EXHIBIT 99.1
PRESS RELEASE
ALLIANCE PHARMACEUTICAL CORP. ANNOUNCES COMPLETION OF ACQUISITION OF MOLECULAR
BIOSYSTEMS, INC., JANUARY 03, 2001
SAN DIEGO, CA; JANUARY 3, 2001 --- Alliance Pharmaceutical Corp.
(NASDAQ-ALLP) announced today that it has completed its acquisition of
Molecular Biosystems, Inc. (MBI; OTCBB:MBIO) in exchange for 770,000 shares
of Alliance stock. As of December 31, 2000, MBI's cash and marketable
securities were approximately $8.0 million, and its net assets (total assets
less liabilities) were approximately $5.0 million. MBI is the developer of
OPTISON-Registered Trademark-, the only intravenous ultrasound contrast agent
being marketed in both the United States and Europe. Alliance will receive
ongoing royalties and milestones that are due to MBI from its agreements
regarding OPTISON with Mallinckrodt, a unit of Tyco Healthcare, and Nycomed
Amersham plc, and from a partnership with Chugai Pharmaceutical Co., Ltd.
Alliance does not have financial responsibilities for the further clinical
development costs of OPTISON.
OPTISON is a perfluorochemical (PFC)-based agent for enhancement of
ultrasound images of the heart that is currently marketed in the U.S. and
Europe by Mallinckrodt, a leading company in the manufacturing and marketing
of in-vivo diagnostic agents. Under a recent agreement, it is anticipated
that Mallinckrodt will co-market Optison with Nycomed, a worldwide leader in
in-vivo diagnostic imaging. MBI receives a 5% royalty on net sales of
ultrasound contrast agents for all current and future approved indications in
the U.S. and Europe.
OPTISON is being developed for marketing in Japan, South Korea, and Taiwan
pursuant to an agreement with Chugai, one of the largest pharmaceutical
companies in Japan. The product is currently being assessed in Phase 3
clinical studies in Japan, and the Chugai agreement provides for potential
milestone payments of up to $16 million to MBI related to regulatory
approvals. Following approval, MBI will receive a net royalty of
approximately 25% of sales of OPTISON in the Chugai territory.
Alliance is developing its own PFC-based ultrasound contrast agent,
IMAVIST-TM-, in conjunction with Schering AG, Germany. The U.S. Food and Drug
Administration (FDA) has completed its review of a New Drug Application for
IMAVIST and found it to be approvable upon satisfactory response to issues
identified in the review process. Alliance is working closely with the FDA
and hopes to receive approval for the product during 2001. In addition,
Schering AG is preparing to submit a Marketing Authorization Application
during 2001 for approval of IMAVIST in Europe.
"We are very pleased that the shareholders of Molecular Biosystems have voted
to approve Alliance's acquisition of MBI, and we welcome the addition of
OPTISON to Alliance's family of
PFC-based products in late-phase clinical development," said Duane J. Roth,
Alliance's Chairman & CEO.
"Ultrasound imaging is used in more than 30 million scans of the heart,
vasculature, and abdominal organs annually in the U.S.," Roth noted. "We
believe that agents like IMAVIST and OPTISON could improve the utility of
ultrasound by providing rapid, real-time diagnostic information regarding
blood flow and lesions in the vessels, heart, and other organs. The use of
ultrasound contrast agents is expected to increase in the coming years, and
our position in IMAVIST and OPTISON allows Alliance to benefit from the
marketing capabilities of the world leaders in the contrast media business."
Alliance Pharmaceutical Corp. is developing therapeutic and diagnostic
products based on its PFC and surfactant technologies. Alliance's products
are intended primarily for use during acute care situations, including
surgical, cardiology, and respiratory applications. OXYGENT-TM- (perflubron
emulsion), an intravenous oxygen carrier being developed in the United
States, Canada, and Europe in conjunction with Baxter Healthcare Corporation,
significantly reduced the need for donor blood in a Phase 3 study conducted
with patients undergoing various general surgery procedures. An additional
OXYGENT Phase 3 study with cardiac surgery patients is underway. Alliance
recently completed enrollment in an international Phase 2-3 study with
LIQUIVENT-Registered Trademark-, an intrapulmonary "liquid ventilation" agent
for treatment of acute lung injury and acute respiratory distress syndrome.
Further information about the Company is available on Alliance's web site at
www.allp.com.
Except for historical information, the matters set forth in this release are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those set forth herein,
including the availability of funding for development, the uncertainties
associated with the conduct of preclinical or clinical studies and the timing
or ability to investigate scientific data. Alliance refers you to cautionary
information contained in documents the Company files with the Securities and
Exchange Commission from time to time, including the last Form 10-K and Form
10-Q, and those risk factors set forth in the most recent registration
statement on Form S-3 (File No. 333-47032) and Form S-4 (File No. 333-49676).
Alliance is under no obligation (and expressly disclaims any obligation) to
update or alter its forward-looking statements, whether as a result of new
information, future events, or otherwise.
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For further information contact:
Gwen Rosenberg, ALLIANCE PHARMACEUTICAL CORP., (858) 410-5275,
Email: corpcom@allp.com
(back to Alliance Home Page)
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COPYRIGHT-C- 1995 - 2000 ALLIANCE PHARMACEUTICAL CORP. ALL RIGHTS RESERVED.
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