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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Gary Korn who wrote (737)	12/1/1999 4:32:00 PM
From: All Mtn Ski	Read Replies (1) \| Respond to of 10345

DepoMed, Elan to develop gastric drug technology FOSTER CITY, Calif., Dec. 1 (Reuters) - DepoMed Inc. (AMEX:DMI - news), a maker of drug delivery products, on Wednesday announced plans to join with Irish pharmaceutical company Elan Corp. (NYSE:ELN - news) to develop technologies for gastric retention of oral drugs. The agreement follows the announcement in April by Bristol Myers Squibb Co. (NYSE:BMY - news) that it would not use DepoMed's gastric retention system. The gastric retention system is put in the stomach for an extended period to deliver a drug. Benefits may include superior absorption of drugs and improved delivery of drug combinations, among others, according to Foster City, Calif.-based DepoMed. The joint venture with Elan will license from the respective companies certain gastric retention technologies for development of proprietary products, the companies said. In addition to a $5 million equity investment by Elan in DepoMed's common stock, Elan will provide research and development funding to the joint venture. DepoMed said additional details will be disclosed when the transaction is finalized, which is expected by year end. Shares of DepoMed were down 1-9/16 at 5-7/16 in early trading on Nasdaq, a move that analysts attributed to profit-taking after a recent run-up in the stock price ahead of an expected joint venture announcement. Shares of Elan were up 1-5/16 at 28-11/16 on the New York Stock Exchange. biz.yahoo.com