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(The year is 2001).
Generex Biotechnology to Form Joint Venture With Elan Corporation
- Joint Venture to Focus on Products to Treat Prostate Cancer, Endometriosis and/or Suppression of Testosterone and Estrogen -
TORONTO, Jan. 4 -- Generex Biotechnology Corporation today announced that it has signed an agreement to form a joint venture with Elan Corporation. The joint venture will pursue the application of certain proprietary drug delivery technologies of Generex and Elan to pharmaceutical products for the treatment of prostate cancer, endometriosis and/or the suppression of testosterone and estrogen. Under the terms of the agreement, Elan will also make an initial $5 million equity investment in Generex. The transaction will close later this month.
The joint venture will have non-exclusive licenses to utilize Generex's proprietary buccal delivery technology and certain of Elan's proprietary drug delivery technologies. Generex and Elan will each contribute to the funding of the joint venture and will each provide clinical development, regulatory, project development and business development guidance to the venture.
"We are extremely pleased to enter into a joint venture relationship with Elan," said Anna Gluskin, President and CEO of Generex. "Elan is a world leader in the area of drug delivery technology. The joint venture will enable Generex to accelerate efforts to develop additional products in fields we consider extremely promising using our proprietary buccal drug delivery system."
Ivan Lieberburg, Elan's Chief Science and Medical Officer, stated, "We believe that the combination of Generex's technologies with Elan's experience and know-how will give rise to a venture with outstanding prospects for successful development results. We believe buccal delivery of large molecule drugs represents a tremendous opportunity as it will, in our opinion, enhance patient compliance and offer less potential side effects than other drug delivery systems." |
