For Immediate Release 8 February 2007
BioProgress plc
In-licensing of MuGard(TM) from Access Pharmaceuticals
London, UK, 8 February 2007: BioProgress plc ('BioProgress' or the 'Company')
(AIM: BPRG; NASDAQ: BPRG), the speciality pharmaceutical and healthcare company,
has today announced that it has agreed, subject to final contract, to in-license
MuGard(TM) (the "Product") from Access Pharmaceuticals Inc ("Access").
MuGard(TM) is a proprietary oral rinse product, currently approved as a medical
device in the USA, for the management of oral mucositis, a painful inflammatory
mouth condition, a debilitating side effect which afflicts more than 40% of
cancer patients undergoing chemotherapy and radiation therapy. The Product is a
mucoadhesive polymer rinse and is registered as a medical device. MuGard(TM) is
highly synergistic with BioProgress's existing range of brands within its
patient supportive care franchise. The Product will be promoted to cancer
treatment centres as a prescription medicine. BioProgress will be marketing the
product within the European, CIS and Middle East regions. As consideration for
the exclusive rights, BioProgress will, upon signing the final licensing
agreement, pay Access $1m. In addition to the exclusive license it has also been
agreed that BioProgress will be responsible for the manufacturing of the Product
and product line extensions using the Company's enabling system for example
SoluPol. Access has assumed the payment of agreed manufacturing and scale up
costs prior to product launch. The Product will be launched within the second
half of 2007.
There are currently no well-accepted treatments for mucositis. With over 1.8
million new cancer patients within the EU every year, it is estimated that over
40% of all patients undergoing radiation/chemotherapy treatment have moderate to
severe mucositis. In reported studies MuGard(TM) prevented significant mucositis
in 43% of patients in a population where the incidence of mucositis normally
exceeds 90% "internal data". The estimated market size for this indication in
the US exceeds $1 billion.
In addition to the management of mucositis, the approved indication for
MuGard(TM) includes all types of oral wounds, including aphthous ulcers
(canker sores) and traumatic ulcers, such as those caused by oral surgery or
ill-fitting dentures or braces. The broad-based approval provides BioProgress
with the opportunity to promote the use of the product for several related oral
ulcerative conditions.
Steve Martin, Chief Development Officer, BioProgress, said:
"BioProgress is continuing to build its portfolio of products within its patient
supportive care franchise and MuGard(TM) offers a real treatment for a painful
condition that is poorly managed. In line with the Company's other developments
in this area, we see this exciting opportunity as a robust step to gaining
critical mass within one of our niche and growing areas of expertise.
BioProgress will continue to build on the MuGard(TM) concept with Access to
offer a wider range of delivery systems for the patient."
For further information:
BioProgress Plc + 44 (0) 20 7098 9881
Richard Trevillion, CEO
Steve Martin, CDO
Hiral Patel, CFO
Buchanan Communications + 44 (0) 20 7466 5000
Rebecca Skye Dietrich/Mark Court
About BioProgress
BioProgress plc is an innovative specialty pharmaceutical and healthcare
business based around its platform technologies in polymer and film systems.
Listed on London's AIM in May 2003 and on US NASDAQ in October 2004, the company
has over 80 patents granted or in application within 24 patent families and has
product development agreements and strategic alliances with several global
companies. As an integrated business, BioProgress has acquired sales and
marketing resources within Europe and the US as a launch mechanism for its own
pharmaceutical products. The business continues to develop innovative delivery
mechanisms using its XGEL(TM) polymer technology, replacing the need to use
animal-derived gelatine in pharmaceutical and healthcare products. For further
information please go to www.bioprogress.com
Forward-Looking Information.
The Ordinary Shares of BioProgress plc are registered under the US Securities
and Exchange Act of 1934. To the extent that this announcement contains certain
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, this paragraph applies. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from the
expectations contained in the forward-looking statements. The forward-looking
statements in this release include statements addressing future financial and
operating results and the timing and benefits of the reorganisation. Detailed
information about factors pertinent to the business of the company that could
cause actual results to differ is set forth in the Company"s filings with the
Securities and Exchange Commission. The Company is under no obligation to (and
expressly disclaim any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or otherwise.
This announcement is for information only and does not constitute an offer or
invitation to acquire or dispose of any securities or investment advice. The
distribution of the announcement and/or issue of securities in certain
jurisdictions may be restricted by law. Persons into whose possession this
announcement comes are required to inform themselves about and to observe such
restrictions.
About Access
Access is an emerging specialty pharmaceutical company that develops and
commercialises proprietary products for the treatment and supportive care of
cancer patients. Access' products include ProLindac(TM), currently in Phase II
clinical testing of patients with ovarian cancer and MuGard(TM) for the
treatment of patients with mucositis. Access also has other advanced drug
delivery technologies including vitamin-mediated targeted delivery and oral drug
delivery. For additional information on Access Pharmaceuticals, please visit our
website at www.accesspharma.com
This information is provided by RNS
The company news service from the London Stock Exchange
Cambridgeshire -- (MARKET WIRE) -- February 8, 2007 --