FORT LEE, N.J., March 14, 2002 (PRIMEZONE) -- TISOREX, Inc. announced today that it has acquired from Hauser, Inc. (OTCBB:HAUS) of Boulder, Colorado, paclitaxel processing equipment and licensed intellectual property on undisclosed terms.
In a separate agreement, TISOREX agreed to lease Hauser's former Boulder facility where the paclitaxel manufacturing equipment is located. When operational, the Boulder facility and equipment produced in excess of 100 kilograms of cGMP pharmaceutical grade paclitaxel per year.
TISOREX, a privately-held Delaware corporation, and its affiliate NatEx Georgia LLC (together the "Company"), are implementing plans to become the world's leading vertically integrated supplier of FDA approved generic paclitaxel (the active ingredient in Taxol(r)), its natural precursors and related bulk APIs.
Paclitaxel is the active ingredient in the world's top-selling anti-cancer drug, Taxol(r), which generated $1.7 billion in sales in 2000.
The transaction with Hauser coincides with the imminent commissioning by NatEx Georgia LLC of a taxane biomass processing facility in the Republic of Georgia as a raw material source for the Company's paclitaxel facility in Boulder. Through NatEx Georgia LLC, TISOREX, intends to produce natural paclitaxel using a ten-year license to harvest Georgian yew tree (Taxus baccata) clippings, a low-cost, high-yielding, renewable and previously untapped source of paclitaxel.
Under the terms of these agreements, TISOREX receives a facility for the production of paclitaxel which includes:
(a) formerly cGMP compliant facility of approximately 32,500 square
feet at which Hauser produced paclitaxel;
(b) paclitaxel processing equipment and utilities to produce
paclitaxel and other taxoids from yew tree extracts that was
formerly used in the production of paclitaxel in accordance with
U.S. regulatory requirements (cGMP);
(c) license for technologies for isolating and purifying paclitaxel
from biomass. These technologies include extraction, isolation,
and purification, as well as high recovery crystallization
technology;
(d) Hauser will also provide TISOREX consulting and technical
personnel to support and assist in the scale-up of building the
paclitaxel production facility.
In addition, joining TISOREX is Dr. Dean Stull, the former Chairman and CEO of Hauser Inc. Dr. Dean Stull founded Hauser in 1983 and during the next 18 years, he served Hauser as Chairman and Chief Executive Officer (1983-1999) and as Senior Executive Vice President, Technology of the Company (2000-2001). Dr. Stull has a Ph.D. in Physical Organic Chemistry (1976) from the University of Colorado (Boulder).
"We are delighted to have someone with Dr. Stull's experience working with the TISOREX team. Dr. Stull's experience at starting up a paclitaxel facility, his background in chemistry, his many years of operating experience in the pharmaceuticals supply industry and his contacts within the paclitaxel world represent a substantial asset to our company," said Vasili Patarkalishvili, Chairman and Chief Executive officer of TISOREX.
Commenting on the agreement, Mr. Patarkalishvili said, "We believe that our Boulder, Colorado facility, with its existing technical equipment, intellectual property and experienced management, will now enable TISOREX to be the leading producer of bulk paclitaxel."
Forward-Looking Statement. This press release may contain certain forward-looking statements relating to aspects of the transaction between Hauser Inc. and the Company and the Company's future business performance within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks and uncertainties, including, but not limited to, risks and effects of regulation, future financial and operating results, competition, general economic conditions, the ability of Company management to successfully develop and commercialize their properties and technologies, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company expressed or implied by such forward-looking statements.