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Gold/Mining/Energy : Procyon Biopharma Inc. -- Ignore unavailable to you. Want to Upgrade?

To: thebeach who wrote (223)	2/7/2000 4:39:00 PM
From: thebeach	Read Replies (1) \| Respond to of 356

Procyon Biopharma Inc. and Biovail Corporation FEBRUARY 7, 2000 -- Announce Cdn$2.5 Million Licensing Agreement MONTREAL, QUEBEC--Procyon BioPharma Inc. ("Procyon") and Biovail Corporation announced today an agreement by which Biovail will acquire the Canadian rights to FIBROSTAT(TM), a topical cream in late Phase II development by Procyon for the treatment of scars resulting from surgery or burns. The agreement commits Biovail to a financing of Cdn $1.5 million to Procyon for the completion of the development of FIBROSTAT(TM) through Phase III trials, leading to approval by the Canadian Therapeutics Products Program (TPP). Upon approval, Procyon will receive a Cdn $1.0million milestone payment as well as a double-digit percentage royalty on sales. FIBROSTAT(TM) will be developed in collaboration with, and will be marketed by, Crystaal, the Canadian marketing division of Biovail. The annual Canadian market potential for FIBROSTAT(TM) is estimated at $25 million while the world market potential is expected to exceed Cdn $500 million. In addition, Procyon has granted to Biovail a first right of negotiations for the marketing rights of FIBROSTAT(TM) in the U.S. and this agreement indicates our partner's confidence in the effectiveness and commercial viability of FIBROSTAT(TM)," stated Hans J. Mader, Procyon's President and CEO. "The agreement will provide us with the financial support we require to accelerate the development and regulatory approval of this innovative product. FIBROSTAT(TM) has already been tested on over 200 patients in Canada under the Special Access Program with excellent feedback not only in terms of the efficacy of FIBROSTAT(TM) in reducing scarring, but also in significantly alleviating pain and itch associated with the healing process. FIBROSTAT(TM) is patented in the U.S and Australia, with patents pending in Canada, Japan and Europe. Approval by the regulatory authorities in Canada will greatly assist the process of securing regulatory approvals elsewhere in the world," he added. to be the first innovative patient-friendly topical medication indicated for the treatment of scarring, in Canada," stated Rolf Reininghaus, President of Crystaal. "It is expected to satisfy a large unmet medical need and will provide welcome relief to patients suffering from the effects of scarring, pain and irritation following general surgery, plastic surgery and burns." FIBROSTAT(TM) is one of two late-stage products in Procyon's development pipeline. It was invented by Dr. Ken Dolynchuk, a plastic surgeon at the University of Manitoba, and has been exclusively licensed to Procyon. Procyon's other product, COLOPATH(TM), is a rapid, non-invasive screening test for colorectal cancer which is protected by patents in the U.S., Australia and South Africa, with patents pending in Canada, Japan and Europe. Biovail Corporation International is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture and marketing of drug products utilizing advanced drug delivery systems. Biovail is listed on the New York and Toronto stock exchanges under the ticker symbol BVF. Procyon BioPharma Inc. is a publicly listed, biopharmaceutical company focused principally on advancing two powerful platform technologies that have the potential to diagnose and treat cancer. Procyon's Antinuclear Autoantibodies (ANAs) bind specifically to multiple cancer cell types strongly enhancing the immune response to cancer cells. Prostate Secretory Protein (PSP94) is a naturally occurring human protein that has the potential to treat prostate cancer by inhibiting abnormal prostate cell growth. Procyon's shares trade on the CDNX (formerly the Alberta Stock Exchange) under the ticker symbol, PBP. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Procyon BioPharma Inc Hans J. Mader President and CEO E-mail: hmader@procyonbiopharma.com Web site: www.procyonbiopharma.com or Biovail Corporation Kenneth G. Howling Chief Financial Officer E-mail: khowling@biovail.com Web site: www.biovail.com or NATIONAL Nathalie Bourque Public Relations The CDNX has neither approved nor disapproved the information contained in this release INDUSTRY: DRG SUBJECT: LIC