| |
SEC Form 4 Insider trading reported by Daniel Glassman's (CEO) wife for 11,700 shares @ $1.25 Check out the SEC filings
SEC Form 10QSB
The United States Food and Drug Administration (the "FDA") is
currently reviewing cough and cold products for its Over-the-Counter
"OTC") monograph, and could designate the formula that is in
DECONAMINE (R) as an OTC formulation. It is not currently possible for
the
Company to predict how its operations and financial condition will be
affected if the DECONAMINE (R) product line is converted from
prescription
status to over-the-counter status.
The Company's DECONAMINE (R) SR product requires the Company
to file an Abbreviated New Drug Application ("ANDA") with the FDA to be
in compliance with the regulation that all controlled release products
require an ANDA. To date, this law has not been enforced on
grandfathered (pre-1962) products with established safety and efficacy
profiles. The cost of this application is approximately $900,000. The
Company has entered into an agreement to complete the first phase of
these studies at a cost of approximately $100,000, of which $48,000 was
paid through Fiscal 1996. This project is expected to be completed and
submitted to the FDA during 1998. Completion of the research and
development project is subject, however, to the Company's either
generating sufficient cash flow from operations to fund the same or
obtaining requisite financing from outside sources, of which there can
be
no assurance. Therefore, the Company cannot at this time reasonably
anticipate the timing of the expenditure of funds for these purposes.
The
inability of the Company to further develop and/or file the necessary
ANDA
for DECONAMINE (R) SR would have a material adverse effect on the
Company's business.
Provided the Company can successfully raise the capital
necessary
to satisfy its remaining cash obligation to Berlex and to continue
research
and development projects with respect to DECONAMINE (R) SR, the
Company believes that it has sufficient cash flow from operations to
support its working capital requirements over the next twelve months.
Wall Street Journal Summary
Bradley Pharmaceuticals Inc.
Bradley Pharmaceuticals makes over-the-counter and prescription
pharmaceutical and
health-related products. Its Doak Dermatologics subsidiary markets
dermatological products. Its
Kenwood Laboratories division markets respiratory, nutritional,
personal hygiene, and internal
medicine products. The company manufactures the bulk of its
dermatological products; its other
products are supplied by independent contractors. Bradley
Pharmaceuticals sells to wholesalers,
retail chains, managed care providers, and contracts with government
agencies.
Bradley Pharma Satisfies Outstanding Debt To Berlex Labs
FAIRFIELD, N.J. (Dow Jones)--Bradley Pharmaceuticals Inc. (BPRX)
completed
its restructuring of $2.4 million of debt related to its 1993
acquisition of Berlex
Laboratories' Deconamine line of cough and cold products.
In a press release Thursday, Bradley Pharmaceuticals said it paid
Berlex $1.15
million plus accrued interest, issued the company 450,000 class A
common
shares, and agreed to issue warrants entitling Berlex to purchase an
additional
750,000 class A shares at $1.25 each.
As reported, Berlex, a unit of Germany-based Schering AG, acquired 13%
of
Bradley's class A shares late last year as part of an agreement to
reduce
Bradley's debt from $7.3 million. Bradley said it has paid a total of
$2.15 million in
cash, 1,450,000 shares and 750,000 warrants to Berlex.
Bradley said Berlex's ownership of 1,450,000 class A common shares,
represents about a 19% stake in Bradley Pharmaceuticals.
Bradley Pharmaceuticals makes and markets brand-name prescription and
over-the-counter drugs and health-related products. |
|
