COMMACK, N.Y., July 17, 2003 (PRIMEZONE) -- Interpharm Holdings, Inc. (AMEX:IPA) today announced that Interpharm, Inc., its wholly owned subsidiary, has begun manufacturing Atenolol Tablets for United Research Laboratories, Inc. and Mutual Pharmaceutical Company, Inc. ("URL/Mutual").
Atenolol is a generic version of the branded drug Tenormin(R). Atenolol is indicated in the management of hypertension, for the long-term management of patients with angina pectoris, and in the management of patients with definite or suspected acute myocardial infraction to reduce cardiovascular mortality. The current annual U.S. market for Atenolol Tablets is estimated at approximately $335 million.
Atenolol Tablets is the first of four products that Interpharm, Inc. is scheduled to manufacture for URL/Mutual, in accordance with their recently executed manufacturing and supply agreement.
Bob Sutaria, President of Interpharm, Inc. stated, "We are extremely pleased to be working as a partner with URL/Mutual. This relationship represents an important step in our continuing effort to grow our company, and add shareholder value. We look forward to continuing our strong relationship with them and exploring possibilities to engage in additional relationships that will be mutually beneficial."
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 or 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 20 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.
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 United Research Laboratories/Mutual Pharmaceutical Company, please contact Lai Ogunbayi, Vice President, Business Development or William J. Sirico, Director of Marketing at 1-800-523-3684.
Tenormin is a registered trademark of AstraZeneca.
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