FAIR LAWN, NJ--(Marketwire - August 24, 2010) - Vyteris, Inc. (OTCBB: VYTR), developer of the first FDA-approved active transdermal patch and a leader in alternative drug delivery technology, today announced an agreement with the Georgia Tech Research Corporation of the Georgia Institute of Technology (Georgia Tech) granting Vyteris the option to exclusively license Georgia Tech's patented thermal ablation and microdevice fabrication technologies for transdermal drug delivery.
The thermal ablation technology is designed to selectively enhance skin permeation to allow delivery of therapeutic drugs of high molecular weight, including peptides and proteins, through the skin, eliminating the need to inject or infuse such drugs with hypodermic needles. The microdevice fabrication technology provides a novel method to manufacture microstructures for drug delivery using mild conditions that do not harm encapsulated drugs. Vyteris plans to work closely with Georgia Tech to identify therapies that would be appropriate for the application of the new technologies.
Georgia Tech's proprietary thermal ablation and microdevice fabrication technologies were developed by Dr. Mark R. Prausnitz, Professor of Chemical and Biomedical Engineering at the Georgia Institute of Technology and a leader in developing energy-based and microneedle-based transdermal delivery systems. Dr. Prausnitz has received major research awards from the National Science Foundation, Controlled Release Society, Wallace H. Coulter Foundation, Sigma Xi Scientific Research Society, Technology Review Magazine and American Society for Engineering Education.
Dr. Prausnitz commented: "Transdermal drug delivery, in addition to doing away with painful needles, can empower patients to better control their medication schedule, improves drug efficacy in many cases, and offers the promise of reduced healthcare costs. The thermal ablation-based transdermal delivery systems may be beneficial to improving the lives of patients around the world. Our agreement with Vyteris is an important step toward bringing Georgia Tech's advanced transdermal drug delivery technologies to patients in need."
"This is a significant inflection point for Vyteris that we believe enhances the Companies' current transdermal capabilities by providing access to these innovative technologies from Dr. Prausnitz' laboratory," said Haro Hartounian, Ph.D., president and chief executive officer of Vyteris, Inc. "Georgia Tech's thermal ablation and microdevice fabrication technologies are potentially complementary to our active transdermal smart patch technology, and may allow Vyteris to deliver a much broader range of therapeutic drugs through the skin. We look forward to working with Dr. Prausnitz and his team in advancing these combined drug delivery technologies toward clinical testing."
Under terms of the agreement, Georgia Tech will be entitled to royalty and milestone payments connected to the development and potential commercialization of products which incorporate the technologies. Specific financial terms of the agreement were not disclosed.
About Thermal Ablation and Microdevice Fabrication Technologies for Transdermal Drug Delivery
Thermal ablation is a method for enhancing skin permeation to allow the delivery of therapeutic drugs of high molecular weight. Thermal ablation selectively heats the skin's surface for microseconds to milliseconds to generate micron-scale perforations in the stratum corneum. Microdevices can be used to control drug delivery into the skin. Novel fabrication methods allow microdevices to be manufactured under conditions that do not damage encapsulated biomolecule drugs.
About Vyteris, Inc.
Vyteris, Inc. is the maker of the first, active ready-to-use drug delivery patch (LidoSite®) to receive marketing clearance from the U.S. Food and Drug Administration (FDA). Vyteris' proprietary active transdermal smart patch technology delivers drugs comfortably through the skin using low-level electrical energy (iontophoresis). This smart patch technology allows precise dosing, giving physicians and patients control in the rate, dosage and pattern of drug delivery that may result in considerable therapeutic, economical, and lifestyle advantages over existing methods of drug administration. Vyteris has successfully delivered a peptide non-invasively using its system, where the company demonstrated achievement of therapeutic levels of a peptide without use of needles. For more information, please visit us at www.vyteris.com.
Vyteris Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "would," "should," "believes," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include, without limitation, statements concerning the potential impact of the new marketing agreement and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, the competitive environment and competitive responses to the new marketing arrangement. The Company has described other important risks and uncertainties under the caption "Risk Factors" in its most recent Annual Report on Form 10-K and in various filings made with the SEC. Actual results may differ materially from those contained in the forward-looking statements in this press release.