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Biotech / Medical : Paracelsian Inc (PRLN)
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To: John H. Farro who wrote (4255)8/13/1999 4:43:00 PM
From: Jonathan Schonsheck   of 4342
 
Threaders - From today's 10-SBK

The Company filed a broad patent application covering its unique approach to
quality assurance in July of 1998. The patent application is being prosecuted by
Kenyon & Kenyon of New York, one of the nation's most respected law firms
specializing in intellectual property.
In July 1998, the Company entered into an agreement with R.P. Scherer North
America that establishes them as the exclusive marketing and distribution agent
for the BioFIT (TM) certification program in the dietary supplement and OTC
market segments in North America. The agreement provided for payments to the
Company for development of assay systems, for product certifications, for batch
to batch testing and for royalties on the sale of BioFIT (TM) products. This
agreement has now been modified to limit R.P. Scherer's exclusivity only to the
softgel delivery system. The Company will continue to receive royalties on the
sale of all BioFIT (TM) certified products by R.P. Scherer and will continue to
be paid for batch to batch testing. However, the Company is now free to pursue
arrangements with all manufacturers selling other types of delivery forms
including tablets, two part hard shells, foods and beverages, as well as with
raw material manufacturers. This dramatically increases the Company's potential
revenue and, in the case of finished goods manufacturers, allows the Company to
receive royalties based on a higher selling price than that at which its
royalties from R.P. Scherer would have been based.
The Company has initiated testing for several raw material suppliers and
finished goods manufactures. Revenues derived from testing are increasing and
the Company expects that requests for testing will continue to increase in the
coming months as the industry enters its peak selling period from September to
March. The Company is also in active discussions with several sellers of
finished dietary supplements and sellers of raw materials and expects to
complete negotiations shortly that will result in BioFIT (TM) certified products
being seen on store shelves later this year.
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