For Immediate Release 9 February 2007
BioProgress plc
Completion of licensing agreement with Uluru on novel Oradisc(TM) product for
the treatment of mouth ulcers and mouth pain in Europe
London, UK, 9 February 2007: BioProgress plc ('BioProgress' or the 'Company')
(AIM: BPRG; NASDAQ: BPRG), the speciality pharma and healthcare company, has
today announced that it has completed a licensing agreement with Uluru Inc, for
a specific product for the treatment of mouth ulcers using Uluru's Oradisc(TM)
technology.
The product agreement is in addition to the current anti-emetic product already
in development between the two parties.
The product is being positioned within BioProgress's strategy of patient
supportive care, especially with painful conditions of the mouth such as that
seen when patients are undergoing oncology treatment. The product is expected to
be available both as a prescription medicine and as an Over the Counter
medicine. BioProgress will be marketing the product within the European, CIS and
Middle East regions. The product will be applied for market approval within the
second half of 2007. The current market in the UK alone is £28.8m (IRI/PAGB
2005).
It is expected that BioProgress will develop a broad, product-based franchise in
the area of sore mouth conditions - a major area of unmet need. It plans to be
the leading dominant player within the EU and Middle East Regions with a focus
on using soluble polymer technology, whether in film or as liquid.
BioProgress will pay an initial milestone payment of $600,000 for the exclusive
rights to the product with further milestones based upon regulatory and sales
based milestones.
Steve Martin, Chief Development Officer, BioProgress, said:
"BioProgress is pleased that the relationship with Uluru is delivering products
to add to our growing portfolio. It is important that the Company is able to
gain a critical mass within the area of sore mouth conditions, ranging from
xerostomia (dry mouth), mucositis (inflammation of the mucous membranes) to
mouth ulcerations. The area has a broad market in that products can be used as
prescription medicines, Over the Counter Medicines and importantly into the
dental arena. This also enhances brands such as Collunovar which were previous
purchased within Dexo France.
Having a broad commercialisation strategy enables BioProgress to maximise rapid
revenues from the projects. With an enhanced regulatory team and increases in
our operational management we are pleased that such partnerships will enhance
the current strategy of BioProgress."
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 a virtually 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.
ULURU Inc. is an emerging specialty pharmaceutical company focused on the
development of a portfolio of wound management, plastic surgery and oral care
products to provide patients and consumers improved clinical outcomes through
controlled delivery utilizing its innovative transmucosal delivery system and
Hydrogel Nanoparticle Aggregate technology.
This information is provided by RNS
The company news service from the London Stock Exchange
Cambridgeshire -- (MARKET WIRE) -- February 9, 2007 --