LYPHOMED ON TRACK TO BECOMING A $90 MIL. FIRM IN 1985
LYPHOMED ON TRACK TO BECOMING A $90 MIL. FIRM IN 1985, according to figures released in a preliminary prospectus for a 1.6 mil. share stock offering, issued Aug. 21. For the six months ended June 30, company sales were $24.4 mil., a 76% increase over 1984. With the acquisition of lnvenex and Bristoject in July, combined first half sales were $43.4 mil., making the $90 mil. threshold a likely mark by year end. Referring to the role of therapeutic pharmaceuticals in the company's overall operation, LyphoMed noted that such products accounted for $14.9 mil. or 47% of reported revenues in 1984, compared to 38% in 1983 and 35% in 1982. "It is expected that sales of therapeutic pharmaceuticals will continue to increase as a percentage of total sales," the prospectus said. Micronutrients, which consist of multivitamins, trace elements and electrolytes, comprise the other major segment of the firm's business. LyphoMed reported that it currently has 40 NDAs and ANDAs pending review by FDA. Six of the ANDAs are for oncolytic drugs, which include methotrexate and fluorouracil. Five of the ANDAs are for Invenex products. Once approved, these drugs will increase the firm's 91-pro4uct base by 44%. As a result of the Invenex acquisition, 27 new sales professionals have been added to the LyphoMed detail force, bringing the total number to 71. The prospectus indicated that the entire sales force will sell the full range of LyphoMed, Invenex and Bristoject products. The purchase of Invenex, which was financed in part by the sale of 26.5% interest in the company to Fujisawa last January, has also nearly tripled the firm's capacity to produce liquid-filled products, enabling it to continue expansion while avoiding new plant construction. LyphoMed's therapeutic pharmaceuticals fall into five major categories: anti-infectives, which include Pentam 300, the first orphan drug to be granted seven-year marketing exclusivity in the U.S.; cardiovasculars; steroids; oncolytics; and other products, such as aminophylline, anti-cholinergics and products associated with anesthesia and pre-operative medications. The prospectus noted that until the consolidation of Invenex and Bristoject is complete, LyphoMed will de-emphasize the majority of its overseas activities. LyphoMed Ltd., the firm's British subsidiary, will concentrate its efforts primarily on new product acquisitions and assisting with raw material sourcing. Meanwhile, Canadian subsidiary LyphoMed Canada, established in 1984, is currently marketing 15 products and has applications pending for an additional 35.
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