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Par Pharmaceutical Files Form 10-K for 2006 -- Company to Hold First Analysts' Meeting September 28, 2007
Date:9/6/2007

, approximately $4.2 million of which is included in SG&A expense. Also contributing to the rise in SG&A expense were increased marketing and selling costs of $2.1 million in support of Megace(R) ES and stock compensation expense of $0.8 million due to the implementation of SFAS 123R.

In 2004, through a license agreement with NovaDel Pharma Inc., Par acquired the exclusive rights to market, sell and distribute NovaDel's nitroglycerin lingual spray, NitroMist(TM). In November 2006, the U.S. Food and Drug Administration approved the product, at which time the company re- evaluated the potential market for NitroMist(TM) and determined that the product no longer fit the company's long-term strategy. This product was never launched by the company. As a result, Par recorded an impairment charge of $1.0 million in the fourth quarter of 2006, related to payments made in conjunction with the product approval.

In the fourth quarter of 2006, Par sold all of its investment in Advancis Pharmaceutical Corporation common stock and recorded a $3.2 million investment gain on the sale.

Par currently has cash, cash equivalents and available for sale securities on hand of approximately $345 million. There has been no increase in the company's borrowings in 2006 or 2007. Par's cash balances are subject to fluctuation based upon the timing of payments due to the company's distribution agreement partners.

In September 2006, the company received a notice of default and in October 2006, the company received a notice of acceleration from the trustee of the company's 2.875% senior subordinated convertible notes due in 2010. The company believes that it has complied with its obligations under the indenture and therefore believes that the notice of default and notice of acceleration are invalid and without merit. In October 2006, the trustee filed a lawsuit alleging a breach of the indenture and demanding certain restitution from the company. Until the matter is resolved
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SOURCE Par Pharmaceutical Companies, Inc.
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