PHILADELPHIA, Jan. 29 /PRNewswire-FirstCall/ -- BioProgress plc (‘BioProgress’) , the speciality pharma and healthcare company, and Magenta Oral Dose Design, a business unit of FMC Corporation (‘FMC’) , are pleased to confirm the finalization of the restructuring agreements regarding the licensing of NRobe technology.
BioProgress and FMC have agreed to restructure their licensing partnership to more accurately reflect the intended market strategy for the NRobe technology and to accelerate its commercialization.
Under the restructured arrangements BioProgress, the licensor of NRobe, will receive enhanced royalties based upon total NRobe income generated by FMC. FMC retains the exclusive rights to NRobe and will be responsible for the continuing development, commercialization and promotion of this novel oral drug delivery system.
Under separate agreements, BioProgress and FMC will collaborate to endorse the technology in certain pharmaceutical products to be licensed for sale through BioProgress’ sales and marketing division Dexo.
NRobe is a solid oral dose system capable of enrobing a variety of powders and particulates within dry polymer films to produce an elegant dose form comparable in appearance to film-coated or gel-dipped tablets, or two-piece hard capsules. This versatile system can deliver benefits such as unique appearance, improved drug release, simplified formulation and processing, and the avoidance of problematic excipients. Development efforts are currently focused on proprietary product applications, commercial scale manufacturing equipment, and novel polymer films. FMC has demonstration NRobe units in the US and Europe.
Richard Trevillion, Chief Executive Officer, BioProgress said:
“We are pleased to confirm the restructuring agreement with FMC in a spirit of mutual cooperation. It is clear we share a vision of NRobe as an enabling technology for pharmaceuticals that addresses large market needs. We look forward to our continued partnership and close working relationship with FMC.”
Robin Mitchell, Director of Magenta Oral Dose Design said:
“Our collaboration with BioProgress over the past few years has yielded positive results for NRobe in terms of technical milestones achieved and interest from the pharmaceutical industry. This restructuring benefits both companies and paves the way for the next phase of commercialization of NRobe as a high value oral drug delivery platform.”
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 XGEL(TM) polymer technology, replacing the need to use animal-derived gelatine in pharmaceutical and healthcare products. For further information please go to http://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.
About FMC
Magenta Oral Dose Design is part of Healthcare Ventures, a growth unit leveraging FMC’s core expertise in marine-derived biopolymers and pharmaceutical applications.
FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. The company employs over 5,000 people throughout the world. The company operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals. For more information please go to http://www.fmc.com.
Safe Harbor Statement under the Private Securities Act of 1995
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation’s 2005 Form 10-K and other SEC filings. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
FMC Corporation
CONTACT: BioProgress Plc: Richard Trevillion, CEO, or Steve Martin, CDO, +44 (0) 20 7098 9881; Buchanan Communications: Rebecca Skye Dietrich or MarkCourt, + 44 (0) 20 7466 5000; FMC: Robin Mitchell, Business Unit Director,Magenta Oral Dose Design, +1-215-299-5936
