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Name | Symbol | Market | Type |
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Rolls-r 24 | LSE:43AI | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 99.147 | 0 | 00:00:00 |
RNS No 6059d ELAN CORPORATION PLC 12th August 1997 TARGON CORPORATION, A SUBSIDIARY OF CYTOGEN CORPORATION, LICENSES MORPHELAN ONCE DAILY MORPHINE PRODUCT FROM ELAN PHARMACEUTICAL TECHNOLOGIES PRINCETON, NJ, August 11, 1997 - CYTOGEN Corporation (NASDAQ: CYTO) and Elan Corporation, plc (NYSE: ELN) announced today that its subsidiary Targon Corporation licensed from Elan Pharmaceutical Technologies, a division of Elan the exclusive, worldwide rights for Elans oral once-daily, controlled-release formulation of morphine sulfate, known as Morphelan. Elan is CYTOGENs strategic partner in the Targon venture, in which the companies collaborate to bring new products to the oncology marketplace. Targon will be responsible for the further clinical development of the Morphelan drug, which has already been studied in normal volunteers. Following successful completion of clinical trials, Targon will prepare the New Drug Application submission to the Food and Drug Administration. Commenting on the Morphelan license, Thomas J. McKearn, CYTOGENs Chief Executive Officer, President and Chairman said: "The unique pharmacokimetic profile of the Morphelan product has the potential to offer patients more consistent morphine blood levels and provide them with around-the-clock pain relief from a single oral dose. This unique profile was achieved by utilization of Elans proprietary drug delivery program. Targon will study the Morphelan drug as an analgesic therapy for moderate to severe pain. Based on currently available human data, the decreased variability in blood levels associated with this product may allow continuous relief with a decrease in side effects". Michael Sember, Chief Executive Officer of Targon said: "The Morphelan product represents a significant milestone for Targon, strengthening its overall portfolio of products. Morphelan is expected to fulfil a significant unmet need in the oncology marketplace presenting an exciting business opportunity for Targon. The drug will enter the rapidly growing non-injectable narcotic analgesic market which in 1996 was estimated at $700 million in the United States. By year end Targon expects to have Morphelan and three other oncology products in clinical trials and will be seeking collaboration partners to participate in the development and commercialization activities of the company". Terms of the transaction are available in CYTOGENs second quarter 1997 Form 10-Q. Dr McKearn commented: "Targon will rely on CYTOGENs expertise in developing products for the relief of chronic pain. Recently, CYTOGEN completed the successful development and Food and Drug Administration licensure of our Quadramet product for bone pain due to skeletal metastases that can be visualised on bone scans. This type of chronic bone pain can be severe. CYTOGENs recent success with this pain therapeutic should benefit the development of Targons Morphelan product". Targon is the creation of a strategic partnership between CYTOGEN and Elan for the development and commercialization of oncology products. The venture will draw upon CYTOGENs strength in the clinical development and regulatory approval process for oncology products and Elans expertise in drug delivery technologies. These two attributes together will enable Targon to offer superior drug development while simultaneously reducing the time needed for product commercialization. Targon is currently a majority owned subsidiary of CYTOGEN. Elan has conversion rights to make the entity an equally held joint venture. Except for historical information contained herein, the matters discussed in this press release contain forward looking statements that involve risks and uncertainties regarding future events and/or the future financial performance of the Company. Such statements are merely predictions and actual events and results may differ materially. For a more complete discussion of these risks and uncertainties we refer you to documents that the Company files from time to time with the Securities and Exchange Commission, such as 10K and 10Q filings. For further information contact: Mary Bingham Director, Investor Relations Elan Corporation plc Ph: 212-755-3218 Lynne Baron Vice President Finance and Communications CYTOGEN Corporation Ph: 609 987 8221 END
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