Business Editors
TORONTO--(BW HealthWire)--Aug. 19, 2002
Biovail Corporation (NYSE:BVF) (TSX:BVF) today announced that final approval by the Food and Drug Administration (FDA) has been granted for its 90 mg dosage strength of generic Adalat CC (once daily nifedipine). This product will be launched immediately through our marketing partner, Teva Pharmaceuticals, in the United States. Adalat CC, originally developed by Bayer AG, is indicated for the treatment of hypertension. Branded sales for Adalat CC 90 mg were $95 million for the twelve months ended June 2002. Biovail, through Teva Pharmaceuticals, launched 30mg and 60mg dosage strengths of Adalat CC in December of 2000 and has captured 79% and 73% of total written prescriptions respectively.
Biovail Corporation is a full-service pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, sale and promotion of pharmaceutical products utilizing advanced drug delivery technologies.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995
To the extent any statements made in their release contain information that is not historical, these statements are essentially forward looking and are subject to risks and uncertainties, including the difficulty of predicting FDA and TPD approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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