IMCERA'S BOARD OF DIRECTORS APPROVES $100 MILLION PROGRAM TO EXPAND MALLINCKRODT MEDICAL'S OPTIRAY PRODUCTION CAPACITY
IMCERA'S BOARD OF DIRECTORS APPROVES $100 MILLION PROGRAM TO
EXPAND MALLINCKRODT MEDICAL'S OPTIRAY PRODUCTION CAPACITY
NORTHBROOK, Ill., Feb. 20 /PRNewswire/ -- The board of directors of IMCERA Group Inc. (NYSE: IMA) has approved a $100 million plan for the company's Mallinckrodt Medical unit of St. Louis to expand its production capability of Ioversol, known commercially as Optiray(R).
The expansion results from the overwhelming success Optiray has achieved since its introduction by Mallinckrodt Medical in the U.S. in June 1989. The nonionic, low-osmolality contrast agent is used by physicians for a wide range of diagnostic x-ray procedures to visualize and detect diseases in organs and the cardiovascular system. Optiray offers improved safety and patient tolerance attributes compared to conventional contrast media products.
It is the only new-generation x-ray contrast agent discovered, developed and marketed in the U.S.; it is now available in several international markets as well, including the United Kingdom, Germany and France.
"Optiray has proven to be the most successful product in Mallinckrodt Medical's history," said C.R. Holman, Mallinckrodt Medical president and chief executive officer. "This expansion reflects the enormous growth potential we anticipate as demand for the product increases in current markets and we continue to introduce it into new ones around the world. Optiray, along with a number of other quality products marketed by Mallinckrodt Medical, has enabled the company to set its goal of $1 billion in net sales by 1995."
A portion of the expansion project will involve increasing the production capabilities of the Ioversol plant currently located in St. Louis. In addition, Mallinckrodt Medical is in advanced stages of discussion with Ireland's Industrial Development Authority on plans to build a new plant in that country.
"Because of the warm reception Optiray has enjoyed overseas, we feel an Ioversol plant in Europe is critical to our ability to provide the product in a timely manner to that customer base," explained Holman.
Mallinckrodt Medical is a worldwide leader in products for radiology, cardiology, critical care, nuclear medicine and anesthesiology. It achieved net sales and operating earnings of $513 million and $87 million, respectively, in fiscal 1991.
IMCERA, a Fortune 300 company with net sales of more than $1.6 billion in fiscal 1991, has two other international, technology-based businesses--Mallinckrodt Specialty Chemicals of Chesterfield, Mo., and Pitman-Moore of Lake Forest, Ill.
/CONTACT: Dave Prichard of IMCERA, 708-205-2270/
(IMA) CO: IMCERA Group Inc. ST: Illinois, Missouri IN: CHM SU: SM -- NY072 -- 1017 02/20/92 14:38 EST