Akrimax wins drug contract

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January 2, 2009

Pact shows firm is on track to replace Wyeth in Rouses Point

<a href="mailto:dheath@pressrepublican.com">By DAN HEATH</a> The Press Republican Fri May 14, 2010, 06:56 PM EDT

ROUSES POINT -- Akrimax Pharmaceuticals has reached a manufacturing agreement to produce pharmaceutical products for a global health-care company starting in early 2009.

Akrimax purchased the Wyeth Pharmaceuticals plant in January 2008 and leases space back to that company as the two transition toward Wyeth's departure at the end of 2009.

The plan has been for Akrimax to manufacture products for other companies, as well as its own products, as that changeover takes place.

Company officials won't provide the name of its new partner but said Akrimax was selected from a field of several potential manufacturers. Akrimax President Alan Rubino said the partner company has a policy of not disclosing its partnerships for manufacturing.

"This agreement further validates Akrimax's decision to acquire the Rouses Point facility, which possesses diverse manufacturing and packaging capabilities and a spotless regulatory and safety record," Rubino said in a news release.

"We are pleased to announce this development as we are ahead of our planned schedule of bringing in new manufacturing partnerships to our Rouses Point facility."

PLANS ON TRACK
Plattsburgh-North Country Chamber of Commerce President Garry Douglas said the announcement confirms Akrimax's plans are on track, in spite of Wyeth's announcement that 118 employees will be laid off in January.

"While we may have further bumps in the coming months, we have good reason to be confident about the future of pharmaceutical manufacturing in the North Country, and we are continuing to work actively with Akrimax on other exciting opportunities," Douglas said.

INDERAL
Douglas said chamber officials recently brought Akrimax representatives to Washington, D.C., to discuss possible federal assistance for a venture that was not part of the company's original business plan.

The plan was to concentrate on metabolic-syndrome conditions, including diabetes, obesity, high blood pressure and lipid disorders.

The company acquired the right to manufacture Inderal, a former Wyeth product, as part of that concentration.

Douglas said U.S. Sen. Charles Schumer (D-NY) has assisted in several ways and may be part of another announcement at the plant in the near future.

THE RIGHT CULTURE
Akrimax's founders, including Chairman Joseph Krivulka and Vice Chairman Leonard Mazur, bring an entrepreneurial spirit to the Rouses Point facility, Douglas said.

"They are always looking for niches and opportunities. Getting that kind of culture into the successor in Rouses Point is what we hoped for."

Rubino said the new manufacturing partnership showcases the quality of the workforce and its ability to produce at the Rouses Point facility.

"We are proving every day that Made in America pharmaceutical manufacturing is good business for our partners because of our high-quality manufacturing, competitive value and excellent track record with the FDA."