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Avidas Pharmaceuticals Signs Agreement to Acquire North American Rights to Products That Address Chronic Dermatologic Conditions

Wednesday, October 15, 2008 General News J E 4
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DOYLESTOWN, Pa., Oct. 14 Avidas Pharmaceuticals, LLC, aprivately held, specialty pharmaceutical company which focuses on dermatology,women's health and endocrinology, today announced that it has acquired NorthAmerican rights to several prescription and OTC dermatology products fromCrown Laboratories, Inc. This agreement expands Avidas' dermatology franchiseand adds products that address chronic dermatologic conditions including scalppsoriasis and seborrheic dermatitis, disorders which afflict in excess of 15million people in the U.S.

The first products to be launched by Avidas from this acquisition will beScalacort, a prescription corticosteroid for the relief of inflammatory andpruritic manifestations of corticosteroid-responsive dermatoses, and ScalacortDK, a comprehensive system for the management of dermatitis of the scalp andother affected areas. Scalacort and Scalacort DK will be sold through theAvidas sales force to dermatologists throughout the U.S.

"We are very pleased to have concluded this transaction with Avidas andlook forward to an enduring partnership," stated Jeff Beddard, CEO of CrownLaboratories. "We are committed to continuing to build on our tradition ofhigh-quality product development focused on specialty needs."

The agreement between Avidas and Crown includes development collaborationand additional dermatology products. Financial terms of the transaction werenot disclosed.

"These product acquisitions, together with other as yet undisclosedacquisitions, add significant value to Avidas and allow us to further leverageour solid U.S. commercial infrastructure in the dermatology market," statedMargie Gardner, CEO of Avidas. "We look forward to collaborating with Crownto bring important additional new therapies to patients to improve theirconditions and ultimately, their quality of life."

About Avidas:

Avidas Pharmaceuticals is a privately held, specialty pharmaceuticalcompany focused on dermatology, women's health and endocrinology. The companyacquires and develops products and maximizes their commercial potential withfocused selling and precision marketing. The company is headquartered inDoylestown, PA. Visit http://www.avidaspharma.com for more information.

About Crown:

Crown Laboratories, Inc. is focused on the field of dermatology, oncologyand pediatrics. Crown develops, manufactures and markets quality medicinesand OTC products and contract manufactures products for a number ofpharmaceutical and cosmetic companies. The company was formed in 2000 and islocated in Bristol, TN.

This release was issued through eReleases(TM). For more information,visit http://www.ereleases.com.Contact: Greg Gironda Avidas Pharmaceuticals, LLC 267-895-1755 greggironda@avidaspharma.com

SOURCE Avidas Pharmaceuticals, LLC
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