Cambridgeshire -- (MARKET WIRE) -- April 30, 2007 --For Immediate Release 30 April 2007
BioProgress plc
Technology Update and launch of new Technology - FastWrapTM
London, UK, 30 April 2007: BioProgress plc ('BioProgress' or the 'Company')
(AIM: BPRG; NASDAQ: BPRG), the specialty pharma and healthcare company, today
announces a technology update and the launch of a new tablet technology,
FastWrapTM using the TabWrapTM enabling technology platform.
Commercialisation of the TabWrapTM enabling technology platform has recently
passed some key internal milestones and is now in the final process
qualification program. The system has been shown to operate within its technical
specification and produces 100,000 tablets per hour. In parallel, new variants
of XGELTM have been developed giving further differential advantages to certain
products utilising the TabWrapTM system.
The Company remains on target to be producing TabWrapTM enhanced tablets for
launch into the market by the end of 2007. These products will be initially
launched within the US market and aimed at analgesic indications. The
undisclosed molecule has a US market size of $1.4billion (Datamonitor, estimates
for 2007) and offers a unique competitive advantage over the leading brand which
accounts for 14.1% of the total market. The Company plans to launch a FastWrapTM
version, as a line extension in 2008.
The SoluleavesTM suite of technologies will be delivering new products during Q2
2007. These include launches of non-regulated products which will be marketed
through the Group's sales and marketing subsidiary Dexo. The core US market will
see the launch of the Company's local anaesthetic product for sore mouths and a
SoluleavesTM thin strip which will be marketed under the AccuhistTM allergy
brand with its partner Tiber Laboratories. The market for lozenge products in
the cough/cold indication is $1.7 billion (Datamonitor 2007) with the US
accounting for $506.3m of sales. The Group's US division will be launching a
prescription only SoluleavesTM line extension of its Ah-Chew brand for the 2007
cough/cold season.
The Group is progressing on target with its patented smoking cessation product.
The product is a fast release stabilised oral film strip product. The global
market size for Over the Counter (OTC) smoking cessation products is $2.1
billion. In addition, the prescription only market for these products in the US
alone represents an additional $300m. The key markets for smoking cessation are
the US, Japan and Germany. Alternative dosage forms to traditional patches and
chewing gums are the fastest growth areas. The Group expects partner discussions
to complete in the very near term.
SoluPolTM products are progressing ahead of plan with three products currently
in pre-registration development, one in partnership and the other two for Dexo's
own products. One is in the area of analgesia and the Company anticipate that
regulatory filings will be made during H2 2007. The molecule in question
currently has a market value of $1.3 billion with significant market share in
Italy, Germany and the US. Dexo's second development is in the area of
gastro-intestinal disease and the Company expects to be able to file for
regulatory approval by the end of 2007.
FastWrapTM is a new technology that allows the rapid disintegration of coated
tablets thereby allowing for a faster onset of action of a drug. Using the
Company's patented novel tablet core technology, BioProgress is able to utilise
the novel TabWrapTM production system to create coated tablets which will
disintegrate and dissolve more rapidly than traditional techniques. In addition,
film-flavoured orally disintegrating tablets are also able to be produced. The
current worldwide market for orally disintegrating tablets is over $700m and
growing at 31% per annum.
The system is designed to create competitive advantages within the OTC drugs
market where speed of onset of action is a key consideration. The technology is
being targeted within the analgesic and cough/cold therapeutic areas. The
Global OTC analgesic market is worth $6.2 billion in 2007 (Datamonitor) with the
US, UK and Japan being the largest three single markets. The main actives used
with existing therapies are paracetamol/acetaminophen, aspirin and ibuprofen.
The global OTC cough / cold market is worth $10.5 billion with USA, Japan and
Germany being the three largest single markets.
The FastWrapTM technology has been developed as a response to requests from new
commercial partners. BioProgress additionally intends to use this technology for
its own products to create differential marketing benefits, particularly within
the US market.
Richard Trevillion, Chief Executive Officer, BioProgress, said:
"The launch of an additional technology within our portfolio is another
important step in creating a compelling enabling technology range for our own
products whilst enhancing our ability to work with partners. Speed of onset of
action is an important weapon in the war against illness and we are now able to
compete effectively within the market place.
"The team have worked hard to ensure that the TabWrapTM technology is on target
to deliver both our partners and our own proprietary product launch and
development targets. Our core developments are going to plan and we remain
confident that our products will offer the patient a differential advantage.
"The Group also expects revenue generation to be in line with expectations, and
administration costs to remain at similar levels reported by the company for the
full year in 2006."
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 XGELTM 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.
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