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Exhibit 99.1
PRESS RELEASE
AAIPHARMA SIGNS DEAL FOR 24-HOUR FORMULATION OF
AVENTIS PHARMACEUTICALS' PRODUCT
January 11, 2001, Wilmington, NC - Today, aaiPharma (NASDAQ: AAII) announced
that it has signed a licensing agreement with Aventis Pharmaceuticals for a
once-a-day formulation of one of Aventis' top selling products. The agreement
received Hart-Scott-Rodino approval this week.
The agreement with Aventis is the first license concluded for the technology
platform contracted between aaiPharma and Osmotica. Osmotica recently contracted
with aaiPharma to expedite the development and commercialization of a series of
unique osmotic drug delivery technologies.
"We are happy to be able to commercialize this technology platform so quickly
and with such an important product," said Fred Sancilio, Ph.D., President and
CEO of aaiPharma. "We believe that we can extend this technology to satisfy
unmet medical needs with drugs that treat heart burn and acid reflux (proton
pump inhibitors) and drugs useful in the treatment of diabetes, cardiovascular
disease and numerous other significant diseases."
The licensing agreement with Aventis will last 15 years. The value of the
revenues to be received by aaiPharma and Osmotica were not disclosed. The deal
with Aventis marks one of several exciting activities in which aaiPharma is
currently involved as it expands its offering of products and services to
include commercial pharmaceutical operations.
"aaiPharma is committed to providing physicians and patients with improved
options for treatment and to assisting our marketing partners with solutions to
their product challenges," added Dr. Sancilio. "Our more than 20-year history in
formulation, biochemistry and clinical research allows us a unique position in
pharmaceutical life cycle management. Over the next several months we expect to
leverage our core strengths and proven track record to complement the needs of
our pharmaceutical clients through new commercial opportunities as well as our
traditional fee-for-services offerings."
About aaiPharma
In December 2000, Applied Analytical Industries Inc. became aaiPharma to
acknowledge the organization's growth as a specialty pharmaceutical and product
life cycle management company with comprehensive drug development capabilities
in the United States, Europe and Asia. Since 1979, aaiPharma has partnered with
pharmaceutical companies on both a fee-for-service and royalty and milestone
payment basis, providing the expertise and knowledge to create innovative,
quality health care products. For more information about aaiPharma, visit the
Company's website at www.aaiintl.com.
Forward-Looking Statements
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Information in this press release contains certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities and Exchange Act of 1934, including the statements pertaining
to future product applications of the licensed technology and anticipated future
revenues of aaiPharma. These statements involve risks and uncertainties that
could cause actual results to differ materially, including, without limitation,
risks and uncertainties pertaining to aaiPharma's ability to successfully apply
its new technologies to new products and on the commercial success of the
announced product. Additional factors that may cause the actual results to
differ materially are discussed in aaiPharma's recent filings with the
Securities and Exchange Commission, including, but not limited to, its
registration statement, as amended, its Annual Report on Form 10-K filed with
the SEC on March 30, 2000, its Quarterly Report on Form 10-Q filed with the SEC
on November 13, 2000, including the exhibits thereof, its Form 8-Ks and its
other periodic filings.
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