COMMACK, N.Y., Sept. 16, 2003 (PRIMEZONE) -- Interpharm Holdings, Inc. (AMEX:IPA) today announced that Interpharm, Inc., its wholly-owned subsidiary, has begun manufacturing Allopurinol Tablets for United Research Laboratories, Inc. and Mutual Pharmaceutical Company, Inc. ("URL/Mutual") in both 100mg and 300mg strengths.
Allopurinol is the second of four products that Interpharm, Inc. is scheduled to manufacture for URL/Mutual, in accordance with their previously announced manufacturing and supply agreement when Interpharm, Inc. began manufacturing for URL/Mutual.
"We are very pleased to have this opportunity to collaborate with URL/Mutual," said Bob Sutaria, President of Interpharm, Inc. and Interpharm Holdings, Inc. "URL/Mutual has been a market leader for years and we look forward to further developing and eventually expanding our newly created alliance. For Interpharm, this partnership represents an important step in our continuing efforts to expand our market presence and increase shareholder value."
Allopurinol is a generic version of the branded drug Zyloprim(r). Allopurinol is used to lower blood uric acid levels. Uric acid is a breakdown product of purines in foods. Uric acid forms crystals in the tissues of the body to cause the inflammation of gout. Elevated blood uric acid levels can also cause kidney disease and stones. Allopurinol can be used to prevent uric acid kidney stones and to prevent recurrent gouty arthritis attacks.
Allopurinol is used to treat patients with multiple recurrent gout attacks, erosive destructive gouty joint disease, hard lumps of uric acid deposits in tissues (called tophi), gouty kidney disease, or uric acid stones. Allopurinol is also used to prevent elevation of blood uric acid in patients undergoing chemotherapy for the treatment of certain cancers.
Surinder Rametra, Director of Business Development of Interpharm Holdings, Inc., stated, "We are extremely pleased with the launch of the first two products. We have achieved our objectives in a timely manner, and with a high degree of efficiency, a tribute to the devotion and ingenuity of our manufacturing and development team."
About URL/Mutual
United Research Laboratories/Mutual Pharmaceutical Company, a privately-held company headquartered in Philadelphia, is engaged in the research, development, manufacturing and marketing of generic pharmaceutical products, and application of delivery and stabilization technologies to existing and future branded products. The Company is tracking to achieve in excess of $360MM in sales for the year 2003 and employs over 500 well-trained and experienced employees, mainly in the areas of manufacturing, quality control, and research and development.
URL/Mutual is also engaged in the application of proprietary drug delivery and stabilization technologies to formulate and commercialize difficult-to-formulate drug products. It is currently in discussions on projects with seven of the world's fifteen largest branded pharmaceutical companies regarding the application of these proprietary technologies for product development and commercialization. The in-licensed technology applicable to improving bioavailability of New Chemical Entities (NCEs) is, in the case of one project, slated for human clinical trials, three Pharma companies have expanded the projects to include multiple NCEs, and three other projects have passed "proof of concept" with respect to pre-clinical assessments. In the field of drug stabilization, the Company is in licensing discussions with two of these seven branded pharmaceutical companies. The Company has already signed agreements with, and received payments from, two smaller to mid-sized branded companies.
About Interpharm
Based in Hauppauge, New York, Interpharm, Inc. is in the business of developing, manufacturing, and distributing generic pharmaceutical products in the United States. Interpharm currently markets 19 products, representing various dosage strengths for 11 distinct drugs that it manufactures. Interpharm markets its products primarily to wholesalers and drug distributors principally through its internal sales staff as well as independent sales representatives. Between 2000 and 2002, Interpharm, Inc.'s revenues grew by approximately 118%, from approximately $11 million to approximately $24 million. Interpharm, Inc.'s revenues for the quarter ended March 31 2003 were $7,191,002, up 22.1% from the same period in 2002.
Forward-looking Statements
Statements made in this news release, may contain forward-looking statements concerning Interpharm Holdings, Inc.'s business and products. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond their control. Other risks inherent in Interpharm, Inc.'s business are described in ATEC Group, Inc.'s Definitive Proxy Statement, filed with the Securities and Exchange Commission on May 2, 2003. The acquisition of Interpharm is described in the foregoing proxy materials, as well as in ATEC's Form 8-Ks filed with the Securities and Exchange Commission on February 27, 2003 and June 16, 2003. Interpharm Holdings, Inc. undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
For Interpharm Holdings, please contact: Munish K. Rametra General Counsel (631) 543-2800 Ext. 406
For United Research Laboratories/Mutual Pharmaceutical Company, please contact Dr. Lai Ogunbayi, Vice President, Business Development or William J. Sirico, Director of Marketing at 1-800-523-3684.
Zyloprim(r) is a registered trademark of Counsel Corporation.
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