They only have one competitor in this area now. DAMN!!! we truly have a hidden jewel here. Wake UP!! wallstreet were way ahead of you on this one.
BUFFALO GROVE, Ill.--(BUSINESS WIRE)--Nov. 5, 1998--Akorn, Inc.
(NASDAQ:AKRN) announced today that it has acquired the rights to the
premium ophthalmic irrigation solution known as B-Salt Forte(R),
(Akorn's brand) or Endosol Extra(R) (Allergan's brand) from Allergan.
The product is used in all types of intraocular surgery, particularly
when the surgery is of long duration.
Akorn obtained the product's ANDA and three patents. Upon FDA
approval of a site transfer, Akorn will become the exclusive
manufacturer of Endosol, producing the product at its Taylor
Pharmaceuticals facility for both Akorn and Allergan, both of whom
will continue to sell the product under their respective brand names.
The product is a balanced salt electrolyte solution fortified
with the antioxidant, Glutathione. It is used to maintain the
metabolism of the endothelial cells during the surgical procedure. The
market for this type of product is currently $24 million in the U.S.
There is only one other product that competes in this category, and
with the patents that the two products hold, it is unlikely that other
competitors will enter the market.
Scott Zion, Senior Vice President and General Manager of the
Ophthalmic Division said, "We are delighted to have ownership of such
a premium product used in ocular surgery. This product has a great
deal of synergy with our other surgical products, such as BioLon, and
our instruments. Once we bring the manufacture of the product
in-house, we will be in a position to promote it heavily."
Akorn, Inc. is a specialty pharmaceutical company that develops,
manufactures and markets ophthalmic and injectable sterile
pharmaceutical products in the United States. The Company sells more
than 90 diagnostic and therapeutic pharmaceutical products focused
primarily on ophthalmology, anesthesia, antidotes and rheumatology.
This release is available on the KCSA Worldwide website at
www.kcsa.com.
CONTACT: Akorn, Inc.
Rita McConville, Chief Financial Officer
(847) 279-6151
or
KCSA Worldwide
Paul Holm/Joseph A. Mansi
(212) 682-6300, ext.201/205 |
