EGM Update
13 Septembre 2007 - 9:03AM
UK Regulatory
RNS Number:7807D
BioProgress PLC
13 September 2007
For Immediate Release 13 September 2007
BioProgress plc - Update after EGM
London, UK, 13 September 2007: BioProgress plc ('BioProgress' or the 'Company')
(AIM: BPRG), the specialty pharma and healthcare company, announces that the
Company will be giving the following update today following the Company's
Extraordinary General Meeting ('EGM') to seek shareholder approval to change the
name of the Group from BioProgress Plc to Meldex International Plc.
Grant of pivotal European Patent for TabWrap(TM) enabling technology.
BioProgress is pleased to announce that it received the grant of its core
TabWrap(TM) patents entitled "Method of Tablet Enrobing" on 29th August 2007
within Europe. The granting of this patent is an important milestone in the
commercialisation of the valuable TabWrap(TM) technology which is currently
being commercialised.
Uluru Inc ('Uluru') contract manufacturing agreement
BioProgress has entered into agreements with Uluru regarding moving the
manufacturing of its Oradisc(TM) products to the Company's manufacturing
facility in Tampa, FL. This will include the manufacturing for Collunovar
Oradisc(TM) for BioProgress' agreed markets, and for Uluru's other partners in
the US and other markets.
OraDisc(TM) B is a product developed from Uluru's adhesive film technology which
incorporates benzocaine for the treatment of oral pain. BioProgress is expected
to file for regulatory approval of the OraDisc(TM) B product during Q4 2007.
BioProgress expects penetration rates in core EU, CIS, and Middle Eastern
markets to reach approximately 12% within the first three years of product
launch with peak annual sales in excess of #25m. Based on Uluru's projections an
additional $5m of revenues per annum are expected to be generated via the new
contract manufacturing arrangements.
Walmark AS ('Walmark') distribution agreement
The Group also announces that through its Melbrosin OTC division it will be
entering into a supply and distribution arrangement with Walmark, the largest
nutritional and pharmaceutical manufacturer and distributor in the CEE region.
The CEE block of countries are recognized as the fastest growth region of OTC
products by price and volume within the whole European region exhibiting up to
30% increase in sales compared to 5% in Western Europe (Source:IMS). This supply
and distribution will be in two phases; firstly into the Czech Republic and
Slovakia with a further roll out into Hungary, Poland, Bulgaria and Ukraine.
Interims
The Company is also pleased to announce that it will be releasing its interim
results for the six months ending 30 June 2007 on Tuesday 25 September 2007.
Steve Martin, Chief Development Officer, BioProgress said: "The grant of the
core European patents for TabWrap(TM) enhances significantly the commercial
value of our enabling systems. The strong working relationship with Uluru is
being cemented with our manufacturing ability at Tampa and highlights the
importance of Oradisc(TM) B within our portfolio of product developments."
Richard Trevillion, Chief Executive Officer, BioProgress said: "I am pleased to
announce further significant progress in the execution of the Group's commercial
strategy. The additional manufacturing and distribution agreements, along with
the pivotal agreement with a third party on TabWrap(TM), clearly show the level
of momentum within the business.
For further information:
BioProgress Plc + 44 (0) 20 7098 9881
Richard Trevillion, CEO
Steve Martin, CDO
Hiral Patel, CFO
Buchanan Communications + 44 (0) 20 7466 5000
Rebecca Skye Dietrich/Mark Court
About BioProgress
BioProgress plc is an innovative specialty pharmaceutical and healthcare
business based around its platform technologies in polymer and film systems.
Listed on London's AIM in May 2003, The company has over 80 patents granted or
in application within 24 patent families and has product development agreements
and strategic alliances with several global companies. As a virtually integrated
business, BioProgress has acquired sales and marketing resources within Europe
and the US as a launch mechanism for its own pharmaceutical products. The
business continues to develop innovative delivery mechanisms using its XGEL(TM)
polymer technology. For further information please go to www.bioprogress.com
Forward-Looking Information
The Ordinary Shares of BioProgress plc are registered under the US Securities
and Exchange Act of 1934. To the extent that this announcement contains certain
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, this paragraph applies. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from the
expectations contained in the forward-looking statements. The forward-looking
statements in this release include statements addressing future financial and
operating results and the timing and benefits of the reorganisation. Detailed
information about factors pertinent to the business of the company that could
cause actual results to differ is set forth in the Company's filings with the
Securities and Exchange Commission. The Company is under no obligation to (and
expressly disclaim any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or otherwise.
This announcement is for information only and does not constitute an offer or
invitation to acquire or dispose of any securities or investment advice. The
distribution of the announcement and/or issue of securities in certain
jurisdictions may be restricted by law. Persons into whose possession this
announcement comes are required to inform themselves about and to observe such
restrictions.
This information is provided by RNS
The company news service from the London Stock Exchange
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