PHILADELPHIA, Pa., Aug. 1, 2008 (PRIME NEWSWIRE) -- Eurand N.V. (Nasdaq:EURX), a specialty pharmaceutical company that develops, manufactures and commercializes enhanced pharmaceutical and biopharmaceutical products based on its proprietary drug formulation technologies, announced today that it has signed a license and supply agreement with Daewoong Pharmaceuticals Co. Ltd, a leading South Korean pharmaceutical company. Under terms of the agreement, Daewoong will commercialize, subject to regulatory approval, Eurand's novel extended-release (ER) formulation of the muscle relaxant Cyclobenzaprine HCl in South Korea. Cyclobenzaprine ER has been developed using Eurand's innovative Diffucaps(r) technology. Financial terms were not disclosed.
Andrew Thompson, Licensing Director of Eurand, commented, "We are pleased to have signed this agreement with Daewoong, which marks an important step in our business development in both South Korea and Southeast Asia. In this region, we hope to emulate the success that our commercially proven technologies have already achieved with currently marketed products in the United States, European Union and Japan. Based on its successful track record in South Korea, we believe Daewoong is well-positioned to maximize the market opportunity for this unique once-daily muscle relaxant. With this agreement, we look forward to increasing our presence in Southeast Asian markets through additional partnerships and collaborations with leading pharmaceutical companies in the region."
Kwan-Soo Park, Business Development Director of Daewoong Pharmaceuticals Co. Ltd, stated, "Eurand is an ideal partner for us and Cyclobenzaprine ER is an excellent fit with our portfolio, providing us the opportunity to offer physicians and patients the benefits of convenient dosing and low rates of sedation. We believe there's a substantial market opportunity in South Korea for this once-daily muscle relaxant."
Cyclobenzaprine HCl is a centrally acting muscle relaxant indicated as an adjunct to rest for the relief of muscle spasm associated with acute, painful musculoskeletal conditions. Cyclobenzaprine ER is marketed in the U.S. by Cephalon under the brand name Amrix(r). Cyclobenzaprine ER is available for licensing in certain other countries.
Eurand has a strong track record of developing enhanced biopharmaceutical and pharmaceutical products using its innovative drug formulation technologies. The Company has partnered with several leading global pharmaceutical companies licensing its four primary technology platforms: Customized Drug Release, Bioavailability Enhancement, Taste Masking and ODTs, and Drug Conjugation. Currently, more than 40 products using these technologies are commercialized worldwide in a variety of therapeutic indications, including:
* Gastro-Intestinal (Minitabs(r) Pancreatin formulations) * Cardiovascular * Osteoporosis * Nutrition (Diffucaps(r) Vitamin C 500 mg Sustained Release capsules) * Respiratory * Pain Management (Diffucaps(r) Sodium Diclofenac Sustained Release capsules)
Also, a variety of products are under further development using the AdvaTab(r) Oral Disintegrating Tablet (ODT) technology, including:
* AdvaTab(r) formulations of over-the-counter (OTC) Paracetamol 250mg and 500mg strengths currently under registration in six European Union countries. * An AdvaTab(r) formulation of Diphenhydramine Citrate 25mg used as a night-time sleep-aid and recently launched as an OTC by Chattem, Inc. in the United States under the brand "Unisom(r) SleepMelts."
A number of these products are available for licensing in certain countries worldwide.
About Daewoong Pharmaceuticals Co. Ltd
Daewoong is a leading Korean pharmaceutical company with annual turnover of nearly $500 million U.S. in 2007. In 2007, Daewoong Pharmaceutical Co. Ltd. was ranked first in the South Korean pharmaceutical market in terms of requested reimbursement totals, according to Health Insurance Review Agency (HIRA). Besides being a global player, Daewoong is expanding its business to overseas market throughout Asia first.
Daewoong engages in the research, development, manufacturing and marketing of healthcare products. It offers products in various therapeutic fields including cardiovascular diseases, metabolic disorders, disorder of central nerve system, digestive disorders, oncology and vaccines.
Daewoong's R&D activity explores a broad spectrum of innovative approaches and has developed new products in key therapeutic area such as EGF for Mucosytis and Wounds, DWP05195 for Neuropathic Pain, and DWP06018 for Fungal Infection.
In particular, Daewoong has made numerous successful partnerships with multinational pharmaceutical companies launching many blockbuster products on the Korean market, and its strong growth is attributable to its dedication to excellence in sales and marketing, which is backed by a comprehensive portfolio of both innovative and generic prescription drugs.
For more information, visit Daewoong's website at www.daewoong.co.kr
About Eurand
Eurand is a specialty pharmaceutical company that develops, manufactures and commercializes enhanced pharmaceutical and biopharmaceutical products based on its proprietary drug formulation technologies. Eurand has had four partnered products approved by the FDA since 2001 and has a pipeline of product candidates in development for itself and its collaboration partners. Eurand completed two phase III clinical trials for EUR-1008 (Zentase), intended for the treatment of Exocrine Pancreatic Insufficiency and as announced on June 18, 2008, received an approvable letter from the FDA for its NDA for this product. Eurand's technology platforms include bioavailability enhancement of poorly soluble drugs, customized release, taste-masking/fast-dissolving formulations and drug conjugation.
Eurand is a global company with facilities in the U.S. and Europe. For more information, visit Eurand's website at www.eurand.com.
This release may include forward-looking statements. Such forward-looking statements include those which express plan, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. The words "potentially", "anticipates", "could", "calls for" and similar expressions frequently identify forward-looking statements. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. Factors that could affect actual results include risks associated with the possibility that the FDA does not approve our NDA or delays approval; the outcome of any discussions with the FDA; and unexpected delays or additional requirements in preparation of materials for submission to the FDA as a part of our NDA filing. Forward-looking statements contained in this press release are made as of this date, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Actual events could differ materially from those anticipated in the forward-looking statements.