Harvard Scientific Recaptures 234,810 Shares of its Common Stock Through Litigation Settlement
Business Wire - September 23, 1998 14:47
LAKE MARY, Fla.--(BUSINESS WIRE)--Sept. 23, 1998--Harvard Scientific Corp., (OTC BB:HVSF) a Nevada corporation, announced today that it has reached an agreement to settle certain pending litigation matters involving certain previous corporate officers and directors, Alexander H. Walker, Jr., Don Steffens, and Ian Hicks, as well as its previous stock transfer agency, Nevada Agency & Trust Co., whereby all litigation, whether initiated by the named individuals or the individuals named as a group and regardless of venue, have been dismissed with prejudice and whereby mutual and general releases have been executed by all the parties involved. The settlement agreement entitles the Company to recapture and return to its treasury 234,810 shares of its common stock, previously issued to individuals Walker, Steffens and Hicks.
Harvard Scientific Corp., is a biopharmaceutical drug development company that has developed orally and topically administered treatment products for male and female sexual disorder and an intrameatally administered treatment product for male sexual disorder. The intrameatally delivered treatment product as well as the topically applied treatment products utilize the Company's patented intellectual property of lyophilized liposomal delivery of Prostaglandin E-1 ("LLPGE1"). The orally administered, lyophilized liposomal delivery of Apomorphine, treatment product for male and female sexual disorder is contained in a capsule and is swallowed by the patient. This capsule is designed to pass through the stomach without degradation or uptake of the drug and into the small intestine whereby the Apomorphine is then gradually released. The Company plans to license these products to pharmaceutical companies for worldwide distribution upon approval by the U.S. Food and Drug Administration and/or other foreign regulatory agencies.
Prostaglandin E-1 is a naturally occurring vasodilator originally approved by the U.S. Food and Drug Administration for intravenous infusion in neonates. In 1995, PGE-1 was approved by the FDA for use in Pharmacia & Upjohn Inc.'s (NYSE:PNU) Caverject, which is administered by needle injection as a treatment for male erectile disorder. In November 1996, Vivus, Inc.'s (Nasdaq:VVUS) MUSE solid pellet delivery system was approved by the FDA. Recently, the FDA approved PGE-1 again by needle administration via Edex, (Schwartz-Pharma). Viagra, Pfizer, Inc.'s (NYSE:PFE) oral medication treatment was approved by the FDA in March, 1998. Zonagen Inc. (NASDAQ: ZONA) has in development an oral treatment product as well. Apomorphine, developed in 1869, is not an opiate and therefore not addictive and has been effective as a therapeutic agent for Parkinson's disease and as a treatment for animal and human ingestion of toxins. It has also shown to be an effective agent for inducing male erections. The Company believes that its products will represent a substantial treatment advantage over other delivery systems currently being utilized in the industry.
From time to time the Company may issue forward looking statements which involve risks and uncertainties. This statement may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and any forward looking statements should be considered accordingly.
CONTACT: Martin E. Janis & Co.
Hal Schweig, 312/943-1100
or
Harvard Scientific Corp.
Michael Snell, 407/324-1606
www.harvardscientific.com
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