DRAXIS Reports Highlights From Annual Meeting.Business Editors MISSISSAUGA, Ontario--(BUSINESS WIRE)--June 21, 2001 DRAXIS Health 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 :DRAX) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DAX.) held its Annual and Special Meeting of shareholders yesterday. Dr. Martin Barkin, 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. of DRAXIS, reiterated the Company's previously issued guidance of positive earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , revenue growth of 15 to 20% for fiscal 2001 and a revenue target of US$65 million (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $ 100 million) in 2003/4. Dr. Barkin's address, which also highlighted the following, will be available for viewing on the Company's website at www.draxis.com. Financial Health - Revenues for fiscal 2000 reached a record US$35 million and contributed to a 5-year compound annual growth rate of 36%. First quarter earnings of US$0.01 per share established a base of expected positive earnings from operations for fiscal 2001. Pipeline Progress - During the year, BrachySeed(TM) I-125, for the treatment of prostate cancer, was launched in North America. Three pharmaceutical products (Levulan(R), Ziconotide and Zonegran(TM)) were filed for approval with Canadian regulators. The Phase III clinical trial Noun 1. phase III clinical trial - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the of Fibrimage(R) for detecting active deep vein thrombosis A blood clot (thrombos) in a vein deep within the muscle, typically in the thigh or calf. It is caused by disease or the lack of activity such as sitting for hours at a computer screen. is on going and Amiscan(TM) for imaging heart attacks entered Phase II. INFECTON, a product able to image infection as distinct from inflammation, was recently in-licensed and Somatoscan(R), a peptide-based cancer imaging agent is in pre-clinical evaluation. Manufacturing Endorsements and Facilities - During fiscal 2000, the Company secured a substantial contract with Warner Lambert Canada and early in 2001 announced an expanded manufacturing relationship with GlaxoSmithKline. The sterile lyophilization lyophilization /ly·oph·i·li·za·tion/ (li-of?i-li-za´shun) the creation of a stable preparation of a biological substance by rapid freezing and dehydration of the frozen product under high vacuum. facility became operational during the year and regulatory approval to begin commercial operations is expected later this year. New Partnerships - During 2000 Societe generale de financement du Quebec became an equity partner DRAXIS Pharma with an investment of approximately US$5 million. Under a strategic partnership established early in 2001 Cytogen Corporation (NASDAQ: CYTO CYTO Croydon Youth Theatre Organisation (UK) ) is now marketing BrachySeed(TM) in the United States. DRAXIS Health Inc. is a diversified specialty pharmaceutical company with operations in three specialty markets: radiopharmaceuticals (DRAXIMAGE), contract manufacturing (DRAXIS Pharma), and pharmaceutical sales and marketing (DRAXIS Pharmaceutica). 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 US Securities and Exchange Commission and Canadian securities authorities. |
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