To all, from BW:
BW0071 JUL 17,1997 8:00 PACIFIC 11:00 EASTERN
( BW)(SYNCOR)(SCOR) Syncor Anticipates Financial Improvements
Resulting From New Products and Renewal of Strategic Alliance With
Dupont Merck
Business Editors and Medical Writers
WOODLAND HILLS, Calif.--(BW HealthWire)--July 17, 1997--Syncor
International Corp. (NASDAQ:SCOR) Thursday announced that its
long-term supply and distribution agreement with the DuPont Merck
Pharmaceutical Co. ("DuPont Merck") has been expanded to include new
products recently launched by DuPont Merck.
Two amendments have been added to include distribution for the
radiopharmaceuticals Quadramet and Miraluma. In addition the
existing agreement has been modified to the mutual benefit of both
partners.
These additions and modifications to the supply and distribution
agreement will provide Syncor with incremental earnings in excess of
$5 million over the remainder of the current calendar year, with an
estimated financial impact of 30 cents per share. Additionally, a
financial impact of approximately 10 cents per share is expected for
1998.
In December 1993, Syncor entered into a long-term supplier
distribution agreement with DuPont Merck, its principal supplier of
radiopharmaceutical products. The agreement, which became effective
February 1994, replaced an existing supply agreement between the
companies which had been in place since 1988.
Quadramet, which was released for marketing by the Food and Drug
Administration ("FDA") in March 1997, was developed by Cytogen Corp.
and is manufactured and marketed by DuPont Merck. Quadramet is
utilized for the relief of cancer pain in patients with confirmed
metastatic bone lesions. Miraluma was released for marketing in May
1997 and is also manufactured by DuPont Merck. Miraluma is utilized
as a diagnostic drug after mammography to assist in the evaluation
of breast lesions in patients with an abnormal mammogram or palable
mass. Syncor will have preferred distribution rights for Quadramet
and exclusive distribution rights for Miraluma.
This news release contains forward looking statements,
including, but not limited to those regrading an expected impact on
the company's financial results. While these statements reflect the
company's best current judgement, they are subject to risks and
uncertainties that could cause actual results to vary. In addition
to factors noted, other risk factors listed from time to time in the
company's SEC reports, including but not limited to the MD&A
(Management's Discussion and Analysis) discussion in the company's
1996 annual report incorporated by reference in the company's Form
10-K for the year ended Dec. 31, 1996.
Syncor International compounds and dispenses radiopharmaceutical
products -- in patient specific unit doses and multi-dose form --
for use in diagnostic imaging and therapy. Syncor distributes these
time-critical products through an expanding network of nuclear
pharmacy service centers -- 118 domestic and ten international.
This network services more than 7,000 customers, is the only one of
its kind providing both diagnostic and information services to
hospitals and alternate site nuclear medicine facilities nationwide.
Additionally, Syncor is broadening its business base beyond its
core commercial radiopharmacy operations. Through a joint venture
announced in February 1997, Syncor plans on expanding its presence
in the medical imaging field. Syncor anticipates operating ten
"open" MRI (magnetic resonance imaging) centers across the United
States during the first year of operations. In addition, Syncor has
entered the radiopharmaceutical manufacturing field with the
purchase of an Iodine-123 business.
--30--LES/la* TJM/la
CONTACT: Syncor International Corp., Woodland Hills
Mary L. Meusborn, 818/737-4643
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