NaPro Completes Sale of Worldwide Paclitaxel Business to Mayne Pharma
December 12 2003 - 5:34PM
PR Newswire (US)
NaPro Completes Sale of Worldwide Paclitaxel Business to Mayne
Pharma BOULDER, Colo., Dec. 12 /PRNewswire-FirstCall/ -- NaPro
BioTherapeutics, Inc. announced today that it has completed the
sale of its worldwide generic injectable paclitaxel business to
Mayne Pharma for $71.7 million in cash minus an inventory
adjustment of $4.6 million to reflect NaPro's actual inventory as
of the date of closing. The proposed sale of the paclitaxel
business was first announced by NaPro on August 26, 2003.
Stockholders approved the sale at a special meeting of stockholders
held today. NaPro retired $21.9 million in debt (including accrued
interest) and payables arising from its development relationship
with Abbott Laboratories, and received $3.2 million in connection
with the termination of its marketing agreements with Mayne Pharma
and Abbott. NaPro expects that its cash balance at year end will be
approximately $50 million. "The net proceeds from this sale, to our
long standing partner Mayne Pharma, will provide us with additional
capital to advance the development of our proprietary oncology and
hereditary disease therapeutic programs," commented Leonard P.
Shaykin, Chairman and CEO. "We anticipate bringing at least two of
our proprietary drug candidates into the clinic in the coming
year." The closing of the paclitaxel sale marks the termination of
NaPro's development agreements with Mayne Pharma. On September 30,
2003, Mayne Pharma announced that it had acquired Abbott
Laboratories' marketing and distribution rights for paclitaxel in
North America and along with it, Abbott Laboratories' holdings of
two million shares of NaPro's common stock. About NaPro
BioTherapeutics NaPro BioTherapeutics, Inc. is a life science
company focused on the development of targeted therapies for the
treatment of cancer and hereditary disease. For more information
about NaPro and its technologies, visit NaPro's web site at
http://www.naprobio.com/ . Forward Looking Statements The
statements in this news release that are not historical facts are
forward-looking statements that represent management's beliefs and
assumptions as of the date of this news release, based on currently
available information. Forward-looking statements can be identified
by the use of words such as "believes," "intends," "estimates,"
"may," "will," "should," "anticipated," "expected," "trusts" or
comparable terminology or by discussions of strategy. Although the
Company believes that the expectations reflected in such forward-
looking statements are reasonable, it cannot assure that these
expectations will prove to be correct. Such statements involve
risks and uncertainties including: risks associated with
development of the Company's genomics, gene editing and targeted
oncology businesses, including competition from companies in
similar businesses; limitations on the ability to market products
because of the intellectual property rights of third parties; the
ability to obtain, maintain and enforce patents; the costs of
continuing development of any or all of the Company's development
programs; the timing of when those programs will enter the clinic;
the successful commercialization of the Company's platform
technologies; the fact that the Company's business will require
substantial additional investment that the Company has not secured;
the risk that the cash proceeds from the Mayne Pharma transaction
will not be sufficient to fund the Company's strategic plans for
the initial development of new proprietary therapeutic candidates;
and all of those factors identified under the captions "Risk
Factors," "Special Note Regarding Forward Looking Statements" or
"Cautionary Note Regarding Forward Looking Statements" in the
Company's documents filed from time to time with the SEC, including
the Company's registration statement on Form S-3, as amended, dated
August 8, 2003, its Annual Report on Forms 10-K and 10-K/A for the
year ending December 31, 2002 filed with the SEC on March 27, April
30, August 8 and October 24, 2003, and its Quarterly Report on Form
10-Q for the quarter ended October 1, 2003 filed with the
Securities and Exchange Commission on November 14, 2003. Should one
or more of these risks materialize (or the consequences of such a
development worsen), or should the underlying assumptions prove
incorrect, actual results could differ materially from those
forecasted or expected. The Company disclaims any intention or
obligation to update publicly or revise such statements whether as
a result of new information, future events or otherwise. For
further information please contact: L. Robert Cohen, Vice
President, Investor Relations, NaPro BioTherapeutics, Inc.,
+1-212-218-8715; or Investors, Lilian Stern of Stern Investor
Relations, +1-212-362-1200, for NaPro BioTherapeutics, Inc.; or
Media, Peter Steinerman, +1-516-374-3031, for NaPro
BioTherapeutics, Inc. DATASOURCE: NaPro BioTherapeutics, Inc.
CONTACT: L. Robert Cohen, Vice President, Investor Relations, NaPro
BioTherapeutics, Inc., +1-212-218-8715; or Investors, Lilian Stern
of Stern Investor Relations, +1-212-362-1200, for NaPro
BioTherapeutics, Inc.; or Media, Peter Steinerman, +1-516-374-3031,
for NaPro BioTherapeutics, Inc. Web site: http://www.naprobio.com/
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