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SCOLR, Inc. Annual Meeting Overview -- Advancements in Drug Delivery Business Model
Tuesday May 27, 9:03 am ET
REDMOND, Wash.--(BUSINESS WIRE)--May 27, 2003--SCOLR, Inc. (OTCBB:SCLL - News) held its Annual Meeting of Stockholders on May 23, 2003. Remarks made by David T. Howard, President and CEO, addressed the drug delivery milestones the Company achieved last year and its prospects for developing additional formulations for nutraceutical, OTC and prescription drug markets based on its patented drug delivery technology.
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Shareholders approved the first of three matters submitted to stockholders, the re-election of directors Herbert L. Lucas and David T. Howard.
In proxy items two and three the Company sought to strengthen its ability to negotiate in the event of an unsolicited takeover. Those proposed amendments to the Company's Certificate of Incorporation were not approved; although they received a majority of the shares voted, they did not receive a majority of the shares outstanding as required by applicable law.
Howard reported that SCOLR's CDT(TM) glucosamine & chondroitin was currently being sold by Wal-Mart and Trader Joe's, and that he expects Rite-Aid to have the product on its shelves in June/July. He added that SCOLR had recently been notified that it has received an `approved listing' from GNC stores for CDT(TM) glucosamine & chondroitin, and the Company expects GNC to offer the product later this year.
By Q4, Howard said he estimates that CDT(TM) NovaSoy® and glucosamine & chondroitin will achieve an annualized royalty revenue rate of $1.5 million per year.
Howard reviewed the significant progress the Company had achieved since its meeting last year.
Looking back at 2002 milestones, Howard noted, "SCOLR continued the initiatives begun in the prior year including (1) streamlining the probiotics business and returning it to profitability, while (2) focusing on and continuing to build our patented CDT(TM) drug delivery technology, (3) filing and/or licensing additional patents, and (4) actively pursuing strategic alliances with OTC and multinational prescription drug companies in order to bring to market additional products based on our intellectual property portfolio."
Howard's review of operational highlights for the year included:
1. NovaSoy Daily®, the first Archer Daniels Midland (NYSE:ADM - News)
nutraceutical product based on our CDT(TM) technology, was
introduced to the European market in `02. The U.S.
introduction was completed in Q1 this year and has SCOLR
receiving its first royalty revenues from ADM.
2. Successful completion of the first human clinical trial (in
collaboration with NorthWest Kinetics of Tacoma, Washington)
supporting pharmaceutical applications of CDT(TM).
3. Successful presentation of seven new papers at the AAPS
(American Association of Pharmaceutical Scientists) Meeting in November. The positive reception to our technology at AAPS resulted in several technology assessment meetings with pharmaceutical companies to explore their interest in co-developing our technology.
4. We completed development of CDT(TM) glucosamine and CDT(TM)
glucosamine & chondroitin formulations with Numico North
America in November 2002, enabling Wal-Mart and Trader Joe's
to become the first two national retail chain stores to
introduce the product in 2003.
5. The Company received its third drug delivery patent, for its
amino acid CDT(TM) platform, marking the first patent issued
in SCOLR's name.
6. Completion of R&D and pre-commercialization of a new drug
delivery system, SCBioRx(TM), for room temperature stable
formulations of probiotics with targeted delivery into the GI
tract for optimization of benefits.
Howard noted that in the key areas of drug delivery product development, patent development and filings, strategic partnerships and commercial activity, the Company achieved its 2002 goals. "As a result of progress made during 2002, we have met with several of the largest multinational pharmaceutical companies based in America to explore development and licensing opportunities for the Company's patented CDT(TM) drug delivery technology." In several instances the Company has progressed beyond initial presentations of technology and several companies are engaged in evaluations of the technology and intellectual property, which is a requisite step before the evaluation of particular projects.
Also discussed by Howard were goals SCOLR expects to achieve in the current year including (1) improving the balance sheet, (2) first development agreement for CDT(TM) formulations for prescription drugs, (3) additional nutraceutical CDT(TM) products, (4) first agreement for CDT(TM) OTC product development, (5) patent filing on a fourth drug delivery platform, and (6) additional CDT(TM) glucosamine and chondroitin product listings in retail chains.
Based in Redmond, Washington, SCOLR, Inc. is a biopharmaceutical company leveraging specialized knowledge, proprietary and patented products and technologies, such as the patented CDT(TM) Controlled Delivery Technology platform, to introduce distinctive and novel OTC products, prescription drugs and dietary supplements. SCOLR currently operates in two business segments -- drug delivery and nutraceuticals. Its CDT(TM) drug delivery platform provides distinctive products with tangible benefits for the consumer and competitive commercial advantages for licensees. Established partnerships with pharmaceutical, OTC and natural products industry companies enable SCOLR to co-develop new products and to add value and protection to existing product franchises. For more information on SCOLR, please call 1-800-548-3222 or visit scolr.com. |
