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Zensana

Generic name: ondansetron hydrochloride
Treatment for: Nausea/Vomiting, Chemotherapy Induced

Par Pharmaceutical Licenses North American Rights to Zensana from Hana Biosciences

WOODCLIFF LAKE, N.J., Aug. 1, 2007 -- /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. today announced that it has acquired the North American commercial rights to Zensana (ondansetron HCl) Oral Spray from Hana Biosciences, Inc. Ondansetron is used to prevent nausea and vomiting after chemotherapy, radiation and surgery, and following successful development and approval, Zensana could be among the first in its class of 5-HT3 antagonist anti-emetic therapies to be available in an oral spray form.

Under terms of the agreement, Par will make a $5 million equity investment in Hana. In addition, Hana would receive milestone payments and royalties on future sales of Zensana.

Par also announced today that it has entered into an agreement with NovaDel Pharma, Inc., to collaborate in the reformulation of Zensana. Following completion of reformulation efforts already under way, Par will reconfirm the product's pharmacokinetic profile and resubmit the New Drug Application to the U.S. Food and Drug Administration. In addition, as part of Par's strategy to continue to concentrate resources on supportive care in AIDS and oncology, Par has returned to NovaDel the rights to NitroMist(TM) (nitroglycerin lingual aerosol), NovaDel's proprietary oral spray form of the drug used to treat angina pectoris.

Anti-emetic therapies constitute the largest segment of the supportive care market in the U.S., with annual sales estimated to exceed $2 billion. Ondansetron is by far the prescription leader in the category, with more than two million written annually.

"Zensana aligns well with Par's strategy to expand its presence in supportive care for oncology and AIDS patients," said John A. MacPhee, president of Par's branded division. "We're fortunate to be able to call upon NovaDel's, Hana's and our own scientific team's expertise to help bring this unique dosage form to market. For Par, this agreement provides an opportunity to take advantage of our core scientific competencies in formulation and bioequivalence while expanding our product pipeline. We expect Zensana to be an excellent alternative for patients having difficulty tolerating tablets and other forms of ondansetron."

In recent steps to build its supportive care portfolio, Par:

About Par

Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit www.parpharm.com.

About NovaDel Pharma

NovaDel Pharma Inc. is a specialty pharmaceutical company developing oral spray formulations of a broad range of marketed therapeutics. The Company's proprietary technology enables rapid delivery of drugs into the bloodstream, which results in faster onset of action and potential patient benefits in compliance, convenience and safety. NovaDel's most advanced candidates target nausea, insomnia, migraine headaches and disorders of the central nervous system. For more information, visit www.novadel.com.

About Hana Biosciences

Hana Biosciences, Inc. is a South San Francisco, Calif.-based biopharmaceutical company focused on acquiring, developing, and commercializing innovative products to advance cancer care. Additional information on Hana Biosciences can be found at www.hanabiosciences.com.

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward- looking and as such, are subject to risks and uncertainties, including the extent and impact of litigation arising out of the accounting issue described in this and prior public announcements, including the lawsuit brought against the company by the trustee for the company's Senior Subordinated Convertible Notes seeking an accelerated payment of the $200 million of principal of and accrued interest on the notes or, in the alternative, damages, the difficulty of predicting FDA filings and approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, uncertainty of patent litigation filed against the company, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks and uncertainties detailed from time to time in the company's filings with the Securities and Exchange Commission (SEC), such as the company's reports on Form 10-K, Form 10-Q, and Form 8-K, and amendments thereto. The company can make no assurance as to the potential effects of the restatement, including the effects of any investigations, informal or otherwise, conducted by the SEC, or other entities, or lawsuits filed against the company in connection therewith. Any forward-looking statements included in this press release are made as of the date here of only, based on information available to the company as of the date hereof, and, subject to any applicable law to the contrary, the company assumes no obligation to update any forward-looking statements.

SOURCE Par Pharmaceutical Companies, Inc.

Posted: August 2007

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