Ivax Corporation received approval from the European Commission for the extension of indication of the existing marketing authorization for Ivax' proprietary injectable paclitaxel (Paxene) to include treatment of metastatic breast cancer and metastatic ovarian cancer in the 15 member states of the European Union.

Paclitaxel is the active pharmaceutical ingredient in Taxol, a drug marketed by Bristol-Myers Squibb for the treatment of various cancers. Annual European sales of Taxol are $400-$600 million.

Neil Flanzraich, vice chairman and president of Ivax Corporation said, "The European Union injectable paclitaxel market is an exciting opportunity for Ivax and our partner, Mayne Group Limited, and our early entrance into this market should facilitate our ability to maximize this opportunity."

On February 25, 2004, Ivax entered into an agreement with Mayne Group Limited for the marketing and distribution of Paxene in the European nations of Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Sweden and the United Kingdom, and also in Norway, which is not presently in the European Union. Ivax will be distributing on its own or with additional partners in the remaining European Union nations of Austria, Denmark, Greece and Spain.