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New Safer Topical Steroid for Dermatological Use

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<P ALIGN="center"><B>IVAX Acquires New Safer Topical Steroid for Dermatological Use</B></P>


MIAMI--(BUSINESS WIRE)--Oct. 8, 2001--IVAX Corporation (AMEX:IVX), (LSE:IVX.L) announced today it has acquired the worldwide rights for the dermatological use of loteprednol etabonate (LE), a new "soft" corticosteroid to treat dermatological conditions, and plans to shortly start Phase II clinical trials to demonstrate its safety and efficacy.

IVAX believes LE to be safer than currently available products because it is rapidly metabolized to an inactive compound after absorption. The main undesirable effects of presently used drugs are atrophy (thinning of the skin), suppression of adrenal gland production of cortisol, and possible growth retardation in children. In addition, because these medications are sometimes used near the eyes, elevated intraocular pressure may also be a problem for people predisposed to develop glaucoma.

The anticipated greater safety of LE should make it a preferred product for use in children, and on parts of the body more subject to atrophy, such as the face and groin areas. The current U.S. market for prescription corticosteroid ointments and creams is approximately 輴 million per year.

IVAX is also developing another more potent "soft" corticosteroid for other indications such as inflammation of the gastrointestinal tract, asthma, and allergic disorders of the eye. Clinical trials are under way to treat regional ileitis (Crohn's disease) and studies are planned for an inhaled form to treat asthma and a nasal spray to treat allergic rhinitis. In addition, IVAX is developing for veterinary use a formulation of LE to treat canine dermatological disorders and otitis, and is also developing an inhaled soft corticosteroid formulation to treat asthma in horses.

IVAX Corporation, headquartered in Miami, Florida, is engaged in the research, development, manufacturing, and marketing of branded and brand equivalent pharmaceuticals and veterinary and diagnostic products in the U.S. and international markets.

Copies of this and other news releases may be obtained free of charge from IVAX' Web site at http://www.ivax.com.

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