FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec. 11, 2003--SoLar Pharmaceuticals, Inc. ("SoLar," the "Company"), a development-stage pharmaceutical company, announced today that it has completed two rounds of fund-raising. Initially, SoLar raised $2.8 million at $3.50 per share, principally from insiders and investors who had previously contributed to the growth of the company. Later, a foreign pharmaceutical firm purchased shares at $4.50 per share in an arms-length transaction, providing $135,000 in additional capital to Solar.
SoLar was founded to capitalize upon commercial opportunities in the pharmaceutical area. The Company has a strategy that, if successfully implemented, could allow it to create several novel branded products that could be both developed and marketed in a cost-effective manner. Such products could receive marketing exclusivity for a period of time from the FDA, and could be associated with patentable discoveries that could enhance the total sales potential of the products.
Founded by a cardiologist, Lawrence Solomon, M.D., SoLar is initially focusing its efforts on cardiovascular products, a large therapeutic area with numerous potential product candidates. SoLar has had multiple, ongoing, and helpful interactions with the FDA regarding its product plans. The Company does not anticipate manufacturing its own products for the foreseeable future, and is currently negotiating for contract manufacture of several of its products. Clinical trials may begin in the first half of 2004.
Management and Directors
Dr. Solomon, Chairman, President, and Chief Executive Officer of SoLar, was a practicing cardiologist in Miami Beach, Florida from 1985 until he retired in 2001, the year he incorporated SoLar. He was a consultant to two local pharmaceutical firms, IVAX Corp. (AMEX:IVX - News) in Miami from 1990-93, after which he joined Andrx Corp. (Nasdaq:ADRX - News), located in Fort Lauderdale. He served as Medical Director at Andrx from 1998-2001. While at Andrx, he had several roles, including aiding in the genesis and development of Andrx' brand program, which has led to FDA approval for one product and an FDA "approvable" letter for a second product.
David Lucking is Executive Vice President and Chief Operating Officer. Mr. Lucking is a clinical and regulatory affairs specialist with extensive experience in the pharmaceutical industry. Prior to joining SoLar, he had a variety of senior management positions at Noven Pharmaceuticals, Inc. (Nasdaq:NOVN - News) from 1987 to 2003. He also serves as a director of a Miami-based public contract research organization, SFBC International, Inc. (Nasdaq:SFCC - News).
Elliot F. Hahn, Ph.D., serves as an Executive Director of SoLar. Currently its Chairman Emeritus, Dr. Hahn was a co-founder of Andrx Corp., where he remains a director. He also is a director of Able Laboratories, Inc. (Nasdaq:ABRX - News), a generic manufacturer.
Nigel N. Norton serves as an Executive Director of SoLar. Mr. Norton was the founder of H N Norton Ltd, which became the largest generic pharmaceutical company in Great Britain, with an important European and international presence. It was merged with IVAX Corp. in 1990, after which he served for several years as a director of IVAX.
SoLar is located at 5310 N.W. 33rd Ave., Suite 118, Fort Lauderdale, FL 33309. Contact Ann Hasen for further corporate information at 954/535-9150 ext. 100, or at A.Hasen@solarpharm.com.
Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein or which are otherwise made by or on behalf of the Company that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "plan," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including but not limited to, the timing and outcome of litigation and future product launches; government regulation generally; competition; manufacturing capacities and output; commercial obstacles to the successful introduction of brand products generally; product liability claims; rising costs and availability of insurance, including product liability insurance; and the absence of certainty regarding the receipt of required regulatory approvals or the timing or terms of such approvals. SoLar Pharmaceuticals, Inc. disclaims any responsibility to update the statements contained herein.
SoLar Pharmaceuticals, Inc., Fort Lauderdale Ann Hasen, 954/535-9150 ext. 100 A.Hasen@solarpharm.com
Source: SoLar Pharmaceuticals, Inc.