August 6, 2001

Sonus Pharmaceuticals Receives $6.5 Million From Agreement With Nycomed Amersham

BOTHELL, Washington, August 6, 2001-Sonus Pharmaceuticals, Inc. (Nasdaq:SNUS) announced today that it has entered into an agreement to sell its ultrasound contrast assets for $6.5 million to Nycomed Amersham (NYSE:NYE). As part of the agreement, Sonus has also assigned to Nycomed its interest in the ultrasound contrast patent license agreement entered into with Chugai Pharmaceutical Co. Ltd. and Molecular Biosystems Inc. in January 2001.

Sonus and Nycomed had previously entered into an agreement in 1999 whereby Nycomed received an exclusive license to certain of Sonus' ultrasound contrast patents in the U.S. and Europe. Under that agreement, Sonus received an upfront license fee of $10.0 million and royalties on sales of an approved ultrasound contrast product covered by the licensed patents. This patent licensing agreement is terminated concurrently with the signing of the asset purchase agreement with Nycomed announced today.

"In October 2000, we made a decision to shift our strategic focus from ultrasound contrast to the development of our drug delivery products with an objective of monetizing the remaining value of the ultrasound contrast intellectual property assets," said Michael A. Martino, President and Chief Executive Officer of Sonus. "The transaction with Nycomed completes this objective, and, importantly, the $6.5 million of proceeds coupled with the $12.0 million of cash that we reported at June 30, 2001 strengthens our financial position to further capitalize on the significant opportunities with our TOCOSOL(TM) drug delivery platform."

Sonus Pharmaceuticals, Inc., located near Seattle, Washington, is engaged in the research and development of therapeutic drug delivery products based on its proprietary emulsion formulation technology. The Company's lead product is S-8184, a new formulation of paclitaxel for cancer therapy, which is currently in a Phase 1 clinical study. In preclinical development, Sonus is also developing S-2646, a reformulation of a cardiac drug for the treatment of rapid, life-threatening heart rhythms; and S-9156, a synthetic blood substitute product.

Sonus news releases and other corporate information are available on the Company's web site at www.sonuspharma.com.

Contact: Pamela Dull, Sonus Pharmaceuticals, Inc. (425) 487-9500, Ext. 255.

Forward-Looking Statements

Certain of the statements made in this press release are forward-looking such as those, among others, relating to the development of drug delivery and oxygen delivery products and potential applications for these products. As discussed in the Sonus Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2001, actual results could differ materially from those projected in the forward-looking statements as a result of the following factors, among others: the Company's products will require extensive clinical testing and approval by regulatory authorities. Such approvals are lengthy and expensive and may never occur, and may be subject to certain other regulatory requirements; there can be no assurance that Sonus will be successful in its efforts to develop drug delivery and oxygen delivery products; there can be no assurance that Phase 1 studies for S-8184 will be successful or that increased efficacy will result from the Company's emulsion-based formulation; there can be no assurance that Sonus will complete preclinical trials with S-2646 and S-9156; the Company's results from operations have varied and will continue to vary from quarter to quarter and will depend upon, among other factors, timing and cost of clinical trials planned by Sonus and receipt of collaborative partner payments, if any; there can be no assurance that the Company will receive any future collaborative partner payments or that its cash requirements will be met by any such payments; and Sonus intends to seek external financing through available means, which may include debt and/or equity financing or the licensing or sale of proprietary or marketing rights, and there can be no assurance that financing will be available on acceptable terms, if at all.


Close window | Back to top

Copyright 2017 OncoGenex Pharmaceuticals, Inc.