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INSTITUTE OF DRUG TECHNOLOGY AUSTRALIA LIMITED (IDT) NEWS RELEASE
IDT EXPANDS DRUG DEVELOPMENT RELATIONSHIP WITH PFIZER The business relationship between Institute of Drug Technology Australia Limited (IDT) and US based pharmaceutical company Pfizer Inc is set to expand in response to a significantly increased requirement by Pfizer for access to IDT’s pharmaceutical development and manufacturing expertise. IDT has been working for several years on a range of projects for Pfizer and in July 2004, it was announced that IDT had won a substantial contract to assist Pfizer in the development of a new anti-biotic drug candidate. In recent weeks, Pfizer has requested IDT to expand its capacity and R&D commitment for the further development of this new pharmaceutical agent. The two companies have been working together to accelerate the development program with the plan that the product will enter Phase 3 clinical trials in 2008. "We offer technical and regulatory skills as well as an ability to handle products that require significant containment expertise” said Dr Graeme Blackman, Chairman and Managing Director of IDT. The Regional Director Aust/NZ and Chairman and Managing Director of Pfizer in Australia, Mr John Young, observed that this work is partly funded through the Australian Government’s P3 pharmaceutical industry development program.
For reasons of commercial confidentiality, no details of the financial arrangements of this contract are available. Company Background Institute of Drug Technology Australia Limited (IDT: www.idtaus.com.au) is a leading developer and manufacturer of active pharmaceutical ingredients and finished products for local and international markets. The company also provides a comprehensive range of consultancy, research and development, and analytical services to the pharmaceutical and biotechnology sectors. Established in 1975, IDT is an Australian-owned public company, listed on the Australian Stock Exchange and employing over 140 highly qualified scientific and support staff. The company has extensive modern manufacturing facilities and laboratories in Melbourne and is licensed by the Australian Therapeutic Goods Administration (TGA) and the United States Food and Drug Administration (FDA) for the production of pharmaceutical products. The company has become especially well known internationally for its dedicated facilities for the development and production of anticancer drugs. In addition, the company offers early stage clinical trial services from its base at the Royal Adelaide Hospital through its CMAX division (www.cmax.com.au). For information contact: Telephone: 61 3 9801 8888 |