Akorn Acquires Paredrine - Specialty Ophthalmic Diagnostic Product From Pharmics, Inc.
BUFFALO GROVE, IL--(BUSINESS WIRE)--March 24, 1999--Akorn, Inc. (NASDAQ: AKRN) today announced the acquisition of the specialty ophthalmic diagnostic product, Paredrine. The purchase includes the worldwide rights and title to the NDA to include the trademarks and trade names in all countries in which the product is registered.
Paredrine is an ophthalmic pupil dilator used to diagnose Horner's Syndrome. Horner's Syndrome is a neurological disorder that causes the pupil to lose its ability to dilate. Paredrine has been off of the market for several years due to a raw material shortage, and as a result ophthalmic neurologists have had to have the product equivalent compounded at the pharmacy. Akorn however was able to obtain substantial amounts of the raw material along with the product from Pharmics, and has filed a supplemental NDA with the FDA to obtain approval to bring the brand back to the market.
Paredrine will be a companion product to Akorn's other recently acquired diagnostic, Paremyd. Akorn's plan has FDA approval for both products scheduled for late 1999, or early 2000.
Floyd Benjamin, President and Chief Executive Officer of Akorn, said, "These two products, Paremyd and Paredrine, will strengthen our diagnostic presence in the marketplace."
Akorn, Inc. manufactures and markets sterile specialty pharmaceuticals, and markets and distributes an extensive line of ophthalmic surgical supplies and related products.
The information contained in this news release, other than historical information, consists of forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such statements regarding the timing of acquiring and developing new products, of bringing them on line and of deriving revenues and profits from them, as well as the effects of those revenues and profits on the company's margins and financial position, is uncertain because many of the factors affecting the timing of those items are beyond the company's control.
This press release is available on the KCSA Public Relations Worldwide web site at www.kcsa.com.
CONTACT:
Akorn Inc., Buffalo Grove
Rita McConville, Chief Financial Officer
(847) 279-6151
or
KCSA Worldwide, New York
Robert Giordano / Paul Holm
KCSA Public Relations Worldwide
(212) 682-6300, ext. 289/201
KEYWORD: ILLINOIS
BW1150 MAR 24,1999
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