DRAXIS Breaks Ground for its Second Facility
27 Novembro 2007 - 12:28PM
PR Newswire (US)
Montreal area expansion is result of recent new outsourcing
contract MONTREAL, Nov. 27 /PRNewswire-FirstCall/ -- DRAXIS Health
Inc. (TSX: DAX) (NASDAQ:DRAX), has initiated construction of a
77,000 square foot new secondary packaging and warehousing facility
in the Montreal area to aid DRAXIS in fulfilling its obligation
under its recently announced contract to produce a broad portfolio
of multiple non-sterile specialty semi-solid products for Johnson
& Johnson Consumer Companies, Inc. The new facility is expected
to be completed by mid-2008, after which equipment will be
installed and validated to ensure compliance with applicable
regulatory requirements. The new facility has been custom designed
by and is being built by Montreal based developer Broccolini
Construction Inc. specifically to meet the needs of DRAXIS Health
with respect to this major new contract but will be owned by the
Broccolini Group of Companies and leased to DRAXIS under a 7 year
agreement with options to renew. The facility will be situated in
the Montreal area in the community of St-Anne-de-Bellevue close to
major highway access and within 10 kilometers (6 miles) of the main
DRAXIS production facility in Kirkland, just outside Montreal.
Initially, DRAXIS plans to have approximately 50 employees located
at this second facility; part of the 80 to 100 new employees that
are expected to be hired for this contract. Activities to transfer
the manufacture of products from existing locations to DRAXIS have
been ongoing during 2007 and will continue through 2008, leading to
the planned start of commercial production early in 2009. The
contract to produce semi-solid specialty products calls for
commercial production to start in 2009 and initially run for five
years to the end of 2013. The contract is expected to generate at
least $120 million in revenues during the first five years of
commercial production. Prior to commercial start up, approximately
$ 6 to 8 million of cumulative revenues is expected during the two
year period of 2007 through 2008 related to manufacturing site
transfer and process validation activities. About DRAXIS Health
Inc. DRAXIS Health, through its wholly owned operating subsidiary,
DRAXIS Specialty Pharmaceuticals Inc., provides products in three
categories: sterile products, non-sterile products and
radiopharmaceuticals. Sterile products include liquid and
freeze-dried (lyophilized) injectables plus sterile ointments and
creams. Non-sterile products are produced as solid oral and
semi-solid dosage forms. Radiopharmaceuticals are used for both
therapeutic and diagnostic molecular imaging applications.
Pharmaceutical contract manufacturing services are provided through
the DRAXIS Pharma division and radiopharmaceuticals are developed,
produced, and sold through the DRAXIMAGE division. DRAXIS employs
approximately 500 staff in its Montreal facility. For additional
information please visit http://www.draxis.com/. Caution Concerning
Forward-Looking Statements This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act") and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") and as contemplated under other applicable
securities legislation. These statements can be identified by the
use of forward-looking terminology such as "may," "will," "expect,"
"anticipate," "estimate," "continue," "plan," "intend," "believe"
or other similar words. These statements discuss future
expectations concerning results of operations or financial
condition or provide other forward-looking information. Our actual
results, performance or achievements could be significantly
different from the results expressed in, or implied by, those
forward-looking statements. You should not place undue reliance on
any forward-looking statement, which speaks only as of the date
made. These statements are not guarantees of future performance. By
their nature, forward-looking statements involve numerous
assumptions, known and unknown risks, uncertainties and other
factors that may cause the actual results or performance of the
Company to be materially different from such statements or from any
future results or performance implied thereby. Factors that could
cause the Company's results or performance to differ materially
from a conclusion, forecast or projection in the forward-looking
statements include, but are not limited to: - the achievement of
desired clinical trial results related to the Company's pipeline
products; - timely regulatory approval of the Company's products; -
the ability to comply with regulatory requirements applicable to
the manufacture and marketing of the Company's products; - the
Company's ability to obtain and enforce effective patents; - the
non-infringement of third party patents or proprietary rights by
the Company and its products; - factors beyond our control that
could cause interruptions in our operations in our single
manufacturing facility (including, without limitation, material
equipment breakdowns); - reimbursement policies related to health
care; - the establishment and maintenance of strategic
collaborative and commercial relationships; - the Company's
dependence on a small number of key customers; - the disclosure of
confidential information by our collaborators, employees or
consultants; - the preservation of healthy working relationships
with the Company's union and employees; - the Company's ability to
grow the business; - the fluctuation of our financial results and
exchange and interest rate fluctuations; - the adaptation to
changing technologies; - the loss of key personnel; - the avoidance
of product liability claims; - the loss incurred if current
lawsuits against us succeed; - the volatility of the price of our
common shares; - market acceptance of the Company's products; -
factors described under "outlook" in the Company's MD&A for the
most recent quarter; and - the risks described in "Item 3. Key
Information - Risk Factors" in the Annual Report Form 20-F filed by
the Company with the United States Securities and Exchange
Commission and which is also filed as the Company's Annual
Information Form with Canadian securities regulators. For
additional information with respect to certain of these and other
factors, and relating to the Company generally, reference is made
to the Company's most recent filings with the United States
Securities and Exchange Commission (available on EDGAR at
http://www.sec.gov/) and the filings made by the Company with
Canadian securities regulators (available on SEDAR at
http://www.sedar.com/). The forward-looking statements contained in
this new release represent the Company's expectations as at
November 26, 2007. Unless otherwise required by applicable
securities laws, the Company disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. DATASOURCE:
DRAXIS Health Inc. CONTACT: Jerry Ormiston, Executive Director,
Investor Relations, DRAXIS Health Inc., Phone: 1-877-441-1984
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