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From Andrx FORT LAUDERDALE, Fla.--July 10, 2001-Andrx Corporation - Andrx Group (Nasdaq: ADRX) today announced that it has recently purchased the Entex(R) line of cough and cold products from an affiliate of Elan Corporation, plc. For the balance 2001, Andrx expects sales in the range of $8 million to $12 million from the Entex product line, which will be sold under the label of Andrx Laboratories, Inc. The deal is expected to have a neutral to modestly accretive effect to Andrx. "We are please to expand our line of cough and cold medicines with the Entex brand, one of the most successful cough and cold brands in the market," said Elliot F. Hahn, Ph.D. and President of Andrx. The purchase of the Entex brand is a continuation of Andrx's strategy to build a brand name product division and sales force. As part of the January 2001 acquisition of CTEX Pharmaceuticals, Inc., Andrx obtained a line of brand name cough and cold medications along with a national sales force. Andrx has changed the name of that brand sales and marketing operation from CTEX Pharmaceuticals, Inc. to Andrx Laboratories, Inc. and in the five months since the acquisition has increased its sales force from 100 to approximately 150 representatives. Andrx plans to continue the expansion of the sales force in anticipation of the launch of its first NDA product, Altocor(TM), a high dose extended release lovastatin, in 2002. About Andrx Andrx is engaged in the formulation and commercialization of oral controlled-release pharmaceuticals utilizing its proprietary drug delivery technologies. In its ANDA program, Andrx is developing bio-equivalent or generic versions of selected high sales volume controlled-release brand name pharmaceuticals. In its NDA program, Andrx is developing its own brand name formulations of certain existing drugs that it believes may be improved by the application of Andrx 's drug delivery technologies. Andrx also markets and distributes pharmaceutical products manufactured by third parties. Andrx Corporation's Cybear Group intends to use the Internet to improve the efficiency of clinical, administrative and communications tasks in the healthcare industry - while addressing the healthcare industry's clinical need for secure and reliable transmission of information. Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this report that are not statements of historical facts may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "will", "to", "expect". "believe", "anticipate", "intend", "could", "would", "estimate", or "continue", or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risk and uncertainties. Andrx Group Common Stock is a class of common stock of Andrx Corporation, therefore Andrx Corporation shareholders are subject to the risks and uncertainties described in Andrx Corporation's filings with the Securities and Exchange Commission, including Andrx Corporation's Annual Report on Form 10-K for the year ended December 31, 2000. CONTACT: Andrx Corporation, Fort Lauderdale Elliot F. Hahn, PhD |
