BOSTON, May 18 /PRNewswire-FirstCall/ -- MacroChem Corporation president and CEO Robert J. DeLuccia reviewed the Company’s recent successful restructuring and recapitalization efforts and presented an update on the Company’s technologies, products and business strategy at today’s annual stockholders meeting.
Mr. DeLuccia noted that, during the past year, the Company had successfully restructured and raised $8.25 million in a private placement with institutional investors. Mr. DeLuccia further noted that, on February 10, 2006, the Company began trading on the OTCBB under its new ticker symbol (MACM.OB).
“Having successfully completed our recent private placement, we are very excited about the opportunity to focus our financial resources on advancing our lead product candidate, EcoNail(TM) for the treatment of onychomycosis, into a Phase 2 clinical trial,” Mr. DeLuccia said.
Mr. DeLuccia also reported that, in addition to advancing EcoNail, the Company’s strategic priorities include seeking a partner to advance the Company’s Opterone(R) product candidate into a Phase 2 clinical trial as well as evaluating opportunities to in-license new products and technologies.
Upcoming EcoNail Clinical Trial
The Company expects to commence a Phase 2 trial of EcoNail later in the second quarter. The Company is in the process of manufacturing clinical supplies and submitting the proposed Phase 2 protocol for IRB (Institutional Review Board) review. The proposed protocol calls for a 48-week treatment duration and efficacy assessments using standard criteria of nail appearance and mycology. The protocol also anticipates an interim assessment after all patients complete 24 weeks of treatment. At both the interim and final assessments, the Company plans to utilize a panel of independent onychomycosis experts to assist with the efficacy evaluations.
About MacroChem
MacroChem Corporation is a specialty pharmaceutical company with two clinical development stage products containing our patented enhancer, SEPA(R): EcoNail, to treat fungal infection of the nail and Opterone(R), to treat male hypogonadism. In addition to our SEPA technology, we are also evaluating applications for MacroDerm(TM), our patented series of polymers that impede penetration of active ingredients through the skin. For more information visit our website, http://www.macrochem.com.
Forward-Looking Statements
With the exception of historical information contained in this press release, the matters described herein are forward-looking statements that involve risks and uncertainties. MacroChem’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed or referred to in the section entitled “Risk Factors” in MacroChem’s Annual Report on Form 10-K, as well as those discussed elsewhere therein, and include, without limitation, risks regarding product development, the timing and results of clinical trials, the regulatory approval process, capital requirements, financial condition, patent protection and dependence on third parties for development and licensing arrangements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. MacroChem undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For more information visit our website, http://www.macrochem.com.
Contact: Bernard Patriacca - VP/CFO
(781) 862-4003
MacroChem Corporation
CONTACT: Bernard Patriacca, VP/CFO of MacroChem Corporation,+1-781-862-4003
Web site: http://www.macrochem.com/
