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Exhibit 99.1
PRESS RELEASE - FOR IMMEDIATE RELEASE
INYX SIGNS AN AGREEMENT IN PRINCIPLE TO ACQUIRE THE
ASSETS & CERTAIN BUSINESS OF AVENTIS PHARMACEUTICALS
PUERTO RICO
NEW YORK - October 7, 2004 - Inyx, Inc. (OTC BB: IYXI), a specialty
pharmaceutical company with a focus on niche drug delivery technologies and
products, announced today that it has signed an agreement in principle with
Aventis Pharmaceuticals, Inc., a wholly owned subsidiary of sanofi-aventis Group
(NYSE: SNY), to acquire the assets and certain business of Aventis
Pharmaceuticals Puerto Rico. The agreement in principle calls for execution of a
definitive agreement by December 15, 2004 and closing of the acquisition by
March 31, 2005. Completion of the purchase will also be dependent upon several
factors, including Inyx completing customary due diligence and securing
financing for the closing. Financial terms were not disclosed.
Jack Kachkar, M.D., Chairman and CEO of Inyx, said, "This acquisition would be a
major milestone in the corporate evolution of Inyx. It would greatly increase
Inyx in operating size and scope. It comes with several multi-year production
contracts and new business opportunities that would enable our operation of this
Puerto Rico complex to be profitable from the start as well as provide a strong
catalyst for future growth. The Aventis operations in Manati, Puerto Rico
consist of a high-calibre pharmaceuticals production center that would give Inyx
a strategic base in the United States to complement Inyx's present development
and manufacturing facilities located in the United Kingdom."
Dr. Kachkar added, "Manati gives Inyx a production center on this side of the
Atlantic to better serve the marketplace in the U.S. and Canada as well as in
Latin and South America, which is an important catalyst for growing our base of
clients and industry partners as well as for introducing Inyx's own proprietary
products. Moreover, Manati's facilities and employees are well suited for Inyx's
niche aerosol drug delivery technologies and products. This includes our
production of non-ozone-depleting hydrofluoroalkane (HFA) gas propelled
pharmaceutical products, enhanced single and combination drug inhalation-therapy
treatments, and hydrocarbon foam dermatology/topical formulations."
HFA is a primary substitute for the ozone-depleting chlorofluorocarbon (CFC) gas
propellant, which is now banned in Canada, Europe and other countries, and soon
to be banned by most nations around the world. For instance, over 90% of the
asthma inhalers sold in the United States last year contained CFC, which is
expected to be banned in pharmaceutical products by the U.S. during the next few
years. At the same time, hydrocarbon sprays are increasingly replacing cream,
lotion and tablet products in dermatological and certain other topical
applications, because a foam or mousse formulation better penetrates the skin
and in turn provides faster treatment as well as does not leave any greasy
residue on skin and clothing compared with conventional ointments.
"Aventis has agreed to sell the Manati complex to Inyx because of Inyx's
expertise in the production of aerosol pharmaceuticals, particularly the
manufacture of products using HFA propelled and hydrocarbon delivery modes.
Inyx's expertise should ensure that Manati, which no longer fits with Aventis'
core capacity needs, would continue to be a productive pharmaceutical center for
the benefit of the site's employees and customers and the local economy of
Puerto Rico," said Martin Siewert, a senior executive in Industrial Operations
for Aventis.
The Manati complex consists of five buildings totaling 139,157 square feet and
extending over 9.5 acres, located in north central Puerto Rico which is a life
sciences industry center about 30 miles outside of San Juan. Currently, Aventis
employs approximately 330 people at Manati, and Inyx said it would retain as
many of these experienced and skilled employees as economically feasible.
About Inyx
Inyx, Inc. is a specialty pharmaceutical company with aerosol drug delivery
technologies and products for the treatment of respiratory, allergy,
dermatological, topical and cardiovascular conditions. Inyx focuses its
expertise on both prescription and over-the-counter pharmaceutical products, and
provides specialty pharmaceutical development and production consulting services
to the international healthcare market. In addition, Inyx is developing its own
proprietary products to be marketed by selected clients and strategic partners,
which include some of the largest pharmaceutical companies. The company's
operations are conducted through its wholly owned subsidiary, INyX Pharma
Limited, with R&D and production facilities located near Manchester, England,
which serves global markets including: North America, Europe, Latin & South
America and the Middle East. Another wholly owned subsidiary, Inyx Canada, Inc.
based in Toronto, provides business development and support services. Inyx,
Inc.'s corporate offices are in New York City. Inyx now has approximately 130
employees, about 120 of whom are based in England at its 60,000 square foot
production center and 30,000 square foot development and administrative
facilities. For more information, please visit: www.inyxinc.com.
About Aventis
Aventis, part of the sanofi-aventis Group (the world's 3rd largest
pharmaceutical company), is dedicated to treating and preventing disease by
discovering and developing innovative prescription drugs and human vaccines. In
2003, Aventis generated sales of (euro) 16.79 billion, invested (euro) 2.86
billion in research and development and employed approximately 69,000 people in
its core business. Aventis corporate headquarters are in Strasbourg, France. The
sanofi-aventis Group is listed in Paris (EURONEXT: SAN) and in New York (NYSE:
SNY). For more information, please visit: www.aventis.com.
Safe Harbor
Statements about the Company's future expectations, including future revenues
and earnings, and all other statements in this press release other than
historical facts, are "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such forward-looking statements be subject
to the safe harbors created thereby. Since these statements involve risks and
uncertainties and are subject to change at any time, the Company's actual
results could differ materially from expected results.