Important note: Information in this article was accurate in 1997. The state of the art may have changed since the publication date.
PR Newswire, 810 Seventh Avenue, New York, NY 10019 - Tuesday, 5 August 1997.
As previously announced, IVAX and NaPro are strategic partners in the development, manufacture and marketing of paclitaxel in the United States, Europe and certain other world markets. NaPro provides the raw material for Paxene, and in that regard has developed the technology to extract, isolate and purify paclitaxel from the needles and limb stock of ornamental yew trees in a renewable, ecologically friendly manner. For its part, IVAX is responsible for Paxene's clinical development, registration and commercialization in the subject territories. As IVAX's exclusive supplier of raw material for Paxene, NaPro will receive revenue-related royalties based on IVAX's Paxene sales.
Paclitaxel was originally developed by the National Cancer Institute and licensed to Bristol-Myers Squibb in 1992. Bristol-Myers developed the product commercially and markets it in the U.S. and elsewhere under the trade name Taxol(R). Bristol-Myers' Taxol is approved for the treatment of breast and ovarian cancers. U.S. sales of Taxol in 1996 were over $500 million, and worldwide sales exceeded $800 million.
IVAX Corporation, headquartered in Miami, Florida, is a holding company with core subsidiaries engaged primarily in the research, development, manufacture and marketing of generic and branded pharmaceuticals. Paxene is a registered trade name of Baker Norton Pharmaceuticals, a wholly owned subsidiary of IVAX.
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect IVAX's and NaPro's business and prospects, including economic, competitive, governmental, technological and other factors discussed in their respective filings with the Securities and Exchange Commission.
* TAXOL is a registered trademark of Bristol-Myers Squibb Company for an anti-cancer preparation containing paclitaxel.
CONTACT: Robert Jaffe, Director of Corporate Communication of IVAX Corporation, 305-575-6041/
Copyright (c) 1997/PR NewsWire. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through the Permissions Desk, PR Newswire, 810 Seventh Avenue, New York, NY 10019.
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