NV -- (MARKET WIRE) -- 05/02/2006 -- Altair Nanotechnologies
Inc. (NASDAQ: ALTI )
announced today it has entered into a Collaborative
Research, License and Commercialization Agreement
with the Elanco Animal Health Division of Eli Lilly
and Company. The agreement provides Elanco with exclusive
rights to develop animal health products using Altairnano's
The agreement establishes the framework under which
Altairnano and Elanco may commercialize animal health
products using Altairnano technology. Payments may
be made to Altairnano as predefined development and
testing milestones are met, including submission
to the FDA and FDA approval. Additional payments
may commence with market introduction and product
sales. Altairnano has specific rights with respect
to the manufacture of products for Elanco.
"We are pleased to be working with Lilly, an innovation-driven
company that has shown its commitment to developing
and delivering the best-in-class, market leading
pharmaceutical products for 130 years," said Altairnano
CEO and President Alan J. Gotcher, PhD. "The agreement
provides a schedule for expedient progress from development
and proof of concept to readying products for clinical
trials and regulatory approval. We are confident
in our products' capabilities and are committed to
working closely with the Elanco team to obtain commercialization.
Through our discussions with Elanco, we have gained
great respect for the global reach of Elanco's business."
About Altair Nanotechnologies Inc.
Altairnano is an innovator and supplier of advanced
ceramic nanomaterials. With a skilled team of scientists
in its 100,000 square foot facility who, coupled
in collaborative ventures with industry partners
and leading academic centers, have developed a unique
portfolio of intellectual property and novel products.
These researchers are complemented by a seasoned
management team with substantial experience in commercializing
innovative, disruptive technologies.
Altairnano focuses on nanotechnology applications
to enable new potentially high-growth markets. In
alternative energy, Altairnano is pioneering new
battery materials and systems. The company is applying
nanotechnology to the development of drug candidates
for humans and companion animals, coatings materials
for implants, and materials for dental applications.
Its high performance nanomaterials have applications
in paints, coatings, and the treatment of water and
air. The Altairnano Hydrochloride Pigment process,
the first new patented pigment process in 50 years,
is an environmentally friendly method for manufacturing
white pigment used in paints, paper and plastic.
For additional information, visit http://www.altairnano.com .
About Elanco Animal Health
Elanco is a global research-based animal health
company that develops and markets products to improve
the health and production of animals in more than
100 countries. Elanco is a division of Eli Lilly
and Company ( http://www.lilly.com ),
a leading innovation-driven pharmaceutical corporation.
Elanco products enhance animal health, wellness,
welfare and performance. Additional information about
Elanco is available at http://www.elanco.com .
release may contain forward-looking statements
as well as historical information. Forward-looking
statements, which are included in accordance with
the "safe harbor" provisions
of the Private Securities Litigation Reform Act
of 1995, may involve risks, uncertainties and other
factors that may lead to the discontinuation of
commercialization efforts, a failure to obtain
regulatory approval for end-products or a withdrawal
of end products from the market or otherwise cause
the company's actual results and performance in
future periods to be materially different from
any future results or performance suggested by
the forward-looking statements in this release.
These risks and uncertainties include, without limitation,
the risks that in future animal, laboratory or other
tests, Altairnano products may not demonstrate expected
results, may have serious side effects or may otherwise
not prove competitive with existing products; that,
irrespective of a products potential, Lilly may abandon
commercialization or market efforts for various for
internal reasons; that applications for key patents
may be denied; that for political, technical, financial,
competitive or other reasons, animal wellness products
using Altairnano's technology may not receive approval
from the FDA or comparable international regulatory
authorities for commercialization; and that even
if such products are approved and enter into the
market, sales may not reach expected levels for one
or more reasons, including competition, ineffectiveness,
serious side effects, public relations issues, subsequent
introduction of a superior product or a withdrawal
of approval by one or more regulatory agencies. There
is a significant risk that, for the reasons set forth
in this paragraph and other reasons, one or more
of those assumptions may prove to be materially inaccurate.
In addition, other risks are identified in the company's
most recent Annual Report on Form 10-K, as filed
with the SEC. Such forward-looking statements speak
only as of the date of this release. The company
expressly disclaims any obligation to update or revise
any forward-looking statements found herein to reflect
any changes in company expectations or results or
any change in events.
Additional Information: Institutional Investors: C.
Robert Pedraza VP Strategy & Business
Development 775.856.2500 Email
Contact Individual Investors: Marty Tullio Email
Contact Mark D. Tullio Email
Contact McCloud Communications, LLC 949.553.9748 SOURCE: Altair