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aaiPharma Inc. (AAII) Completes Asset Sale And Closes On New $140 Million Credit Facility; Company Achieves Financing Goals


10/19/2005 5:11:03 PM

PARAMUS, N.J., April 26 /PRNewswire-FirstCall/ -- Mayne Group Limited today announced the completion of its acquisition of the injectable multivitamin suite of products (MVI(R) and Aquasol(R) products) from aaiPharma Inc. which provides a solid foundation for its growing specialty pharmaceutical presence in the United States.

The acquisition, which was announced on 1 March this year, is in line with Mayne's global strategy to focus on the research, development, manufacture and sale of injectable, specialty pharmaceuticals. This strategy will broaden Mayne's focus to include proprietary and branded generic products that are marketed to specialist decision makers within hospitals.

The MVI(R) and Aquasol(R) products are used to provide vitamin intake to patients on total parenteral nutrition (TPN). These patients are typically in a hospital's intensive care unit or under in-patient care following surgery or serious burns, but the market also includes home healthcare. Mayne will supply MVI(R) in two formulations: Adult and Pediatric. It will be supplied in four presentations: pharmacy bulk pack, adult mixing vials, pediatric lyophilized powder and the unique Unit-Vial. Based on IMS data, Mayne's injectable multivitamin suite of products holds approximately 70% market share in the United States.

In announcing the launch, Mayne Pharma's president in the America's, Mr Stuart Hinchen said that the MVI(R) products represent an exciting and complementary addition to Mayne Pharma's continually expanding injectable product portfolio and demonstrates the company's increasing capabilities in the US market.

"Mayne Pharma will become the only company with a complete suite of Multi-Vitamin Injections. Not only will we offer MVI(R) in numerous presentations, including the user-friendly Unit-Vial, but also in formulations with and without Vitamin K, an important consideration for patients on some blood thinning therapies such as warfarin," Mr Hinchen said.

"The acquisition and launch of MVI(R) further demonstrates our desire to grow our US presence in injectable specialty pharmaceuticals. In the last year, we have added paclitaxel, leucovorin and methotrexate to our oncology franchise and launched injectable hydromorphone for pain management. Combine this with our tentative approvals for carboplatin, fluconazole and ondansetron and our Paragraph IV filing for propofol, and you can clearly see our commitment to supplying the US hospital market with the medications it demands," he said.

All MVI(R) presentations will be individually bar-coded once they move to the Mayne livery.

Mayne has businesses in pharmaceuticals (the manufacture of oral and injectable pharmaceuticals for distribution to more than 50 countries) as well as Australian-based businesses in diagnostic services (pathology, diagnostic imaging and medical centres), pharmacy services and health-related consumer products.

Mayne Group Limited

CONTACT: Media and Investor - Larry Hamson, +03-9868-0380, or mobile,+0407-335-907, for Mayne Group Limited


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