MARKHAM, Ontario, Jan. 9, 2007 (PRIME NEWSWIRE) (PRIMEZONE) -- AlphaRx Inc. (OTCBB:ALRX) is pleased to announce that Proprius Pharmaceuticals Inc. has raised up to $17M in a Series A financing. A large portion of the proceeds will be used to complete the Phase II trial of Indaflex(tm) and advance Indaflex(tm) towards pivotal Phase III trials later this year.
About Indaflex(tm)
Indaflex(tm) is a topical NSAID (Non-Steroidal Anti-inflammatory Drug) formulation currently in Phase II clinical development for the reduction of signs and symptoms associated with OA of the knee. Arthritis is the most common chronic disease in North America and afflicts an estimated 10% of the world’s population. The active ingredient in Indaflex(tm), indomethacin, has a long-standing and proven clinical treatment record. Delivered through the skin using proprietary technology developed by AlphaRx, the companies believe Indaflex(tm) will have an attractive safety, tolerability and efficacy profile in comparison to oral treatments and other topical preparations.
About AlphaRx Inc.
AlphaRx is a clinical stage biopharmaceutical company utilizing proprietary drug delivery technology to develop novel formulations of drugs that are insoluble or poorly soluble in water or have yet to be administrable to the human body with an acceptable delivery method. The Company’s product candidates address various pharmaceutical markets, including arthritis, tuberculosis, ocular infection and inflammation, pneumonia and sepsis.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the companies.
CONTACT: For AlphaRx Inc.: AGORACOM Investor Relations Corp. http://www.agoracom.com ALRX@Agoracom.com
