<PAGE>
Exhibit 99.1
Press Release
ERGO SCIENCE CORPORATION ANNOUNCES RESIGNATION OF THREE BOARD MEMBERS
COMPANY ALSO ANNOUNCES RELOCATION OF ITS HEADQUARTERS
BOSTON--(BW HealthWire)--Oct. 16, 2000--Ergo Science Corporation (Nasdaq:ERGO -
news) today announced that three members of the Board of Directors have
resigned. David L. Castaldi became a Director of the Company in September 1996.
Anthony H. Cincotta, Ph.D. is co-founder of the Company and was Executive Vice
President from March 1997 until November 1999 after serving as a Senior Vice
President since June 1996. Dr. Cincotta was Chief Scientific Officer from June
1996 until his resignation in November 1999. Dr. Cincotta has been a Director
since 1990 and after resigning as an officer became a consultant in 1999.
Stephen P. Smiley became a Director of the Company in October 1996.
The Company also announced today that it has relocated its headquarters to 790
Turnpike Street, Suite 205, North Andover, Massachusetts 01845. The telephone
number remains the same.
Ergo Science Background
Ergo Science Corporation is a biopharmaceutical company developing novel
treatments for metabolic disorders. In 1997, the Company filed with the U.S.
Food and Drug Administration (FDA) a New Drug Application (NDA) for ERGOSET(R)
tablets to treat Type 2 diabetes, and the FDA accepted the NDA for filing. On
May 14, 1998, the Endocrinologic and Metabolic Drugs Advisory Committee of the
FDA found that there was not sufficient evidence to recommend for approval the
Company's NDA for ERGOSET(R) tablets for Type 2 diabetes. On November 20, 1998,
the Company received a letter from the Division of Metabolic and Endocrine Drug
Products at the FDA stating that its NDA for ERGOSET(R) tablets for the
treatment of Type 2 diabetes is not approvable. The Company appealed the letter
within the Center for Drug Evaluation and Research and provided additional
safety data. On October 21, 1999, the Company announced that it received a
letter from the Office of Drug Evaluation II, Center for Drug Evaluation and
Research at the FDA, stating that its NDA for ERGOSET(R) tablets for the
treatment of Type 2 diabetes is approvable. However, before ERGOSET(R) tablets
can be approved by FDA for marketing, it will be necessary for Ergo Science to
address FDA concerns relating to the clinical safety of ERGOSET(R) tablets and
other issues, including biopharmaceutics, pharmacology and toxicology. In its
letter, FDA stated that ERGOSET(R) tablets are effective in the treatment of
Type 2 diabetes as adjunctive therapy with sulfonylureas. The letter also
stated, however, that data submitted by the Company, including epidemiology data
recently developed by the Company, did not adequately overcome FDA's concerns
about the possible increased risk of a serious adverse event with the use of
ERGOSET(R) tablets in Type 2 diabetes patients. To address this outstanding
safety concern, the FDA has recommended that a "large, simple"
placebo-controlled study by undertaken to evaluate whether treatment with
ERGOSET(R) tablets is associated with an increase in the specified serious
adverse event. In the letter, FDA does not provide specifics about the size and
scope of such a clinical trial. The resolution of this safety concern must be
sufficient to support approval in light of a treatment effect which FDA
characterized as small. The Company is currently evaluating all of its strategic
alternative.
This discussion contains forward-looking statements. Forward-looking statements
reflect Ergo Science's current views with respect to future events. Actual
results may vary materially and adversely from those anticipated, believed,
assumed, estimated or otherwise indicated. Important factors that could cause
actual results to differ materially include, without limitation, (1) an
"approvable" letter does not mean that a product will be approved, particularly
where, as here, it is necessary to satisfy FDA (prior to approval) that there is
not an increased risk of a serious adverse event; (2) the clinical trial to
assess safety recommended by the FDA may involve a relatively high number of
patients and may require substantial resources and take years to complete; (3)
until the size and scope of the safety trial are determined by FDA, an
assessment of the advisability of any such trial cannot be made; (4) Ergo
Science may not have sufficient resources for such a safety trial or decide that
undertaking such a trial is not in the Company's best interests; (5) Ergo
Science may not be able to attract a partner to assist in undertaking such a
safety
Page 5 of 6 pages
<PAGE>
trial; (6) data obtained from clinical trials are subject to varying
interpretations, and there can be no assurance that the FDA (or an FDA panel of
experts) will agree with Ergo Science's assessment of current or future clinical
trial results; (7) uncertainty related to the scientific development of a new
medical therapy; (8) competition in the anti-diabetic market is intense; other
products have been recently approved for these indications and other companies
are developing competing products; (9) the need for additional funding; (10)
there can be no assurance that Ergo Science will be able to establish corporate
alliances to market ERGOSET(R) tablets, if approved for commercial marketing,
and assist with development of product candidates; (11) there can be no
assurance that Ergo Science's formulation of bromocriptine mesylate, if approved
for commercial marketing, will be successful in the marketplace, or that Ergo
Science will receive any profits from its sale; and (12) the uncertainty
relating to patent protection in the pharmaceutical and biotechnology
industries. Further information and additional important factors are set forth
in reports and other filings of Ergo Science with the Securities and Exchange
Commission, including, without limitation, the 1999 Annual Report on Form 10-K,
generally under the section entitled "Risk Factors." Ergo Science does not
undertake to update any forward-looking statement that may be made from time to
time by or on behalf of Ergo Science.
CONTACT:
Ergo Science Corporation
Lisa V. DeScenza
Director, Corporate Planning and Communication
(978) 974-9474 x226
[email protected]
http://www.ergo.com
Page 6 of 6 pages
