Cambridgeshire -- (MARKET WIRE) -- January 29, 2007 --
For Immediate Release 29 January 2007
BioProgress plc and FMC Corporation Complete NRobe(TM) Oral Dose System
Restructuring Agreement
29 January 2007: BioProgress plc ('BioProgress') (AIM: BPRG; NASDAQ:
BPRG), the speciality pharma and healthcare company, and Magenta Oral
Dose Design a business unit of FMC Corporation ('FMC') (NSYE: FMC) are
pleased to confirm the finalisation of the restructuring agreements
regarding the licensing of NRobe™ technology.
BioProgress and FMC have agreed to restructure their licensing
partnership more accurately to reflect the intended market strategy for
the NRobe™ technology and to accelerate its commercialization.
Under the restructured arrangements BioProgress, the licensor of
NRobe™, will receive enhanced royalties based upon total NRobe™
income generated by FMC. FMC retains the exclusive rights to NRobe™
and will be responsible for the continuing development, commercialization
and promotion of this novel oral drug delivery system.
Under separate agreements, BioProgress and FMC will collaborate to
endorse the technology in certain pharmaceutical products to be licensed
for sale through BioProgress' sales and marketing division Dexo.
NRobe™is a solid oral dose system capable of enrobing a variety of
powders and particulates within dry polymer films to produce an elegant
dose form comparable in appearance to film-coated or gel-dipped tablets,
or two-piece hard capsules. This versatile system can deliver benefits
such as unique appearance, improved drug release, simplified formulation
and processing, and the avoidance of problematic excipients. Development
efforts are currently focused on proprietary product applications,
commercial scale manufacturing equipment, and novel polymer films. FMC
has demonstration NRobe™units in the US and Europe.
Richard Trevillion, Chief Executive Officer, BioProgress, said:
"We are pleased to confirm the restructuring agreement with FMC in a
spirit of mutual cooperation. It is clear we share a vision of NRobe™
as an enabling technology for pharmaceuticals that addresses large market
needs. We look forward to our continued partnership and close working
relationship with FMC."
Robin Mitchell, Director of Magenta Oral Dose Design, said:
"Our collaboration with BioProgress over the past few years has yielded
positive results for NRobe™in terms of technical milestones achieved
and interest from the pharmaceutical industry. This restructuring
benefits both companies and paves the way for the next phase of
commercialization of NRobe™as a high value oral drug delivery
platform."
For further information:
BioProgress Plc + 44 (0) 20 7098 9881
Richard Trevillion, CEO
Steve Martin, CDO
Buchanan Communications + 44 (0) 20 7466 5000
Rebecca Skye Dietrich / Mark Court
FMC, Magenta Oral Dose Design +1 215 299 5936
Robin Mitchell, Business Unit Director
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 a vertically 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™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 FMC
Magenta Oral Dose Design is part of Healthcare Ventures, a growth unit
leveragaging FMC's core expertise in marine-derived biopolymers and
pharmaceutical applications.
FMC Corporation is a diversified chemical company serving agricultural,
industrial and consumer markets globally for more than a century with
innovative solutions, applications and quality products. The company
employs over 5,000 people throughout the world. The company operates its
businesses in three segments: Agricultural Products, Specialty Chemicals
and Industrial Chemicals. For more information please go to
www.fmc.com
Safe Harbor Statement under the Private Securities Act of 1995
Statements in this news release that are forward-looking statements are
subject to various risks and uncertainties concerning specific factors
described in FMC Corporation's 2005 Form 10-K and other SEC filings.
Such information contained herein represents management's best judgment
as of the date hereof based on information currently available. FMC
Corporation does not intend to update this information and disclaims any
legal obligation to the contrary. Historical information is not
necessarily indicative of future performance.
This information is provided by RNS
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