SALT LAKE CITY, Dec. 11 /PRNewswire/ -- MacroMed, Inc., a Utah-based private drug development and manufacturing company, today announced that it has signed an agreement to be acquired by the UK-based biopharmaceutical company, Protherics PLC, pursuant to an agreement and plan of merger and reorganization. The merger is a $25 million all-stock acquisition of MacroMed and its lead product, OncoGel(R), a novel sustained-release formulation of paclitaxel being developed for local administration in the treatment of esophageal and brain cancer.
MacroMed CEO, Thomas Bergmann, stated, "The merger is very significant for MacroMed because it helps ensure that OncoGel progresses toward commercialization. Protherics is in an excellent position to make this happen."
Protherics plans to continue MacroMed operations at the current West Valley City, Utah facility. The acquisition remains subject to the approval of the respective shareholders of MacroMed and Protherics and to various conditions of closing in the merger agreement. The acquisition is expected to complete in early 2007.
MacroMed was founded in 1995 by the world-renown University of Utah professor, Dr. Sung Wan Kim. The company, which employs 33 persons, recently relocated to a new facility in West Valley City.
The focus of the company is to create new formulations of existing drugs using its novel polymeric technologies. MacroMed's technology platform includes ReGel(R), a temperature-sensitive, bioerodible hydrogel, HySolv(TM), a drug solubilizer, and SQZGel(TM), an oral sustained-release technology.
The company's lead product, OncoGel, is currently completing a phase 2a clinical study for the palliation of esophageal cancer and is expected to enter clinical trials in 2007 for the local treatment of brain cancer.
Protherics is an integrated biopharmaceutical company focused on the development and marketing of products for critical care and cancer. With headquarters in London, the Company has 227 employees across its operations in the UK, US and Australia.
Protherics' strategy is to use the revenues generated from its marketed products to help fund the advancement of its development pipeline. With a proven track record in drug development, biopharmaceutical manufacturing and regulatory affairs, Protherics' goal is to develop and attract additional cancer and critical care products for its sales and marketing teams to distribute in the US and Europe.
Protherics currently has two commercial products, CroFab(R), a pit viper antivenom, and DigiFab(R), a digoxin antidote. The Company has a strong pipeline that includes Voraxaze(TM), which is administered when methotrexate blood levels remain dangerously high following high doses for the treatment of cancer, CytoFab(R), in phase 2 development for severe sepsis with AstraZeneca, Prolarix(TM), a targeted cancer therapy for primary liver cancer and other select tumors, and Angiotensin Therapeutic Vaccine for the treatment of hypertension.
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CONTACT: Thomas Bergmann, CEO, +1-801-699-2368, or Alex Kim, ExecutiveVice President, or Jim Herrin, Sr. Vice President, +1-801-433-2560, all ofMacroMed; or Andrew Heath, CEO, +44 (0) 20 7246 9950, or Nick Staples,Director of Corporate Affairs, +44 (0) 7919 480510, or Saul Komisar,President, +1-615-327-1027, all of Protherics