Akorn Acquires Paredrine - Specialty Ophthalmic Diagnostic Product From Pharmics, Inc.BUFFALO GROVE, IL--(BUSINESS WIRE)--March 24, 1999--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 acquisition of the specialty ophthalmic diagnostic product, Paredrine. The purchase includes the worldwide rights and title to the NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any to include the trademarks and trade names in all countries in which the product is registered. Paredrine is an ophthalmic pupil dilator dilator /di·la·tor/ (di-lat´er) 1. a structure that dilates, or an instrument used to dilate. 2. dilator muscle. di·la·tor n. 1. used to diagnose Horner's Syndrome Horner's syndrome n. A syndrome caused by a lesion in the sympathetic nervous system, especially the cervical chain or central pathways, and characterized by drooping upper eyelid, pupillary contraction, absence of sweating, and receding eyeball. . Horner's Syndrome is a neurological disorder that causes the pupil to lose its ability to dilate dilate /di·late/ (di´lat) to stretch an opening or hollow structure beyond its normal dimensions. di·late v. To make or become wider or larger. . Paredrine has been off of the market for several years due to a raw material shortage, and as a result ophthalmic neurologists have had to have the product equivalent compounded at the pharmacy. Akorn however was able to obtain substantial amounts of the raw material along with the product from Pharmics, and has filed a supplemental NDA with the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. to obtain approval to bring the brand back to the market. Paredrine will be a companion product to Akorn's other recently acquired diagnostic, Paremyd. Akorn's plan has FDA approval for both products scheduled for late 1999, or early 2000. Floyd Benjamin, President and Chief Executive Officer of Akorn, said, "These two products, Paremyd and Paredrine, will strengthen our diagnostic presence in the marketplace." Akorn, Inc. manufactures and markets sterile specialty pharmaceuticals, and markets and distributes an extensive line of ophthalmic 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. 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 Public Relations Worldwide web site at www.kcsa.com. |
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