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Biotech / Medical : ARADIGM CORP. ARDM
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To: EVENT HORIZON III who wrote (155)5/27/2003 1:09:51 AM
From: tuck   of 255
 
A competitor gets dumped by its partner:

>>TORONTO, May 23 /PRNewswire-FirstCall/ -- Generex Biotechnology Corporation (Nasdaq: GNBT - News) announced today that Generex and Eli Lilly and Company (NYSE: LLY - News) have agreed to end their development and license agreement for the development and commercialization of a buccal delivery of insulin. Generex also announced today that, pursuant to the provisions of the development and license agreement, both parties are working on terms for Lilly to continue to supply a specified amount of insulin for Generex's further development work. All of Generex's intellectual property and commercialization rights with respect to the buccal spray drug delivery technology will revert to Generex, which will have the continuing right to develop and commercialize the product at its own expense.

Anna Gluskin, President & CEO of Generex, stated: "This is a positive development for Generex. Generex will continue to advance Oralin(TM) through the regulatory process in Canada and, once appropriate partners are in place, in the United States and elsewhere. We continue to have absolute confidence in our drug delivery technology as Oralin(TM) repeatedly demonstrates positive results in terms of safety and efficacy in patients with diabetes." Generex anticipates that the next stage of the clinical development of Oralin(TM) will commence in the third quarter of 2003.<<

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Cheers, Tuck
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