NEW YORK, March 9 /PRNewswire-FirstCall/ -- Inyx, Inc. (OTC Bulletin Board: IYXI), a specialty pharmaceutical company with a focus on niche drug delivery technologies and products, announced today that it has signed a letter of intent with NovaDel Pharma Inc. , whereby Inyx, upon achievement of key milestones, will serve as NovaDel's partner of choice to manufacture, for worldwide markets, three additional products from NovaDel's product pipeline.
On November 23, 2004, Inyx announced it was awarded an exclusive five-year contract to produce NovaDel's nitroglycerin lingual spray for the treatment of acute angina, the first of NovaDel's Tier One priority products to reach the stage of New Drug Application (NDA) review by the U.S. Food and Drug Administration.
Jack Kachkar, M.D., Chairman and CEO of Inyx, said, "We are pleased with our expanding, long-term relationship with NovaDel. We look forward to NovaDel being one of our important new clients for whom we will be producing out of the Manati, Puerto Rico production complex that Inyx is acquiring from sanofi-aventis Group ."
Gary A. Shangold, M.D., NovaDel's President and CEO, said, "We are impressed not only with Inyx's manufacturing expertise but also with the production site in Manati, Puerto Rico."
On December 17, 2004, Inyx announced it signed a definitive agreement with Aventis Pharmaceuticals, Inc., a member of the sanofi-aventis Group, to acquire certain assets and business of Aventis Pharmaceuticals Puerto Rico Inc. The acquisition of the Manati complex, which consists of five buildings totaling about 140,000 square feet and extends over 9.5 acres, is scheduled to close on March 31, 2004.
Inyx, Inc. is a specialty pharmaceutical company with aerosol drug delivery technologies and products for the treatment of respiratory, allergy, dermatological, topical and cardiovascular conditions. Inyx focuses its expertise on both prescription and over-the-counter pharmaceutical products, and provides specialty pharmaceutical development and production consulting services to the international healthcare market. In addition, Inyx is developing its own proprietary products to be marketed by selected clients and strategic partners, which include some of the largest pharmaceutical companies. The company's operations are conducted through its wholly owned subsidiary, INyX Pharma Limited, with R&D and production facilities located near Manchester, England, which serves global markets including: North America, Europe, Latin & South America and the Middle East. Another wholly owned subsidiary, Inyx Canada, Inc. based in Toronto, provides business development and support services. Inyx, Inc.'s corporate offices are in New York City. For more information: http://www.inyxinc.com/.
NovaDel Pharma Inc. is a specialty pharmaceutical company engaged in the development of novel drug delivery systems for prescription and over-the- counter drugs. The company's proprietary lingual spray technology delivery system offers the patient the potential for (i) fast onset of action; (ii) improved drug safety by reducing the required drug dosage and reducing side effects; (iii) improved patient convenience and compliance; and (iv) enhanced dosage reliability. The company plans to develop such products independently and through collaborative arrangements with major pharmaceutical and biotech companies. For more information: http://www.novadel.com/.
Safe Harbor Statements about Inyx's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
For more information, please contact:
Jay M. Green, Executive VP
Barry C. Cohen, VP Business & New Product Development
NovaDel Pharma Inc.
908-782-3431, ext. 2160