Cambridgeshire -- (MARKET WIRE) -- March 7, 2007 --For Immediate Release 7 March 2007
BioProgress plc
BioProgress (DEXO) Agreement to Promote Accuhist(R) Product Line in U.S.
London, UK, 7 March 2007: BioProgress plc ('BioProgress' or the 'Company') (AIM:
BPRG; NASDAQ: BPRG), the specialty pharmaceutical and healthcare company, is
pleased to announce the completion of an agreement with Tiber Laboratories to
promote the Accuhist® line of pediatric drops throughout the United States.
The company will be responsible for sales and promotion of three well-known
products - Accuhist Pediatric Drops, Accuhist® PDX Drops, and Accuhist® DM
Drops. The products compete in the growing category of cough/cold drops for
infants, a market currently in excess of $2 billion. The Accuhist® line was
sold nationally by PediaMed in the years prior to the sale to Tiber
Laboratories. In recent years the Accuhist® line held the number two position
in share of the key US market. The new agreement between Tiber Laboratories and
DEXO, BioProgress' U.S. pharmaceutical subsidiary, will reestablish promotion of
this widely prescribed product.
In addition, BioProgress will develop for Tiber Laboratories a film strip
version of the popular Accuhist® product which is scheduled for launch in H2
2007. The product will be promoted by Tiber Laboratories with a development
royalty on sales paid to BioProgress' manufacturing subsidiary BioTec Films.
The tremendous growth of film strips as a convenient means of patient dosing is
changing the face of medicine, and Tiber Laboratories anticipates the film strip
becoming an integral part of their product offering.
Specifically, BioProgress will realise 50% of the sales of the Accuhist®
Pediatric, PDX and DM drops for a period beginning shortly after the date of
this agreement and a further 10% Royalty based on gross sales of the film strip
version of Accuhist®. BioProgress will also have the opportunity to realize up
to 80% of the sales of Accuhist® Pediatric, PDX and DM drops once various
milestones have been achieved regarding the sales of the film strip product.
BioProgress continues the aggressive development of products for the pediatric
market. This agreement adds pediatric drop products to the portfolio,
augmenting the existing array of products including brands such as Ah-Chew®
and E-Z Spacer®. The company has several new products in development
including an orally dissolving tablet, and several films version of the Ah-Chew
line.
Richard Trevillion, Chief Executive Officer, of BioProgress commented:
"The Accuhist® line is a high profile U.S. brand that will add depth to our
growing U.S. portfolio. The Accuhist® product is a prominent player in the
pediatric drops category over the last several years, and we look forward to
adding DEXO's sales resources to increase the Accuhist share of this major
category."
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 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
About Tiber Laboratories, LLC
Tiber Laboratories LLC is a Georgia, USA corporation focused on the development
and distribution of prescription products to the pediatric and primary care
markets. The therapeutic focus of Tiber Laboratories has been in the areas of
respiratory management and dermatology. However, there are other markets
currently under consideration. Tiber is lead by a team of highly experienced
industry veterans. They have been active in the acquisition of several
recognized brands including the Accuhist®, Endal®, Histex™, and
Viravan™. Tiber will be launching several new products through their own
sales forces as well as through partnership.
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.
This information is provided by RNS
The company news service from the London Stock Exchange