Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Akorn Inc. -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (95)	7/17/2000 8:57:19 AM
From: scaram(o)uche	Read Replies (1) \| Respond to of 101

Monday July 17, 8:32 am Eastern Time Company Press Release SOURCE: Akorn, Inc. Akorn, Inc. Enters Exclusive Worldwide Cross Licensing Agreement With NovaDAQ Technologies, Inc. For Coronary Artery Bypass Graft Surgery Products BUFFALO GROVE, Ill., July 17 /PRNewswire/ -- Akorn, Inc. (Nasdaq: AKRN - news) today announced that it has entered into a worldwide exclusive cross licensing and marketing agreement with NovaDAQ Technologies, Inc. a Canadian spin-off company from the Institute for Biodiagnostics - National Research Council of Canada in the cardiovascular field. The agreement covers the diagnostic use during coronary artery bypass graft surgery (GABG) of Akorn's Contrast Imaging Agent (CIA - indocyanine green) and NovaDAQ's Digital Laser Imaging System (DLIS), licensed by NovaDAQ from the Institute for Biodiagnostics - National Research Council of Canada. NovaDAQ is anticipating filing a 510k-device submission with the FDA in early 2001, which upon approval would allow for the market introduction of the procedure in the U.S. Akorn estimates that the U.S. and international markets for patients requiring CABG will exceed 400,000 and 450,000 in 2000. The U.S. market for this diagnostic procedure is estimated at $200 million and is growing at approximately a 6% to 7% rate annually according to the American Heart Association (AHA). AHA figures indicate that 366,000 patients underwent the procedure in 1997. Currently, Akorn is not aware of any product approved for use in the US that would directly compete with the CIA and DLIS technologies at an equivalent cost. Commenting on the agreement, Floyd Benjamin, President and CEO of Akorn said, ``Akorn is very pleased to have such a close working relationship with the Institute for Biodiagnostics - National Research Council of Canada through NovaDAQ. Both companies complement each other and add significant value to their' technologies through this venture. It capitalizes on Akorn's strength by investing in technology that enhances or expands the use of Akorn's proprietary pharmaceutical products.'' The CIA and DLIS technologies are expected to be used in the OR suite just prior to the start of the CABG procedure and again at the end of that procedure. The anticipated advantages based upon preclinical animal testing performed at the Institute for Biodiagnostics - National Research Council of Canada by NovaDAQ are as follows: Pre Surgical: * Digital documentation of vessel(s) status and confirmation or clarification of any previously performed angiograms; and, * Pinpoint the exact location of blockage(s) in a given vessel and identify all vessels with blockages where nutritional flow has been compromised such that bypassing said vessel is necessary. Post Surgical: * Digital documentation of graft status and nutritional flow; * Confirmation of graft patency; and, * Confirmation of nutritional flow downstream of all grafted vessels. The financial terms of the agreement involves certain initial payments by Akorn and a profit sharing structure between the parties for the effective commercial life of the products. Akorn, Inc. manufactures and markets sterile specialty pharmaceuticals, and markets and distributes an extensive line of pharmaceuticals and ophthalmic products including surgical instruments, 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. SOURCE: Akorn, Inc.