FAIRFIELD, N.J., Aug. 18 /PRNewswire-FirstCall/ -- BRADLEY PHARMACEUTICALS, INC. announced today that the Company has agreed to development terms with Polymer Science, Inc. of Monticello, IN, a division of Marian, Inc. of Indianapolis, IN.
Polymer Science will develop delivery systems not currently utilized by Bradley for future products to be commercialized by Bradley’s Doak Dermatologics and Kenwood Therapeutics operating units. The products to be developed and manufactured by Polymer Science for Bradley will be exclusive to Bradley and will be designed to help fill physician and patient needs for effective and convenient delivery of the active ingredients to be incorporated into these products. Product launches are expected in 2007 and beyond.
Bradley’s initial financial commitment is $760,000, which is Polymer Science’s estimate of its start-up costs associated with this project. According to the agreed upon payment schedule, Bradley will pay $190,000 in the Fourth Quarter 2006, followed by a second payment of $190,000 in the First Quarter 2007. The remaining $380,000 will be payable over the first three years of product production.
Polymer Science currently manufactures Trans*Ver*Sal(R), a salicylic acid wart removal patch system, marketed domestically by Doak Dermatologics as well as in 20 countries internationally.
Bradley President and CEO, Daniel Glassman, stated, “We are very pleased to expand our relationship with Polymer Science. Having enjoyed a successful collaboration on Trans*Ver*Sal(R), I am confident that this new project will be mutually beneficial as well.”
Polymer Science President, Fred Ennis, stated, “We are excited to embark on this new phase of our relationship with Bradley. We believe that our expertise in delivery system technology will prove an invaluable asset to further enhance these successful Doak and Kenwood brands.”
About Polymer Science Inc.
Polymer Science, Inc. specializes in providing custom coating, converting and packaging solutions for the medical, pharmaceutical and electronic markets. For more than a decade, their highly skilled technical staff has applied its expertise throughout these diverse markets to provide solutions to coating, converting and packaging challenges.
Bradley Pharmaceuticals, Inc. was founded in 1985 as a specialty pharmaceutical company and markets to niche physician specialties in the U.S. and 38 international markets. Bradley’s success is based on the strategy of Acquire, Enhance and Grow. Bradley Acquires non-strategic brands, Enhances these brands with line extensions and improved formulations and Grows the products through promotion, advertising and selling activities to optimize life cycle management. Bradley Pharmaceuticals is comprised of Doak Dermatologics, specializing in topical therapies for dermatology and podiatry; Kenwood Therapeutics, providing gastroenterology, respiratory and other internal medicine brands; and A. Aarons, which markets authorized generic versions of Doak and Kenwood therapies.
Important announcement:
Daniel Glassman will present at the RBC’s Healthcare Conference, to be held in New York City, December 12-14, 2006.
Daniel Glassman will present at the Wachovia Securities Small and Mid-Cap Conference, to be held at the Langham Hotel, Boston, MA, January 30-31, 2007.
Daniel Glassman will present at the Raymond James & Associates 28th Annual Institutional Investors Conference, to be held at the Hyatt Regency Grand Cypress in Orlando, FL., March 4-7, 2007.
Please visit Bradley Pharmaceuticals web site at: http://www.bradpharm.com
Bradley Pharmaceuticals common stock is listed on the NYSE under the symbol BDY.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements that address activities, events or developments that Bradley expects, believes or anticipates will or may occur in the future, such as sales and earnings estimates, other predictions of financial performance, timing of payments on indebtedness, launches by Bradley of new products, including the products incorporating the delivery system to be developed by Polymer Science, and market acceptance of Bradley’s products. Forward-looking statements are based on Bradley’s experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances and are subject to numerous risks and uncertainties, many of which are beyond Bradley’s control. These risks and uncertainties include Bradley’s ability to estimate sales; ability to comply with the restrictive covenants under its credit facility; maintain sales of its products; successfully acquire, develop, integrate, or sell new products, including POLYPHENON(R) E Ointment when and if approved by the FDA and the products incorporating the delivery systems to be developed by Polymer Science; or effectively react to other risks and uncertainties described from time to time in Bradley’s SEC filings, such as fluctuation of quarterly financial results, estimation of product returns, chargebacks, rebates and allowances, concentration of customers, reliance on third party manufacturers and suppliers, litigation or other proceedings (including the pending class action, shareholder derivative lawsuits and controversies or proceedings arising out of proposed shareholder initiatives), government regulation and stock price volatility. Further, Bradley cannot accurately predict the impact on its business of the approval, introduction, or expansion by competitors of generic or therapeutically equivalent or comparable versions of Bradley’s products or of any other competing products. In addition, actual results may differ materially from those projected. Bradley undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Bradley Pharmaceuticals, Inc.
CONTACT: Anthony Griffo, Investor Relations of Bradley Pharmaceuticals,Inc., +1-973-882-1505, ext. 313
Web site: http://www.bradpharm.com/
