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Par Pharmaceutical Reports Adjusted EPS of $0.49 for First Quarter 2009
Date:5/6/2009

ower Megace(R) ES related spend. SG&A expenses were $39.2 million in the fourth quarter of 2008.

Cash and cash equivalents and marketable securities is currently approximately $175 million and reflect first quarter cash outflows related to the Pentech final settlement (approximately $66 million), the re-purchase of $2.5 million face value of Par's convertible debentures at a discount, and the second quarter purchase of Nascobal B12 Nasal Spray (approximately $55 million).

Product and Pipeline Update

On March 31, 2009, Strativa Pharmaceuticals acquired the worldwide rights to Nascobal(R) B12 Nasal Spray and anticipates re-launching the product with its expanded salesforce in late June. Nascobal is the first and only once-weekly FDA approved prescription vitamin B12 supplement indicated to treat vitamin B12 deficiency. In conjunction with the acquisition of Nascobal, Par acquired certain manufacturing assets from MDRNA and assumed operating leases at the facility where the product is manufactured.

In early April, Strativa filed its NDA for ondansetron orally dissolving film strip with the FDA. If approved, ondansetron ODFS could launch by mid-2010.

BioAlliance Pharma, Strativa's development partner for Loramyc(R), recently held a meeting with the FDA and based on this meeting, will resubmit the NDA in the second quarter. If approved, Strativa could launch Loramyc in the second half of 2010.

Par successfully launched alprazolam ODT, a generic version of Niravam(R), during the first quarter, and was the exclusive supplier of the product during the period. Niravam had $9.2 million in annual sales in 2008 according to IMS Health.

Par recently announced that it settled its patent litigation with Reliant Pharmaceuticals over Rythmol(R) SR. Under terms of the settlement, Par will have the right to introduce a generic version of Rythmol
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SOURCE Par Pharmaceutical Companies, Inc.
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