DALLAS, Jan. 8 /PRNewswire-FirstCall/ -- ACCESS PHARMACEUTICALS, INC. today announced that it has executed a Licensing Agreement with Wyeth Consumer Healthcare, a division of Wyeth , granting Wyeth the North American rights to develop and market an OTC product utilizing our OraDisc(TM) technology pending any required regulatory approvals. This Agreement grants an exclusive license to market the OraDisc(TM) product in the United States, Canada and Mexico, with an option to extend the marketing rights worldwide.
Under the terms of this Agreement, Wyeth will pay Access an upfront licensing fee, will make milestone payments and will purchase the finished product from Access for sale in the territory.
Commenting on the Agreement, Kerry P. Gray, President and CEO of Access, stated, "We are very pleased to have Wyeth Consumer Healthcare as our strategic partner for our OraDisc(TM) product. Wyeth Consumer Healthcare holds a leadership position in the OTC marketplace, and I believe that having them as our partner offers Access the greatest potential to maximize the market opportunity for this product."
OraDisc(TM) is a mucoadhesive polymer film technology which adheres to the mucous membrane, slowly eroding and locally releasing the drug. The OraDisc(TM) technology overcomes a number of problems associated with products applied to the mucous membrane including localizing the release of the drug at the desired site.
Mr. Gray continued, "Patient data collected in clinical studies conducted by Access using the OraDisc(TM) technology indicates a high level of patient acceptance, based on the ease of application and perceived effectiveness. This technology offers the potential to substantially improve the delivery of topically applied oral products."
Access Pharmaceuticals, Inc.:
Access is an emerging pharmaceutical company focused on developing both novel low development risk product candidates and technologies with longer- term major product opportunities. Access markets Aphthasol(R), the only FDA- approved product for the treatment of canker sores, and is developing products for mucositis and other dermatological indications. Access is also developing unique polymer platinates for use in the treatment of cancer and has developed, in conjunction with its partner Strakan, Ltd., the marketed product Zindaclin(R), which utilizes ResiDerm(R), our topical zinc delivery system that provides rapid delivery and reservoir of a drug in the skin.
Wyeth Consumer Healthcare:
Wyeth Consumer Healthcare, a division of Wyeth, is one of the world's leaders in the development, manufacture and marketing of non-prescription medicines, vitamins and nutritional products including such established brands as Advil(R), Centrum(R), Chap Stick(R), Dimetapp(R) and Robitussin(R).
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended, and that involve risks and uncertainties, including but not limited to statements made relating to our near-term products, the potential receipt of milestone payments from Wyeth, and our ability to generate significant revenues in the future and our future level of expenses.
These statements are subject to numerous risks, including but not limited to the uncertainties associated with research and development activities, clinical trials, our ability to raise capital, the timing of and our ability to achieve regulatory approvals, dependence on others to market our licensed products, collaborations, future cash flow, our ability to perform under our plan to regain compliance with AMEX listing standards, the timing and receipt of licensing and milestone revenues, projected future revenue growth and our ability to generate near term revenues, the future success of the Company's marketed products Aphthasol(R) and products in development including polymer platinate, OraDisc(TM) and our mucositis technology, our ability to develop products form our platform technologies, our ability to manufacture amlexanox products in commercial quantities, our sales projections and the sales projections of our licensing partners, and other risks detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2002, and other reports filed by us with the Securities and Exchange Commission.
Access Pharmaceuticals, Inc.