Exhibit 99
Contact: First Horizon Pharmaceutical
Bala Venkataraman, CFO & VP
Corporate Development
770-442-9707 ext. 224
FIRST HORIZON PHARMACEUTICAL ACQUIRES COGNEX(R)
ROSWELL, GA., June 22nd--First Horizon Pharmaceutical Corp (Nasdaq: FHRX)
announced today that it purchased the worldwide rights to Cognex(R), a drug
approved for the treatment of mild to moderate dementia associated with
Alzheimer's disease. The Company has also acquired the rights to a new
unapproved version of Cognex(R), called Cognex(R)CR. Cognex(R) is currently sold
in the United Sates and internationally. The Company plans to market Cognex(R)
in the United States utilizing its nationwide sales and marketing force and
intends to market Cognex(R) outside United States in select countries through
qualified third parties.
The Company paid $3.5 million in cash for the product. The Company will be
required to pay an additional $1.5 million if it receives FDA approval to market
Cognex(R) CR in the United States. Cognex(R) CR is a once-a-day version of
Cognex(R), which must be taken four times a day, currently under development.
Cognex(R) is only one of three FDA-approved drug treatments for its Alzheimer
indications in the United States. Alzheimer's disease is a progressive,
degenerative disease that attacks the brain and results in impaired memory,
thinking and behavior. According to the Alzheimer's Association, approximately 4
million Americans suffer from the disease.
On April 14th 2000, the company entered into an agreement with Warner-Lambert to
purchase exclusive worldwide rights to Cognex(R). The purchase was contingent on
Warner-Lambert receiving FTC approval of the transaction and of other specified
conditions. Warner-Lambert was required to divest certain assets, including
Cognex(R), in order to complete its merger with Pfizer Inc (NYSE: PFE). The FTC
approved Pfizer's merger of Warner-Lambert on June 19th 2000 including the
Company's purchase of Cognex(R) from Warner-Lambert Company.
First Horizon Pharmaceutical Corporation is an emerging pharmaceutical company
that markets and sells 13 brand name prescription drugs to high-prescribing
primary care and select specialty physicians through its nationwide sales and
marketing force. The Company focuses on the treatment of chronic conditions,
including cardiovascular diseases, respiratory and gastroenterological
disorders, and pain and inflammation.
This press release contains statements which may constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are subject to certain factors,
risks and uncertainties that may cause actual results, events and performances
to differ materially from those referred to in such statement. These risks are
identified in First Horizon's registration statements on Form S-1 filed with the
Securities and Exchange Commission.
