DRAXIS Receives Brazilian Approval for Anipryl.
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Oct. 17, 2000
DRAXIS Health Inc. (TSE:DAX.)(NASDAQ:DRAX) today announced that Anipryl(R), a veterinary prescription medication licensed to Pfizer Inc. (NYSE:PFE), has been cleared by the Brazilian Ministerio da Agricultura e de Abastecimento for the treatment of uncomplicated pituitary-dependent hyperadrenocorticism (PDH or Cushing's disease) and age associated cognitive dysfunction (CDS) in dogs.
Brazil represents the fifth jurisdiction to approve Anipryl(R) for these two indications.
Dr. Martin Barkin, the President and CEO of DRAXIS Health stated: "We are pleased to report these positive developments regarding Anipryl(R). Jurisdictional approvals have the effect of increasing the potential worldwide sales base for Anipryl(R), currently available in Canada and the U.S. only. Once launched in other countries we expect that derivative royalties and manufacturing margins for DRAXIS will correspondingly increase."
Dr. Barkin continued, "In accordance with the terms of our agreement, Pfizer will pay DRAXIS USD$100,000 if it chooses to accept transfer of the Brazilian registration. Alternatively, Pfizer may designate another jurisdiction for which this milestone will apply."
In December 1997, DRAXIS entered into a worldwide comprehensive alliance with Pfizer Inc. with respect to Anipryl(R). Under the terms of the alliance, DRAXIS licensed the right to market, sell and distribute Anipryl(R) globally in return for milestones, royalty payments, a supply agreement and a research and development (R&D) collaboration.
DRAXIS Health Inc. is a diversified speciality pharmaceutical company operating in three niche markets: Radiopharmaceuticals (DRAXIMAGE), Canadian sales and marketing (DRAXIS Pharmaceutica) and Companion Animal Health (through its global alliance with Pfizer Inc.). DRAXIS supports its own as well as third party manufacturing requirements through its subsidiary, DRAXIS Pharma, located in Kirkland, Quebec.
Except for historical information, this news release contains certain forward-looking statements that involve risk and uncertainties, which may cause actual results to differ materially from the statements made. Such factors include, but are not limited to, changing market conditions, clinical trial results, the establishment of new corporate alliances, the impact of competitive products and pricing, the timely development, regulatory approval and market acceptance of the Company's products, and other risks detailed from time-to-time in the Company's filings with the U.S. Securities and Exchange Commission and Canadian securities authorities.