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Vyteris Announces Agreement for Additional Funding
Agreement Reached With Ferring Pharmaceuticals Inc. for Funding Into Third Quarter of 2009
| Source: Vyteris, Inc.
FAIR LAWN, NJ--(Marketwire - March 25, 2009) - Vyteris, Inc. (OTCBB : VYTR ), developer of the
first FDA-approved active transdermal drug delivery system and a leader in
active transdermal drug delivery technology, announced that its development
partner, Ferring Pharmaceuticals Inc., further deepened its commitment to
Vyteris by agreeing to fund the first half of the 2009 development budget
for its joint partnership with Vyteris in developing a pulsatile delivery
of a peptide hormone for treatment of infertility in women.
"We are appreciative of Ferring's continued support and confidence in
Vyteris through this latest funding initiative. In conjunction with this
funding, Vyteris will continue to preserve cash by focusing on the needs of
the company's ongoing project with Ferring, and to seek other product
development partnership opportunities. Vyteris is maximizing efficient use
of its resources to capitalize upon all of its potential growth
opportunities," said Dr. Haro Hartounian, chief executive officer of
Vyteris.
"This agreement reinforces Ferring's continued commitment to working with
firms with innovative technologies which we might harness for our
portfolio," said Wayne Anderson, chief executive officer of Ferring. "We
have had a productive development relationship with Vyteris and plan on
continuing our joint efforts on behalf of patients looking for solutions."
The agreement calls for Ferring to pay the first half of the budgeted costs
in an amount up to $3.3 million, with cash proceeds committed to the
infertility project, and Vyteris to fund the second half of the 2009
development budget. Ferring also bought Vyteris' patch manufacturing
machine for a $1.0 million purchase price and entered into a ten year
agreement to lease the equipment back to Vyteris.
About Vyteris
Vyteris, Inc. is a specialty pharmaceutical company developing and
commercializing innovative technology for controlled delivery of peptide
and small molecule therapeutics. Vyteris' first product, LidoSite®,
which provides dermal analgesia prior to venipuncture (IV catheter
insertions, blood draws, etc.) and superficial dermatological procedures,
was the first FDA-approved active patch. Vyteris' proprietary transdermal
drug delivery technology delivers drugs comfortably through the skin using
low-level electrical energy. This active patch technology allows precise
dosing, giving physicians and patients control in the rate, dosage and
pattern of drug delivery that can result in considerable therapeutic,
economical, and lifestyle advantages over existing methods of drug
administration. For more information, please visit us at www.vyteris.com.
About Ferring Pharmaceuticals Inc.
Ferring Pharmaceuticals Inc. is a subsidiary of Ferring Pharmaceuticals, a
privately owned, international pharmaceutical company. Ferring
Pharmaceuticals offers a line of urology, orthopaedic and infertility
products in the U.S. markets. They include: EUFLEXXA®, (1% sodium
hyaluronic acid), BRAVELLE® ( urofollitropin for injection, purified),
MENOPUR® and REPRONEX® (menotropins for injection, USP), NOVAREL®
(chorionic gonadotropin for injection, USP), ENDOMETRIN® (progesterone)
Vaginal Insert, ACHTREL® (corticorelin ovine triflutate for injection),
PROSED® DS (methenamine, phenyl salicylate, methylene blue, benzoic acid,
hyoscyamine sulfate), and DESMOPRESSIN.
Ferring Pharmaceuticals specializes in the research, development and
commercialization of compounds in general and pediatric endocrinology,
urology, orthopaedics, gastroenterology, obstetrics/gynecology and
infertility. For more information, please visit www.FerringUSA.com.
Vyteris Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning
of the safe harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. Words such as "expect," "estimate,"
"project," "anticipate," "intend," "plan," "may," "will," "could," "would,"
"should," "believes," and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements in this press
release include, without limitation, statements concerning the potential
impact of the new marketing agreement and other matters that involve known
and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements to differ materially from results
expressed or implied by this press release. Such risk factors include,
among others, the competitive environment and competitive responses to the
new marketing arrangement. The Company has described other important risks
and uncertainties under the caption "Risk Factors" in its most recent
Annual Report on Form 10-K and in various filings made with the SEC.
Actual results may differ materially from those contained in the
forward-looking statements in this press release.