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Par Pharmaceutical Reports First Quarter 2008 Results
Date:5/8/2008

trategy, and I am pleased with our progress thus far. Par should be measured in large part by the achievement of certain accomplishments and milestones that position the Company for growth in 2009 and beyond."

In January, Strativa acquired the U.S. commercialization rights to Alfacell Corporation's Phase III product, ONCONASE, for an initial payment of $5 million. Results from the Phase IIIb clinical trial will be reported by mid-year. Subject to a complete review of the study results and discussions with the FDA, it is anticipated that an NDA could be filed as early as year-end 2008.

In March, Par commenced bioequivalence studies for Zensana(TM) (ondansetron) oral spray. Subject to favorable results and discussions with the FDA, it is expected that Strativa could file an NDA around the end of 2008.

In April, Strativa announced that its development partner, BioAlliance Pharma, reported positive preliminary, top-line results from a Phase III study of Loramyc(R) (miconazole Lauriad(R)). Subject to a complete review of the study results and discussions with the FDA, it is anticipated that an NDA could be filed by year-end 2008.

On May 7, 2008, Par announced that it amended its agreement with Spectrum Pharmaceuticals and paid $20 million in cash to increase its share of profits from the generic versions of GlaxoSmithKline's Imitrex(R) Injection, which will be immediately accretive to 2008 earnings. As a result of the agreement, Par's profit share shall increase from 38% to 95% from the commercialization of sumatriptan injection. Par will be permitted to sell generic versions of certain sumatriptan injection products with an expected launch date no later than November 2008. According to IMS Health, annual U.S. sales of Imitrex(R) are approximately $220 million.

2008 Financial Guidance

The Company's projections are based on its results for the first three months of 2008, as well as management's estimates regarding the impact of pr
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SOURCE Par Pharmaceutical Companies, Inc.
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