RxElite Announces Acquisition of Assets of FineTech La...(f FineTech's business model has been tod...),Health

Date:1/10/2008

f FineTech's business model has been to develop very difficult Active Pharmaceutical Ingredients (APIs), selling and licensing them to major U.S. generic companies. FineTech's business model has resulted in several successful generic drug launches and significant profits for FineTech's partners over the last five years. RxElite plans to vertically integrate FineTech's business in order to capitalize on these type of profitable opportunities from FineTech's 5 current products, as well as their 6 complex APIs under development."

RxElite has acquired the physical facilities, the intellectual property and patents of FineTech and has retained all FineTech employees. FineTech's team of 29, including 20 Ph.D. level scientists, conducts proprietary research and development and manufactures complex APIs at its state-of-the-art manufacturing facility in Israel. This facility operates in compliance with U.S. Food and Drug Administration's current good manufacturing practices (cGMP) standards. FineTech successfully passed its first FDA inspection in October 2004.

"My colleagues and I are very excited to join in the vision of RxElite and look forward to the opportunities and challenges that await us," said Dr. Arie L. Gutman, President and Founder of FineTech. "We expect that our demonstrated ability for the synthesis of complex APIs will make us a very productive and highly valued contributor to RxElite as a newly combined business."

FineTech will operate as a separate division, through a wholly owned subsidiary of RxElite, and will provide immediate chemical synthesis, API development capabilities, and strategic opportunities to RxElite. FineTech will continue to actively work with current outside customers and to pursue development of new customer relationships for their services.

RxElite used proceeds from its recent senior convertible debt financing to complete the acquisition.

About FineTech

FineTech was founded in 1990 by Dr. Arie
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SOURCE RxElite, Inc. Copyright©2008 PR Newswire. All rights reserved

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