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Esprit Pharma Acquires Metagen Pharmaceuticals, Inc., Parent Company of Star Pharmaceuticals, Inc.

Posted on: Friday, 16 September 2005, 09:00 CDT

Esprit Pharma, Inc. today announced that it has acquired all of the outstanding shares of Metagen Pharmaceuticals, Inc., a Florida based pharmaceutical company, and its operating subsidiaries Star Pharmaceuticals and Stellar Pharmacal.

"The main product of the acquired companies is PROSED(R) EC, a urinary analgesic/ antispasmodic/antiseptic" stated John T. Spitznagel, Chairman and CEO of Esprit, a niche oriented pharmaceutical company concentrating on urologic and OB/GYN therapeutics.

"We intend to begin promotion of this product at once and believe that with the strength of our sales force of over 100 representatives, a marked increase in sales will be achieved," noted Mr. Spitznagel. "Additionally, there are other products in Star's portfolio including URO KP NEUTRAL(R), indicated for the prevention of kidney stones, plus hormone replacement products in late-stage development."

Mr. Spitznagel continued, "This acquisition is a further step toward our goal of becoming an indispensable partner with physicians who treat urologic disorders, a therapeutic area which we have identified as one in which we intend to focus and expand."

Roseanne Branciforte, President of Metagen Pharmaceuticals commented, "We are pleased to join forces with Esprit Pharma and its experienced management team. I am certain that the Esprit sales force will increase the presence of our flagship product PROSED(R) EC in the urologist's office. Furthermore, Esprit will apply resources to complete the late-stage development of drug candidates in the product pipeline."

PROSED(R) EC is used for the relief of discomfort of the lower urinary tract. It is the third product acquired by Esprit since the Company's formation in June of 2005. This product, along with previously acquired SANCTURA(TM), which is co-promoted with Indevus Pharmaceuticals (Nasdaq:IDEV), and PROQUIN(TM) XR, provides Esprit with three key therapeutics to be actively promoted by the Company, thus, leveraging the strength of its sales force.

The Metagen shares were acquired in exchange for Esprit Pharma Series A Preferred Shares. The final terms of the acquisition were not disclosed.

About Esprit Pharma

Esprit Pharma is a niche oriented, forward thinking pharmaceutical company focused on specialty therapeutics and committed to improving patient well-being in the urology and OB/GYN areas by providing products that contribute to bettering patient outcomes. Led by a strong and experienced management team, the Company focuses on exploring and identifying opportunities to selectively acquire and enhance the market potential of novel, commercially available therapeutics and late-stage development drugs addressing the needs of its market space. A privately held company, Esprit has investment support from the leading healthcare venture capital and private equity firms of Domain Associates, LLC (http://www.domainvc.com), New Enterprise Associates (http://www.nea.com) and Apax Partners, Inc. (http://www.apax.com). For additional information visit the Company's Internet site at www.EspritPharma.com.

Source: Business Wire

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