Cypros Pharmaceutical Announces Marketing Partnership With NutraMax for Launch of New Wound Care Product Line.CARLSBAD, Calif.--(BW HEALTHWIRE)--Nov. 17, 1998--Cypros Pharmaceutical Corp. (AMEX AMEX See: American Stock Exchange :CYP CYP In currencies, this is the abbreviation for the Cyprus Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) announced today the singing of a marketing and joint venture agreement with NutraMax Products Inc., a leading supplier of first aid and wound care products, covering the development, launch and sale of certain Dermaflo(TM) drug delivery dressings. The multi-year agreement involves the immediate supply of Cypros' proprietary triple antibiotic Dermaflo product to NutraMax for conversion and sale in the form of adhesive strips. NutraMax will commit to annual minimum purchase volumes of bulk product and will provide a royalty on sales of the final product for certain markets. NutraMax will own an exclusive license to sell the product to the retail and industrial first aid markets during the term of the agreement. Cypros retains the right to market its own branded form of the triple antibiotic product to hospitals, clinics and extended care facilities. Further, the agreement calls for Cypros and NutraMax to enter into a joint venture for the development of several new Dermaflo products under which the two companies will share in the development expense and profits from product sales. In commenting on the announcement, Paul J. Marangos, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said: "This agreement is clear evidence of the near term commercial value of our proprietary topical extended release drug delivery technology, Dermaflo. With additional products being planned under this joint venture and an approved Dermaflo burn drug planned for direct introduction by Cypros in 1999, we anticipate that Dermaflo drug products will be significant contributors to the Company's future product sales." Larry A. Risen, vice president of Corporate Development, also commented: "NutraMax and their American White Cross division represent an ideal partner for the marketing of Dermaflo outside of our strategic markets. With annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of more than $100 million and a rapidly growing first aid and wound care business, we are confident that NutraMax can help us maximize near-term product sales and the development of a future product line." Cypros Pharmaceutical is engaged in the development and marketing of drug products for the hospital market. The Company is pursuing a diversified strategy of marketing approved drugs In the United States, the FDA approves drugs. Before a drug can be prescribed, it must undergo an extensive FDA approval process. This process involves first testing the drug on animals or in medical labs. and developing small molecule therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. that protect cells from ischemic Ischemic An inadequate supply of blood to a part of the body, caused by partial or total blockage of an artery. Mentioned in: Antiangiogenic Therapy, Subarachnoid Hemorrhage, Ventricular Fibrillation ischemic injury. The Company currently has three products on the market, Glofil, Inulin inulin /in·u·lin/ (in´ul-in) a starch occurring in the rhizome of certain plants, yielding fructose on hydrolysis, and used in tests of renal function. in·u·lin n. and Ethamolin(R); is preparing to launch two proprietary, extended-release wound-care products using the Dermaflo(TM) technology; and, is developing its two lead drugs, Cordox(TM) and Ceresine(TM), for a variety of ischemic disorders. This news release contains forward looking statements which involve risks and uncertainties. Such statements are subject to certain factors which may cause the Company's plans to differ. Factors that may cause such differences include, but are not limited to, the risks discussed in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended July 31, 1998, and the Risk Factors section of the Company's Registration Statement No. 333-25661. |
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