Company Performance Metrics
Intelligent Polymers was formed by Biovail in July 1997, primarily to develop once-daily controlled release versions of selected drugs which are currently marketed only in immediate release form or in controlled release form requiring multiple daily dosing and whose patents have or will have expired upon the anticipated date of receipt of FDA
marketing approval for the once-daily controlled release formulations to be developed. Upon development and regulatory approval of such products, Intelligent Polymers expects that such products will be marketed under distinct brand names. Intelligent Polymers has not yet conducted any business and has no employees other than its sole executive
officer, who is not a full-time employee and who is a full-time employee of Biovail. Intelligent Polymers does not intend to perform any research or other activities on its own behalf, but rather will pay Biovail to perform all such activities pursuant to the terms of the Development Contract. Substantially all of the net proceeds from the Unit Offering, together with interest earned thereon, will be used for payments under the Development Contract to develop the Products.
