Generic drug company creates drug research subsidiary

Toronto, ON – January 29, 2004 – Generic pharmaceuticals company Apotex Group says it is reorganizing its drug division into a new company called ApoPharma. The new company will be devoted to the development and discovery of new medicines.

“Our plans are to draw upon the extensive general research infrastructure in the Apotex community to support the innovative research direction of ApoPharma as we bring needed therapeutic modalities to market,” says Dr Michael Spino, president of the new company.

Some of ApoPharma’s key research and development projects in clinical trials this year will include:

– iron chelators for treatments associated with iron overload;
– a treatment for difficult-to-heal wounds such as diabetic foot ulcers (the process delivers human fibroblasts to generate new skin in extensive wounds); and
– a novel treatment for intractable halitosis.

The Apotex Group says it plans to spend more than $1 billion over the next 10 years on R&D with ever-increasing amounts aimed at novel therapeutics.

The Apotex Group has 5,300 employees in Canada with 21 facilities in Ontario, Manitoba and Quebec.