Oryx Pharmaceuticals Signs Agreement for Corvert®, an Antiarrhythmic for Rapid Conversion of Atrial Fibrillation to Normal Sinus Rhythm

Mississauga, Ontario - May 31, 2002 — Oryx Pharmaceuticals Inc., a new Canadian pharmaceutical company, has signed an exclusive marketing and promotion agreement with Pharmacia Canada Inc. for Corvert®, an injectable antiarrhythmic for the rapid conversion of atrial fibrillation and atrial flutter to normal sinus rhythm. Under the agreement, Pharmacia Canada retains full intellectual property rights for Corvert and maintains responsibility for manufacturing and supply of the product.

Corvert (ibutilide fumarate), approved in Canada in July 2000, is the first antiarrhythmic to be specifically developed for the rapid conversion of atrial fibrillation and atrial flutter to normal sinus rhythm. The clinical development program for Corvert demonstrated that it has a fast onset of action, a high rate of efficacy and is easy to administer. Corvert is significantly more effective than the current gold standard, intravenous procainamide, as well as other drugs used for pharmacological cardioversion.

Atrial fibrillation and atrial flutter have become increasingly common as the population of Canada has aged. There are approximately 300,000 Canadians who suffer from chronic atrial fibrillation who may at some point require cardioversion to return to normal sinus rhythm. The impact of atrial fibrillation is substantial given the socioeconomic consequences relating to increased hospital admissions, chronic disease management and the fact that atrial fibrillation is an independent risk factor for stroke.

Corvert is indicated for the rapid conversion of atrial fibrillation and atrial flutter in both medical and post-cardiac surgery patients and should be considered as an alternative to electrical cardioversion.

Pharmacia is passionate in its pursuit of new medicines and treatments to improve health and wellness. Pharmacia employs more than 700 people in Canada and operates facilities in Mississauga, Montreal and Vancouver. The company invests significantly in Canadian R&D, providing valuable job opportunities to Canada's scientists and researchers www.pharmacia.ca

Oryx Pharmaceuticals Inc. is a new and dynamic Canadian specialty pharmaceutical company with offices in Mississauga Ontario. Its mission is to serve the needs of Canadian health care professionals and patients through the licensing and commercialization of unique pharmaceutical products.


Primary Contact Information:

Doug Reynolds
President
Oryx Pharmaceuticals Inc.
Tel. (866) 260-6291 (toll free) Ext. 6773
dougr@oryxpharma.ca


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