Positive Bioequivalence Study Results Trigger Milestone Payment for Eurand

04/09/2007 14:35



PR Newswire



MILAN, Italy, September 4 /PRNewswire/ --
Eurand N.V. (Nasdaq: EURX), a global specialty pharmaceutical company, announced today that GlaxoSmithKline (NYSE: GSK), working in collaboration with Eurand Inc., successfully completed a pivotal bioequivalence study of an undisclosed GSK compound. GSK will make a milestone payment of US$1.5 million to Eurand in recognition of this milestone.

The new formulation, using Eurand's Microcaps(TM) and AdvaTab(R) technologies, is designed to dissolve quickly in the mouth without leaving a sour or bitter taste. Eurand could potentially receive milestone payments from GSK totaling up to US$42 million for the development of this product. GSK expects to file an NDA in the near future. Under the agreement, and upon approval of the NDA, Eurand will manufacture the product for GSK and receive royalty revenues.

Gearoid Faherty, Chief Executive Officer of Eurand, commented, "We are delighted with the results of the biostudy and are looking forward to GlaxoSmithKline submitting their NDA in the near future."

About Eurand
Eurand is a specialty pharmaceutical company that develops enhanced pharmaceutical and biopharmaceutical products based on its proprietary drug formulation technologies. Eurand has had four products approved by the FDA since 2000 and has a pipeline of product candidates in development for itself and its collaboration partners. Eurand has completed two phase III clinical trials on its lead product candidate, Zentase(TM), for the treatment of Exocrine Pancreatic Insufficiency and filed the first segment of its rolling NDA for this product in June 2007. Eurand's technology platforms include bioavailability enhancement of poorly soluble drugs, customized release, taste-making/fast-dissolving formulations and drug conjugation.

Eurand is a global company with facilities in the USA and Europe. For more information, visit Eurand's website at www.eurand.com.

Certain statements made in this release, and oral statements made with respect to information contained in this release, may constitute forward-looking statements. Such forward-looking statements include those which express plan, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. The words "potentially", "could", "calls for" and similar expressions will some times identify forward-looking statements. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. Forward-looking statements contained in this press release are made as of this date, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Actual events could differ materially from those anticipated in the forward-looking statements.

Web site: http://www.eurand.com
Marian Cutler, Vice President, Corporate Communications of Eurand, +1-267-759-9324, Marian.Cutler@eurand.com; Nick Laudico, +1-646-536-7030, nlaudico@theruthgroup.com, or Elizabeth Scott, +1-646-536-7014, escott@theruthgroup.com, both of The Ruth Group