Attn: Business/Health Editors
January 29, 2004
For Immediate Release

Generic Pharmaceutical Leader Strengthens Innovative Drug Research By Creating New Company Called “ApoPharma Inc.”

TORONTO, ONTARIO, CANADA – The Apotex Group of Companies, a world leader in the development of generic pharmaceuticals, announced today the reorganization of its innovative drug division into a new company called “ApoPharma Inc.”, a company devoted to the development and discovery of new medicines. “Our plans are to draw upon the extensive general research infrastructure in the Apotex community to support the innovative research direction of ApoPharma as we bring needed therapeutic modalities to market.” stated the newly appointed President, Dr. Michael Spino. "We expect that this newest company in the Apotex family will further strengthen the sustained growth of the parent company as it generates sales of innovative products developed in Canada”, voiced Jack Kay, President of Apotex Inc.

Some of the key research and development projects of ApoPharma in clinical trials this year include: iron chelators for treatments associated with iron overload; a treatment for difficult to heal wounds, such as diabetic foot ulcers by a patented process of delivering human fibroblasts to generate new skin in extensive wounds; and a novel treatment for intractable halitosis.

There are no plans in place to go public with ApoPharma at this time.

The Apotex Group of Companies plans to spend more than $1 billion over the next 10 years on R&D with ever increasing amounts aimed at novel therapeutics.

The Apotex Group has 5,300 employees in Canada with 21 facilities in Ontario, Manitoba and Quebec.

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For additional  information, please contact:

Mr. Elie Betito
Director, Public & Government Affairs
Tel: (416) 749-9300 Ext. 7366
Cell: (416) 558-5491
E-mail: ebetito@apotex.com