I'm actually thinking about a sizable chunk of out of the
money 2004 leaps. Someone please stop me. To date, I have
a few (tiny load) in-the-money 2004s (plus a modest number
of shares). Can anyone see ANY reason why one should
be cautious under these circumstances? More Devil's Advocacy,
please!
-25-
Elan Pharmaceutical Technologies
Overview
EPT is engaged in the development and commercialisation of pharmaceutical products for its clients. EPT offers
innovative drug delivery technologies to solve the drug delivery and lifecycle management challenges facing the
pharmaceutical industry. EPT’s drug delivery technologies can offer a number of benefits to both patients and
clients. Benefits to patients include improved compliance as a result of more user-friendly dosage forms,
improved clinical efficacy and improved tolerability. Benefits to clients include improved products (improved
compliance, efficacy and tolerability), lifecycle management opportunities, product differentiation opportunities
and the rescue and development of new compounds that historically have been rejected as development
candidates.
EPT has over 550 employees, of whom 460 work in research and development. EPT has developed 20 products,
including 10 products that are marketed in the US. EPT’s top five drug delivery products had aggregate inmarket
sales of approximately $500 million in 2000. EPT has over 40 projects in clinical development and has
entered into arrangements with a wide variety of clients.
Strategy and Key Technologies
EPT has assembled and is deploying a toolbox of technologies that, when used alone or in combination, create
‘intelligent delivery systems’, which enable control of the fundamental processes that define a drug’s
biodisposition, dissolution, transport, distribution and metabolism. These technologies can be employed
prospectively to design ‘better molecules’ or used retrospectively to ‘optimise current molecules’.
EPT aims to be the preferred industry partner for drug delivery services to the pharmaceutical industry. EPT
continues its development of a comprehensive drug delivery patent portfolio designed to offer strong patent
protection for its partners’ products. It has large-scale, commercial manufacturing capabilities for the majority of
its technological offerings. EPT offers a broad range of proprietary drug delivery technologies. These include
oral controlled release, fast melt, Medipad, NanoCrystal, gastroretention, transdermal, pulmonary, liposomal and
“biotech” delivery systems. EPT continues to innovate in drug delivery through research and development of new
technologies to deliver genes, antisense compounds and emerging molecules from proteomics and genomics.
NanoCrystal Technology
EPT’s NanoCrystal technology produces tiny stabilised crystals of drug substance which, because of their small
size, dissolve more rapidly, thereby minimising the problems caused by poor water solubility. The technology is
applicable to a wide range of dosage forms including oral tablets and capsules, injection, pulmonary, opthalmic
drops, intranasal devices and topical applications. The benefits of using this technology can include enhanced
bioavailability, faster onset of action, improved dosage form uniformity and proportionality, reduced side effects,
higher dose loads and deep-lung pulmonary delivery. The first FDA approval for a product incorporating the
NanoCrystal technology, a formulation of AHP’s Rapamune, occurred in 2000.
MEDIPAD Technology
Medipad is a lightweight, disposable, patch-like device that contains a microinfusor and integral needle to deliver
drugs subcutaneously. An adhesive backing enables the device to be worn similarly to a transdermal patch. This
technology provides controlled programmable delivery. The benefits of using Medipad can include improved
delivery of drugs with a short half-life and convenient delivery of biotechnology products such as proteins,
peptides and antisense oligonucleotides.
Oral Controlled Release Technology
EPT’s oral controlled release technologies have been successfully utilised to develop a range of marketed
products. Some examples of the type of controlled release products developed by EPT include sustained release,
delayed release and pulsatile release.
The most conventional sustained release profile is the sustained release of a drug over 24 hours. Elan’s sustained
release technologies are utilised in commercial products such as Cardizem CD, Verelan and Herbesser. Elan’s
drug delivery technology can be tailored to release a drug after a predetermined delay. Verelan PM is a
chronotherapeutic product which complements the circadian pattern of blood pressure. Verelan PM incorporates
delayed release followed by sustained release. Pulsatile release in drug delivery technologies can imitate the
effect of administering the drug at discrete intervals throughout the day, without the inconvenience and noncompliance
associated with frequent dosing.
Biotechnology Research
EPT is developing technologies to optimise drug permeability and cellular targeting. EPT is addressing this
delivery need, which is common to drugs and genes alike, by developing targeting ligand systems, new particle
systems and advanced excipients to enhance oral delivery. In addition to the internal research programs in these
key areas, EPT has a number of strategic collaborations with biotechnology companies such as ISIS
Pharmaceuticals, Inc. and Targeted Genetics Corporation. |
