Inyx (CE) (USOTC:IYXI)
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Inyx Selected by Generics (UK) Unit of Merck Generics to Produce
Non-Ozone- Depleting HFA Salbutamol Asthma Inhaler
$7.5 Million-Plus Annual Revenues to Inyx Expected from 4-Year Contract
NEW YORK, April 21 /PRNewswire-FirstCall/ -- Inyx, Inc. (OTC Bulletin Board:
IYXI), a specialty pharmaceutical company with a focus on niche drug delivery
technologies and products, announced today that its wholly owned subsidiary
Inyx Pharma Limited has been selected by Generics (UK) Ltd, a unit of Merck
Generics Group, a global pharmaceutical company, to produce for worldwide
markets a non-ozone-depleting hydrofluoroalkane (HFA) salbutamol inhaler for
the treatment of asthma and other chronic respiratory conditions. The initial
contract is for four years with automatic renewal options, and production is
scheduled to commence before the end of 2005 at Inyx Pharma's manufacturing
center in the United Kingdom.
Jack Kachkar, M.D., Chairman and CEO of Inyx, said, "We are very pleased to
have been selected by Generics (UK) for their worldwide HFA-salbutamol program,
which includes both metered dose inhalers and breath operated inhalers. This
is one of the largest single contracts that Inyx has received to date, and it
reflects our company's expertise in converting ozone-depleting
chlorofluorocarbon (CFC) aerosol pharmaceuticals to environmentally safe
products."
Inyx expects this contract to generate at least $7.5 million to $8 million in
annualized revenues to the company, with revenues anticipated to build during
the contract term, based on historical CFC salbutamol volumes and production
schedules for the HFA salbutamol product line.
Salbutamol (known as albuterol in the United States) is the generic name for a
long-acting bronchodilator that is the primary rescue medicine used to prevent
asthma and other chronic respiratory attacks. The World Health Organization
estimates that approximately 100 million people worldwide suffer from asthma,
and that chronic obstructive pulmonary disease is the fourth greatest cause of
death worldwide.
Up until recently, salbutamol and other metered dose inhalers -- by which
approximately 95% of all asthma medicine is administered -- have used CFC as
the aerosol propellant. However, the Montreal Protocol, an international
agreement signed by 188 nations, bans the use of CFC in pharmaceutical products
by or before 2010. CFC is already banned in pharmaceuticals in Europe, Canada,
Japan and many other countries; the United States is expected to start
implementing the ban in coming years. In 2003, for instance, over 90% of the
asthma inhalers sold in the U.S. contained CFC, which will have to be replaced
by a non-ozone-depleting propellant and HFA is the most widely used substitute.
About Inyx
Inyx, Inc. is a specialty pharmaceutical company with aerosol drug delivery
technologies and products for the treatment of respiratory, allergy,
dermatological, topical and cardiovascular conditions. Inyx focuses its
expertise on both prescription and over-the-counter pharmaceutical products,
and provides specialty pharmaceutical development and production consulting
services to the international healthcare market. In addition, Inyx is
developing its own proprietary products to be marketed by selected clients and
strategic partners, which include some of the largest pharmaceutical companies.
The company's operations are conducted through several wholly owned
subsidiaries: Inyx USA, Ltd., which has newly acquired operations in Manati,
Puerto Rico; Inyx Pharma Limited, which has development and production
facilities located near Manchester, England; and Inyx Canada, Inc. based in
Toronto, which provides business development and support services. Inyx,
Inc.'s corporate offices are in New York City. For more information, please
visit: http://www.inyxinc.com/.
Safe Harbor
Statements about the Company's future expectations, including future revenues
and earnings, and all other statements in this press release other than
historical facts, are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and as that term is defined in the Private Securities
Litigation Reform Act of 1995. The Company intends that such forward-looking
statements be subject to the safe harbors created thereby. Since these
statements involve risks and uncertainties and are subject to change at any
time, the Company's actual results could differ materially from expected
results.
For more information, please contact:
Jay M. Green, Executive VP
Inyx, Inc.
212-838-1111
DATASOURCE: Inyx, Inc.
CONTACT: Jay M. Green, Executive VP of Inyx, Inc., +1-212-838-1111,
Web site: http://www.inyxinc.com/