Under the terms of the agreement, NanoSystems will apply its patented NanoCrystal(TM) drug formulation technology to develop a nanoparticle formulation of Rapamune for evaluation in late stage human clinical studies. In return, NanoSystems will receive an upfront license fee, research payments and royalties on product sales. Further terms and details of the agreement were not disclosed.

Rapamune, a macrolide antibiotic, is a novel immunosuppressant. Based on earlier clinical evaluations of a NanoCrystal formulation of Rapamune, Wyeth-Ayerst has now progressed this formulation into patient studies.

"We are pleased to be able to participate in the development of this drug," said Larry A. Sternson, Ph.D., President and CEO of NanoSystems. "This agreement with Wyeth-Ayerst, as well as our collaborations with other top-tier pharmaceutical companies testifies to the value of our NanoCrystal technology in improving the clinical utility of innovative drugs."

"We are pleased to be collaborating with NanoSystems and utilizing their technology to develop a formulation of Rapamune that will extend the therapeutic utility of this novel immunosuppressant," said Robert I. Levy, President, Wyeth-Ayerst Research.

Wyeth-Ayerst Laboratories, a division of American Home Products Corporation, is a research-oriented pharmaceutical company with leading products in the area of women's health care, cardiovascular and metabolic disease therapies, central nervous system drugs, anti-inflammatory agents, vaccines, and generic pharmaceuticals.

American Home Products is one of the world's largest research-based pharmaceutical and health care products companies and is a leading developer, manufacturer, and marketer of prescription drugs and over-the-counter medications. It also is a leader in vaccines, biotechnology, agricultural products, animal health care and medical devices.

NanoSystems' NanoCrystal technology improves the bioavailability of poorly water-soluble drugs to allow enhanced drug delivery and clinical performance. NanoSystems is applying its expertise in particulate/colloidal systems to improve drug delivery via a broad range of dosage forms and across all common routes of administration. The Company is collaborating with a number of pharmaceutical and biotechnology companies to develop improved formulations of both marketed products and new chemical entities.

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