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Exhibit "I"
[BIOVAIL LETTERHEAD]
[TECHNILAB LOGO]
FOR: Technilab Pharma Inc. FOR: Biovail Corporation International
APPROVED BY: Xxxxxxx Xxxxxxxxx APPROVED BY: Xxxxxx Xxxxxx
Vice-President, Finance Chairman of the Board
and Administration Xxx Xxxxxxxx
(000) 000-0000 Ext. 337 Chief Financial Officer
(000) 000-0000
FOR IMMEDIATE RELEASE
BIOVAIL AND TECHNILAB SIGN CANADIAN LICENSING AGREEMENT
** THREE OF BIOVAIL'S GENERIC PRODUCTS TO BE MARKETED BY TECHNILAB **
TORONTO, Canada, October 16, 1997 -- Biovail Corporation International
(NYSE, TSE:BVF) and Technilab Pharma Inc. (ME,TSE:TAB) ("Technilab") announced
today that they have signed a licensing agreement for the marketing in Canada,
as well as key markets in Africa, the Middle and Far East and the Eastern
European countries, of Biovail's generic versions of Trental (Pentoxifylline
SR), Verelan (Verapamil SR) and Cardizem SR (Diltiazem SR). These products are
used in the treatment of cardiovascular diseases and will be marketed following
regulatory approvals. Marketing in Canada is expected in early 1999.
Technilab develops, manufactures and sells a wide range of prescription
and over-the-counter products. Founded in 1974, Technilab also distributes
drugs manufactured by other pharmaceutical companies under the terms of
exclusive agreements. Headquartered in Mirabel, Quebec, the Company benefits
from highly advanced facilities, a solid scientific team and a Canada-wide
sales force.
Biovail Corporation International is an international full-service
pharmaceutical company, engaged in the formulation, clinical testing,
registration and manufacture of drug products utilizing advanced drug delivery
technologies.
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995.
To the extent any statements made in this release contain information that
is not historical, these statements are essentially forward looking and are
subject to risks and uncertainties, including the difficulty of predicting FDA
approvals, acceptance and demand for new pharmaceutical products, the impact of
competitive products and pricing, new product development and launch, reliance
on key strategic alliances, availability of raw materials, the regulatory
environment, fluctuations in operating results and other risks detailed from
time to time in the Company's filings with the Securities and Exchange
Commission.
