FSC / Press Release
Orbus Announces the Planned Sale of Its Cephalosporin Manufacturing Facility and Product Line
Toronto, Ontario CANADA, October 30, 2008 /FSC/ - Orbus Pharma Inc. (ORB - TSX), (Orbus) today announced that it plans to sell its Cephalosporin (antibiotic) manufacturing facility and product line. The facility, owned and operated by Orbus Pharma Inc, is currently producing a solid oral dosage form of Cefuroxime Axetil for the European and Philippine markets. Orbus is interested in selling the facility and product line together as a "going concern" and to assign the current agreements, where possible.
The Cephalosporin manufacturing facility is located on 1.75 acres of land at 221 Shearson Crescent in Cambridge, Ontario. The building is approximately 10,000 square feet with production, warehouse and office areas. Health Canada has approved the Cambridge manufacturing site which passed its third cGMP inspection in June 2007. A stabilized formulation and bio-equivalent dosage form of Cefuroxine Axetil had its patent filed in Canada (www.patents1.ic.gc.ca) and granted in Europe. Cefuroxime Axetil has received marketing authorization for three countries in the European and Philippine markets. Canadian market authorization is expected in early 2009 with additional European countries to follow in early 2010.
A Comprehensive "Data Room" has been created and will be available for viewing by qualified buyers, upon signing of a confidentiality agreement. The Cambridge facility and product line is considered a non-strategic component of the Company's long-term business plans. Divestiture will allow the company to focus on its core development of products to be manufactured in its Markham manufacturing facility. Orbus cautions that there can be no assurance at this time that a sale transaction will occur.
Orbus Pharma Inc., headquartered in Markham, Ontario and listed on the Toronto Stock Exchange under the symbol ORB, is pursuing an integrated strategy of: (1) generic drug development, using proprietary delivery systems for certain products; (2) product out-licensing; and (3) pharmaceutical contract manufacturing. For more information, please visit www.orbus.ca
Forward looking statements
Certain statements in this disclosure are "forward-looking statements", which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Many factors could cause results to differ materially from the results discussed in the forward-looking statements, including risks related to dependence on key suppliers, economic conditions, competition, regulatory change, foreign exchange rates, and interest rates, among others. Although the forward-looking statements are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.
Please contact the following company personnel for further information:
Jeff Renwick
Corporate and Product Development
905 -943-9444 ext. 227
Greg W. Muir
V.P. Finance and Chief Financial Officer
905-943-9444 ext. 222
20 Konrad Crescent, Markham, Ontario, L3R 8T4
Telephone 905-943-9444, Fax 905-943-9878, Web: www.orbus.ca
Source: Orbus Pharma Inc. (TSX: ORB) http://www.orbus.ca
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