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DUSA PHARMACEUTICALS, INC.
FOR IMMEDIATE RELEASE
DUSA REPORTS RECEIPT OF $15,000,000 FROM SCHERING AG
WILMINGTON, MASSACHUSETTS DECEMBER 21, 2000 - DUSA Pharmaceuticals, Inc. (NASDAQ
NMS: DUSA) reported today that it has received $15,000,000 from Schering AG
(NYSE: SHR) in milestone and other payments, based upon the parties' Marketing,
Development and Supply Agreement of November 1999. The payments consist of a $7
million milestone, and $8 million as an unrestricted research grant for use by
DUSA at its discretion. These are the final payments related to DUSA's initial
products, the LEVULAN(R) KERASTICK(R) 20% topical solution, and the BLU-U(TM)
brand light device, for the treatment of non-hyperkeratotic actinic keratoses
(AK's) of the face or scalp.
On an on-going basis, DUSA will receive royalties and supply fees from Schering
AG based upon the sales levels of the KERASTICK(R). DUSA retains responsibility
for BLU-U(TM) leasing/renting to physicians, manufacturing, installation and
maintenance, including all revenues and costs associated with these activities.
Dr. Geoffrey Shulman, DUSA's President and CEO, stated "With the recent product
launch well underway, and approximately $75 million of cash and US Government
securities now on hand, DUSA is well-positioned to move forward aggressively on
the development of our core LEVULAN(R) PDT and Photodetection (PD) technology
platform. In dermatology, this will be in partnership with Schering AG, while
for internal indications, DUSA will work independently or with corporate
partners. DUSA may also consider licensing and/or acquiring complementary
products and/or businesses."
DUSA Pharmaceuticals, Inc. is a biopharmaceutical company engaged primarily in
the development of LEVULAN(R) Photodynamic Therapy (PDT) and Photodetection (PD)
for multiple medical indications. PDT and PD utilize light-activated compounds
such as LEVULAN(R) to induce a therapeutic or detection effect. DUSA is a world
leader in topically or locally applied PDT and PD. The Company is incorporated
in New Jersey, with offices in Wilmington, MA, Valhalla, NY, and Toronto,
Ontario.
Except for historical information, this news release contains certain
forward-looking statements that involve known and unknown risk and
uncertainties, which may cause actual results to differ materially from any
future results, performance or achievements expressed or implied by the
statements made. These forward-looking statements relate to DUSA's receipt of
royalties and supply fees from Schering AG, implications of receipt of revenues
from BLU-U(TM) activities, expectations concerning new dermatology and internal
research and development programs and other potential uses for its funds. Such
risks and uncertainties include, but are not limited to, development and
maintenance of a market by DUSA's dermatology marketing partner, competitive
products, reimbursement by third-party payors, scientific risks associated with
drug and device development programs, regulatory risks, and other risks
identified in DUSA's SEC filings from time to time.
For further information contact: D. Geoffrey Shulman, MD, President & CEO or
Shari Lovell, Director, Shareholder Services Tel: 416.363.5059 Fax
416.363.6602 or visit www.dusapharma.com
