13 February 2006

New deal positive for Industrial Research Limited

A pharmaceutical licensing deal secured by Industrial Research Limited was welcomed today by Research, Science and Technology Minister, Steve Maharey.

"This deal is a strong step forward for IRL and a great example of the leading role science plays in generating new economic opportunities for New Zealand," Steve Maharey said.

The deal provides an initial share of $US10 million, as well as the promise of significant ongoing revenue as the drug is developed for market.

The announcement is the second major deal secured by IRL in recent months. An earlier licensing deal will provide IRL with an ongoing share of an expected US$685 million in progress payments.

"These deals are a direct result of the cutting-edge research undertaken by IRL and will ensure New Zealand has an ongoing role in the development of some of the world's leading pharmaceuticals.

"With the immediate financial worries behind it, the IRL Board now has the opportunity to focus on ensuring long-term financial and scientific stability."

ENDS

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