EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contacts:
Nanosystems Investors: Media:
Xxxxxxx Xxxxxxx Xxxx Xxxxxxxx Xxxxx Xxxxxxx
Ph: 000-000-0000 Ph: x000-0-000-0000 Ph: 000-000-0000
ELAN'S NANOSYSTEMS AND XXXXXXX-XXXXX SQUIBB SIGN LICENSE
AGREEMENT FOR NANOCRYSTAL TECHNOLOGY
Provides Xxxxxxx-Xxxxx Squibb with the Right to Develop and
Commercialize Products Incorporating this Technology
Dublin, Ireland, 30 September, 2003 -- Elan Corporation, plc (NYSE: ELN)
("Elan") announced today that its drug delivery business unit, NanoSystems, and
Xxxxxxx-Xxxxx Squibb Company (NYSE: BMY) have signed a license agreement for
NanoCrystal(TM) technology. This license will provide Xxxxxxx-Xxxxx Squibb with
access to NanoCrystal technology and the right to develop and commercialize
products incorporating this technology. The license agreement between
NanoSystems and Xxxxxxx-Xxxxx Squibb includes formulation services, technology
transfer, development milestones and royalties on sales of products
incorporating or made using this technology.
"This license agreement represents the successful culmination of several years
of collaboration with Xxxxxxx-Xxxxx Squibb in which NanoCrystal technology has
been applied to a variety of their proprietary drug candidates. The ease and
speed with which NanoCrystal technology will be transferred into Xxxxxxx-Xxxxx
Squibb's R&D and manufacturing operations will allow NanoCrystal systems to be
applied effectively to the full range of their discovery, product development,
and life-cycle management activities. We look forward to continuing to help to
address Xxxxxxx-Xxxxx Squibb's needs in formulating their poorly water-soluble
drug candidates," said Xx. Xxxxxx Xxx, Chief Operations Officer of NanoSystems.
NanoSystems' technology continues to meet the demands of the pharmaceutical
industry. The reliability and capability of this technology has been
demonstrated through the commercialization of two prescription products in which
the drugs are presented in NanoCrystal form.
Xxxxxx X. Xxxxx, Ph.D., Executive Director of Exploratory Biopharmaceutics &
Stability at Xxxxxxx-Xxxxx Squibb's Pharmaceutical Research Institute commented:
"Solubilization technologies continue to play an increasingly important role in
enabling drug candidate development and adding value to currently marketed
products. This agreement further strengthens our portfolio of technologies
toward addressing aqueous solubility issues in developing innovative drug
products."
About NanoSystems and its NanoCrystal Technology
------------------------------------------------
NanoSystems is a drug delivery business unit of Elan focused on the development
of value-added pharmaceutical products for its clients through the application
of its proprietary NanoCrystal Technology. NanoSystems has a strong pipeline of
development projects and integrated development capabilities to support drug
discovery activities, clinical product development and commercial manufacturing.
There are currently two pharmaceutical products that have been commercialized
that incorporate NanoCrystal technology and a number of additional product
launches are anticipated to occur over the next two years.
NanoCrystal technology may enhance the clinical performance of poorly
water-soluble drugs by transforming them into nanometer-sized particles. An
increasing number of the drug candidates synthesized each year by pharmaceutical
companies are poorly water-soluble. Most of these otherwise promising compounds
are discarded because they are refractory to traditional formulation approaches.
NanoCrystal technology has the potential to rescue a significant fraction of
these compounds. The drug in nano-form can be incorporated into common dosage
forms, including tablets, capsules, inhalation devices, sterile forms for
injection, with the potential for substantial improvements to clinical
performance. NanoSystems is a business unit of Elan and more information on this
technology is available at xxx.xxxxxxxxxxx.xxx.
Elan is focused on the discovery, development, manufacturing, selling and
marketing of novel therapeutic products in neurology, pain management and
autoimmune diseases. Elan shares trade on the New York, London and Dublin Stock
Exchanges.
This document contains forward-looking statements about Xxxx's financial
condition, results of operations and business prospects that involve substantial
risks and uncertainties. Among the factors that could cause actual results to
differ materially from those described herein are the following: the success of
research and development activities and the speed with which regulatory
authorizations and product launches may be achieved; the ability to successfully
market both new and existing products; difficulties or delays in manufacturing;
and Xxxx's ability to protect its intellectual property. A further list and
description of these risks, uncertainties and other matters can be found in
Xxxx's Annual Report on Form 20-F for the fiscal year ended December 31, 2002,
and in its Reports of Foreign Issuer on Form 6-X. Xxxx assumes no obligation to
update any forward-looking statements, whether as a result of new information,
future events or otherwise.
