Circ Pharma Limited Enters Into Development Agreement for Chrono Tramadol With Elan Corporation Plc

    DUBLIN, May 4 /CNW/ - Circ Pharma Limited ("Circ Pharma") and Elan
Corporation plc ("Elan") today announced that they have entered into a
Development Agreement to develop a chronotherapeutic formulation of Tramadol
for the treatment of moderate to moderately severe pain.
    The product incorporates Circ Pharma's proprietary drug delivery
technology enabling once daily dosing. Circ's technology provides for
minimized delivery to the body during sleeping hours, acceleration of drug
absorption immediately prior to the waking hours and the subsequent
maintenance of efficacious drug levels for the remainder of the waking hours.
Circ has successfully completed Phase I testing on the product.
    Currently the worldwide market for pain treatments is worth about US$26
billion and is forecast to grow to about $31 billion by 2011. In the US and
Europe the moderate to severe pain market was estimated to be worth about $6.7
billion in 2007. The tramadol market in the US and Europe was worth about $1.1
billion in 2008.
    Circ Pharma intends to seek a licensing partner for worldwide commercial
distribution of the product.
    The agreement with Elan provides that Elan support the continued
formulation and manufacturing activities required to seek regulatory approval
for this product in the United States and elsewhere. "Elan's extensive
experience, know-how and technology for the development and manufacture of
scheduled products for the US market will ensure that we can quickly and
efficiently complete all the development and clinical activities required for
Chrono Tramadol" said Circ Pharma's Chief Technical Officer, Margot Foynes.

    About Circ Pharma

    Circ Pharma is a specialty pharmaceutical product development company
whose mission is to develop differentiated novel formulations of products
based on existing drugs that provide incremental patient benefit. Circ Pharma
has a strong intellectual property portfolio and technology in the areas of
targeted and chronotherapeutic drug delivery and a broad clinical stage
pipeline of novel product opportunities in a number of indications including
cardiovascular and pain indications.

For further information:

For further information: Media Contact, Mr. Ray Gordon, Gordon MRM,
Telephone: +353-1-6650450, E-mail:

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