MARKHAM, ON, May 12 /PRNewswire-FirstCall/ - AlphaRx (OTC BB:ALRX - News),an emerging biopharmaceutical company utilizing proprietary drug deliverytechnology to develop novel formulations of drugs, is pleased to announce thatthe clinical development of Indaflex(TM), its topical NSAID (Non-SteroidalAnti-Inflammatory Drug) formulation, will continue as part of CypressBioscience, Inc. ("Cypress') (NASDAQ: CYPB).
In March 2008, Cypress acquired Proprius Pharmaceuticals, Inc.("Proprius"). The transaction included an upfront payment of approximately$37.5 million in cash, as well as an additional $37.5 million in potentialmilestone-related payments associated with the development of Proprius'therapeutic candidates including Indaflex(TM). AlphaRx was notified that theIndaflex licensing agreement has been assigned to Cypress from Proprius aspart of that transaction.
Michael Lee, President of AlphaRx stated, "AlphaRx is excited to see thedevelopment of Indaflex continue as part of Cypress' on-going clinicaldevelopment efforts. We believe Indaflex is in good hands and is consistentwith Cypress's therapeutic focus and expertise."
About AlphaRx Inc.
AlphaRx is a specialty pharmaceutical company utilizing proprietarysite-specific nanoparticulate drug delivery systems to develop novelformulations of drugs that are insoluble or poorly soluble in water or haveyet to be administrable to the human body with an acceptable delivery method.The Company's product candidates address various pharmaceutical markets,including inflammation, tuberculosis and pneumonia.
Forward Looking Statements:
This release contains forward-looking statements within the meaning andpursuant to the Safe Harbor provisions of the Securities Litigation Reform Actof 1995 and involve risks and uncertainties that may individually or mutuallyimpact the matters herein described, including but not limited to productdevelopment and acceptance, manufacturing, competition, regulatory and/orother factors, which are outside the control of the companies.
Copyright @ 2008. AlphaRx Inc.
SOURCE AlphaRx Inc.