Monday April 26, 9:33 am Eastern Time
Company Press Release
Bio-Technology General Announces Oxandrin Update
ISELIN, N.J.--(BUSINESS WIRE)--Apirl 26, 1999--Bio-Technology General Corp. (NASDAQ:BTGC - news) announced today that as a result of a slowing in the rate of increase of Oxandrin® prescriptions, as announced by the Company on April 19th, Olsten Health Services, Inc., BTG's distributor for Oxandrin, has decided to adjust future purchases in order to effect an adjustment to its inventory.
The timing and magnitude of the adjustments are the subject of ongoing discussions between BTG and Olsten. As a result, purchases of Oxandrin by Olsten during 1999 could be less than those made by Olsten in 1998. Prescriptions for Oxandrin, which grew 7% in the first quarter of 1999 compared to the immediately preceding quarter, and 26% compared to the first quarter of 1998, continue to grow.
While this adjustment is anticipated to impact Oxandrin sales to Olsten in the short term, a number of other factors may offset the impact on full-year 1999 Oxandrin sales. It is expected that the April 14, 1999 publication of an article in JAMA noting the beneficial effects in HIV patients of weight gain due to Oxandrin should invigorate the product's growth rate in its current market. Also, the Company's planned entry into the wound care market later this year should have a positive impact on Oxandrin sales.
In addition, BTG is currently enjoying much higher than expected sales of Delatestryl® because the FDA has halted production of a competing injectible testosterone product. It is anticipated that these increased sales of Delatestryl will continue throughout 1999.
Bio-Technology General Corp., a leading biopharmaceutical company, develops, manufactures and markets genetically engineered and other products for human health care. BTG's products are marketed in over thirty countries worldwide.
Statements in this news release concerning the Company's business outlook or future economic performance; anticipated profitability, revenues, expenses or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are ''forward-looking statements'' as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, changes and delays in product development plans and schedules, customer acceptance of new products, changes in pricing or other actions by competitors, patents owned by the Company and its competitors, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission.
Contact:
WOLFE AXELROD ASSOCIATES, New York
Don Weinberger, 212/370-4500
or
BIO-TECHNOLOGY GENERAL CORP., Iselin
Leah Berkovits, 732/632-8800
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