ABRX Able Laboratories (MM)

Able Laboratories, Inc. and InvaGen Inc. Announce the Signing of a Development Agreement for Six Generic Pharmaceutical Products CRANBURY, N.J., May 6 /PRNewswire-FirstCall/ -- Able Laboratories, Inc. (NASDAQ:ABRX) and InvaGen Inc. today announced the signing of an exclusive Development Agreement for generic pharmaceutical products utilizing InvaGen's expertise in pharmaceutical development. Under the terms of the agreement, InvaGen will develop, manufacture and supply the generic pharmaceutical products exclusively for Able. Able and InvaGen will share the cost of development, bioequivalency studies, and litigation costs, if any. The parties will also share in the profits. (Logo: http://www.newscom.com/cgi-bin/prnh/20030721/ABLELOGO ) According to recent market data, the total sales for the six products are estimated to be approximately $10.3 billion. The first ANDA has already been filed with the FDA and the remaining five products are targeted for filing within the next 12 to 15 months. InvaGen is sourcing the active pharmaceutical ingredients through its association with a leading Indian pharmaceutical manufacturer on a cost competitive basis. Jay Wadekar, Chairman and Chief Executive Officer of Able stated, "The six products with InvaGen represent a substantial market for generic products expected to be launched over the next three to four years. With this collaboration as well as other business development efforts in conjunction with our own internal development portfolio we hope to further strengthen our position in the generic pharmaceutical market." Dr. Sudhakar R. Vidiyala, President of InvaGen stated, "We are very excited about this agreement with Able and hope to expand the number of products with them in the future. This arrangement gives us an opportunity to demonstrate our development capabilities and will further enhance our growth in the generic development sector." About Able Laboratories, Inc. Able Laboratories is a developer and manufacturer of generic pharmaceuticals. Further information on Able may be found on the Company's web site, http://www.ablelabs.com/. About InvaGen Inc. InvaGen is a privately held generic development company located in Hauppauge, NY. Further information on InvaGen may be found on the Company's web site, http://www.invagen.com/ Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Able Laboratories, Inc., are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. For example, statements about the Company's management team, its operations, its ability to formulate and bring to market its drug products under development, its ability to increase sales and profits and manage its growth, the expected effects of the Company's expansion of its production facilities, the current or expected market size for the Company's products, the adequacy of the Company's manufacturing capacity, the availability of sufficient capital, the success of current or future product offerings, research and development efforts and the Company's ability to file for and obtain U.S. Food and Drug Administration approvals for future products, are forward-looking statements. Forward-looking statements are merely the Company's current predictions of future events, the statements are inherently uncertain, and actual results could differ materially from the statements made herein. There is no assurance that the Company will continue to achieve the sales levels necessary to make its operations profitable or that its ANDA filings and approvals will be completed and obtained as anticipated. For a description of additional risks, and uncertainties, please refer to the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2004. The Company assumes no obligation to update its forward-looking statements to reflect new information and developments. Company Contacts: Jay Wadekar, Chairman & CEO Nitin Kotak, Vice President, Finance and Accounting (609) 495-2800 Investor Contact: Investor Relations (609) 495-2805 Email: http://www.newscom.com/cgi-bin/prnh/20030721/ABLELOGODATASOURCE: Able Laboratories, Inc. CONTACT: Jay Wadekar, Chairman & CEO, or Nitin Kotak, Vice President, Finance and Accounting, +1-609-495-2800, Investor: Investor Relations, +1-609-495-2805, , all of Able Laboratories, Inc. Web site: http://www.ablelabs.com/ http://www.invagen.com/

Copyright