Company has relocated its headquarters to new facility in Bothell, Washington
BELLEVUE, Wash., Sept. 24 /PRNewswire-FirstCall/ -- SCOLR Pharma, Inc. today announced that it has received the remaining $3.1 million of the total $4.1 million payment, pursuant to the terms of the lease termination agreement with the Company’s former landlord. In addition, the Company has completed the relocation of its headquarters to 19204 North Creek Parkway, Suite 100 Bothell, Washington. The Company’s telephone number will remain (425) 373-0171.
In May 2008, SCOLR entered into a lease termination agreement for its corporate facility providing for the Company to receive a total payment of $4.1 million. Under the terms of the agreement, the Company received an upfront payment of $1 million upon execution of the agreement with the remaining $3.1 million received when the Company vacated its premises on September 23, 2008 and relocated its corporate headquarters to a new more cost effective facility in Bothell, Washington. SCOLR will recognize the total lease termination payment of $4.1 million as a gain in the third quarter of 2008.
SCOLR Pharma’s new corporate headquarters is in the North Creek Business Park, Bothell Washington. The facility includes approximately 20,500 square feet of research and development facilities and administrative offices.
Daniel O. Wilds, SCOLR Pharma’s President and CEO, said, “We are very pleased to have completed this relocation and the fulfillment of our obligations under the lease termination agreement. Our new facility, formerly occupied by a pharmaceutical company, is ideally suited for both our current and anticipated needs.”
About SCOLR Pharma:
Based in Bellevue, Washington, SCOLR Pharma, Inc. is a specialty pharmaceutical company. SCOLR Pharma’s corporate objective is to combine its formulation expertise and its patented CDT platform to develop novel pharmaceutical, over-the-counter (OTC), and nutritional products. Our CDT drug delivery platform is based on multiple issued and pending patents and other intellectual property for the programmed release or enhanced performance of active pharmaceutical ingredients and nutritional products. For more information on SCOLR Pharma, please call 425.373.0171 or visit http://www.scolr.com/.
Contact:
Investor Relations:
Cameron Associates
Kevin McGrath
212.245.4577
Kevin@cameronassoc.com
CONTACT: Investor Relations, Kevin McGrath of Cameron Associates,
+1-212-245-4577, Kevin@cameronassoc.com
Web site: http://www.scolr.com//
