Akorn, Inc. Acquires Three Multi-Application Ophthalmic Products From Allergan; Exclusive Worldwide Rights for Widely Prescribed Diagnostics.LINCOLNSHIRE, IL.--(BUSINESS WIRE)--July 14, 1998--Akorn, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AKRN) today announced the purchase of three multi-application ophthalmic diagnostic products currently licensed from Allergan, Inc. The purchase grants Akorn worldwide exclusive rights for Fluress, Ful-Glo and Rose Bengal rose ben·gal n. A bluish-red dye used as a stain for bacteria, as a stain in the diagnosis of keratitis sicca, and in tests of liver function. . Fluress is currently Akorn's number one selling product. All three products are stains used in a wide array of ophthalmic procedures such as fitting contact lenses contact lenses contact npl → verres mpl de contact contact lenses contact npl → Kontaktlinsen pl contact lenses npl , removing corneal corneal pertaining to the cornea. See also keratitis, keratopathy. corneal anomaly includes microcornea, coloboma, megalocornea, dermoid, congenital opacity. corneal black body see corneal sequestrum (below). foreign bodies, identifying dead cells in the eye and assessing tear breakup. Akorn's license to sell these three products in the U.S. was due to expire at the end of 1999. Allergan has been selling these products outside of the U.S.and will retain the rights to distribute them outside the U.S. as exclusive agent for Akorn. Akorn has been manufacturing Fluress while the other two products are manufactured by an outside contractor outside contractor n → contratista m/f independiente . Akorn will assume this supply agreement. Scott Zion, Sr. Vice President and GeneralManager of the Ophthalmic Division said, "The acquisition of these products will eliminate significant Akorn royalty payments. We are very happy to have acquired ownership of our number one product." This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from anticipated results as a result of certain risks and uncertainties, including but not limited to the effects of federal, state and other governmental regulation of the Company's business; the company's success in acquiring, developing, manufacturing and marketing new products; the effects of competition from generic pharmaceutical and other pharmaceutical companies; and other risks and uncertainties identified in the Company's Securities and Exchange Commission Filings. This press release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide web site at www.kcsa.com.
CONTACT: AKORN, INC.
Rita McConville, Chief Financial Officer
(847) 236-3851
or
KCSA Worldwide, New York
Paul Holm/Joseph A. Mansi
(212) 682-6300, ext.201/205
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