SCOLR Pharma announced that it has been notified by Wyeth Consumer Healthcare that Wyeth is terminating its license to use SCOLR's technology in products containing ibuprofen.SCOLR Pharma said it planned to continue the development of a 12-hour extended release ibuprofen product and would either seek to work with another large pharmaceutical company or develop the data needed to file an application with the Food and Drug Administration.
The development and license agreement, signed December 21, 2005, provided Wyeth with global rights to use SCOLR's technology for all products containing ibuprofen. SCOLR has already received approximately $2.1 million in milestone and other payments from Wyeth, including more than $950,000 since January 1, 2007.
As a result of the termination dated March 14, 2007, SCOLR will reacquire all rights to use its technology for products containing ibuprofen. Pursuant to the terms of the license agreement, the termination will be effective April 16, 2007.
Daniel O. Wilds, President and Chief Executive Officer, said, "While we are disappointed with Wyeth's decision, this also represents a significant opportunity for us. We are optimistic about our ability to advance commercialization of a 12-hour extended release ibuprofen product. We believe that multiple clinical trials, real time stability and scale-up activities provide strong evidence of the commercial viability of our CDT® formulation.
"We will continue preparations for an FDA filing, while at the same time we will evaluate various opportunities for this product, including discussions with large pharmaceutical companies that have previously expressed an interest in working with us to commercialize a variety of extended release products containing ibuprofen."
The Wyeth decision does not affect SCOLR Pharma's ongoing development of other pharmaceutical products using its CDT platform.
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/
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