HAWTHORNE, N.Y. and VERNON HILLS, Ill., July 31, 2008 (PRIME NEWSWIRE) -- Taro Pharmaceutical Industries Ltd. ("Taro" or the "Company") (Pink Sheets:TAROF) and NextWave Pharmaceuticals, Inc. ("NextWave") today announced that Taro's U.S. subsidiary ("Taro USA") and NextWave have entered into an agreement to co-promote OVIDE(r) (malathion) Lotion, 0.5% ("OVIDE") in the United States.
In August 2008, NextWave's pediatric specialty sales force will begin promoting OVIDE to approximately 6,000 pediatricians and other appropriate health care professionals. Taro USA's branded division, TaroPharma, and the NextWave sales force combined will reach approximately 10,000 practicing pediatricians.
"We are pleased to partner with NextWave and more than double our presence among key pediatricians that treat patients who suffer from head lice," said Barrie Levitt, M.D., Chairman of Taro.
"We see a terrific opportunity to increase prescriptions and market share for OVIDE," said Dr. Mahendra Shah, CEO of NextWave.
Under the agreement Taro will retain all responsibility for the manufacture, distribution and sales of OVIDE.
About OVIDE
OVIDE is a prescription drug approved by the U.S. Food and Drug Administration ("FDA") for the treatment of head lice. OVIDE is the leading prescription brand for patients infected with head lice and their eggs. In the United States, an estimated 6 to 12 million cases of head lice occur each year among children three to eleven years of age. Head lice is most common among preschool children attending child care, elementary school children and the household members of children with head lice.
About Taro
Taro is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.
For further information on Taro Pharmaceutical Industries Ltd., please visit the Company's website at www.taro.com.
The Taro Pharmaceutical Industries Ltd. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4733
About NextWave
NextWave Pharmaceuticals, Inc. is a specialty pharmaceutical company with a broad line of prescription pediatric and over-the-counter products. NextWave develops unique products that address many of the compliance, convenience, dosing and safety issues that consumers face today.
SAFE HARBOR STATEMENT
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Taro's OVIDE(r) product. These statements include, but are not limited to, statements that do not describe historical facts and statements that refer or relate to events or circumstances the Company "plans," "believes," or "expects" to happen, "may" happen, "will" happen, or similar language. Although Taro believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ include industry and market conditions; slower than anticipated penetration of new markets; marketplace acceptance of OVIDE(r) or other Taro products; changes in the Company's financial position; regulatory actions; and, other risks detailed from time to time in the Company's SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update, change or revise any forward-looking statements, whether as a result of new information, additional or subsequent developments or otherwise.