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Wednesday August 1, 8:02 am Eastern Time
Press Release
SOURCE: RTP Pharma Inc.
SkyePharma Acquires 40.2% Interest in RTP Pharma Inc
MONTREAL, Quebec, Aug. 1 /PRNewswire/ -- RTP Pharma Inc., a biopharmaceutical company specializing in the development of novel products using its Insoluble Drug Delivery (IDD (TM)) technology announced today that SkyePharma PLC of (London, England) (Nasdaq: SKYE / LSE: SKP) had acquired 40.2% of its outstanding common shares.
Under the terms of the agreement SkyePharma will pay US$20 million for a 40.2% interest of the existing shares of RTP. In addition, under certain conditions, the remaining shareholders may ``put'' their RTP shares to SkyePharma, or alternatively SkyePharma may ``call'' RTP shares from the other RTP's shareholders. Moreover, SkyePharma and the current shareholders have agreed to acquire preferred shares in RTP for an additional US$15 million to fund operations.
Gary W. Pace, President and Chief Executive Officer of RTP Pharma said, ``This transaction is a clear validation of RTP as a world leader in the formulation of water-insoluble drugs. Also the relationship with SkyePharma will allow us to expand our market position immediately by collaborating on certain projects and leveraging SkyePharma's considerable expertise in controlled release and inhalation technologies.''
Drug insolubility is one of the most challenging issues in the development of many pharmaceutical products. Over one third of drugs listed in the U.S. Pharmacopoeia and about 50% of new chemical entities (NCE's) are insoluble or poorly soluble in water. As a result, many drugs are marketed as sub-optimal formulations, often giving poor or erratic bioavailability or a greater risk of adverse side effects. Additionally, many otherwise promising compounds never reach the market due to problems with insolubility. The IDD (TM) technology platform provides solutions to overcome these problems by enhancing the uptake and safety of water-insoluble drugs across a broad range of therapeutic classes including anesthetics, anti-cancer agents and immune suppressants.
RTP Pharma currently has several IDD (TM) based products in various stages of clinical development including fenofibrate, propofol, cyclosporine, and busulfan. Two non-disclosed products formulated using the IDD (TM) technology, a human oral product and a veterinary injectable product, have been filed for FDA approval. The Company has alliances with Schering Plough Corporation, SuperGen, and IDEXX and other non-disclosed partners on drugs formulated using IDD (TM) technology. The Company now owns or has exclusively licensed nineteen patents and has submitted twenty six patent applications on its IDD (TM) technology in the United States. The Company has also filed related patent applications on its IDD (TM) technology in other countries and regions. Further information on RTP Pharma can be found at www.rtppharma.com. |
