HAWTHORNE, N.Y. & NEWTOWN, Pa., June 10, 2009 -- Taro Pharmaceutical Industries Ltd. (“Taro” or the “Company” Pink Sheets: TAROF) and Quinnova Pharmaceuticals, Inc. (“Quinnova”) today announced that Taro’s U.S. subsidiary (“Taro USA”) and Quinnova have entered into an agreement to co-promote “Neosalus” and “Cleanse & Treat” (the “Co-Promote Products”) in the United States.
Neosalus is a prescription medical device containing an alcohol and fragrance free, water soluble non-comedogenic topical foam formulation indicated for the management and relief of irritation experienced with dermatoses, including atopic dermatitis and allergic contact dermatitis.
Cleanse & Treat is a prescription drug product indicated for the topical treatment of acne, containing both a salicylic acid cleansing pad and a benzoyl peroxide treatment pad.
Taro USA’s branded division, TaroPharma®, and Quinnova will engage in centrally coordinated marketing of the Co-Promote Products. Their combined sales force will reach approximately 12,000 practicing dermatologists, pediatricians and primary care physicians. The agreement allows for the addition of branded dermatology products developed by Quinnova that compliment TaroPharma’s existing product line.
“We are pleased to add complimentary branded products for the treatment of dermatitis and acne to our existing line of topical dermatological products,” said Barrie Levitt, M.D., Chairman of Taro.
“We see this co-promotion as a terrific opportunity to grow our collaboration with Taro and increase the reach of these products into the dermatological healthcare community.” said Jeff Day, President and Chief Executive Officer of Quinnova Pharmaceuticals, Inc.
About Taro
Taro is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.
For further information on Taro please visit the Company’s website at www.taro.com.
About Quinnova
Quinnova is a specialty pharmaceutical company focused on the development and commercial sale of prescription drug products based on innovative dermal drug delivery platforms.
For further information on Quinnova please visit the company’s website at www.quinnova.com.
SAFE HARBOR STATEMENT
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Co-Promote Products. These statements include, but are not limited to, statements that do not describe historical facts and statements that refer or relate to events or circumstances the Company “plans,” “believes,” or “expects” to happen, “may” happen, “will” happen, or similar language. Although Taro believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ include industry and market conditions; slower than anticipated penetration of new markets; marketplace acceptance of the Co-Promote Products; changes in the Company’s financial position; regulatory actions; and, other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update, change or revise any forward-looking statements, whether as a result of new information, additional or subsequent developments or otherwise.
Source: Taro Pharmaceutical Industries Ltd.
Contact: Kekst and Company Roanne Kulakoff 212-521-4837