ULURU Inc. Announces Strategic Partnership With BioProgress plc
February 08 2007 - 8:00AM
PR Newswire (US)
- License European Rights for OraDisc B - - $2.7 Million in
Milestone Payments - ADDISON, Texas, Feb. 8 /PRNewswire-FirstCall/
-- ULURU Inc. (OTC:ULUR) (BULLETIN BOARD: ULUR) today announced
that it has signed a strategic partnership with BioProgress plc
(NASDAQ:BPRG) ("BioProgress") to market OraDisc(TM) B in the
European Union ("EU"), Commonwealth of Independent States ("CIS")
and Middle Eastern markets. OraDisc(TM) B is a product developed
from our adhesive film technology which incorporates 15 milligrams
of benzocaine for the treatment of oral pain. The product is
designed to adhere to the mucosal surface and selectively deliver
pain relief to a localized area. Compared with currently marketed
gel products, OraDisc(TM) B provides a significantly greater period
of pain relief as the adhesive film is designed to erode over a 1 -
1.5 hour period. The market for oral pain relief in the United
Kingdom alone is estimated at approximately $60 million. Based upon
similar product launches, BioProgress expects penetration rates in
core EU, CIS and Middle Eastern markets to reach approximately 12%
within the first 3 years of product launch. Under the terms of the
agreement, BioProgress will make an undisclosed upfront payment,
future milestone payments, both success and time related, and will
purchase the OraDisc(TM) B product from ULURU. Commenting on the
agreement, Kerry P. Gray, President and CEO of ULURU Inc. stated,
"I am very pleased to be expanding our strategic relationship with
BioProgress as the companies have complementary technologies which
improve patient care. In addition to selling the product to
BioProgress, we expect to receive licensing and milestone payments
of $2.7 million. Out- licensing this product is a continuation of
our strategy to develop and license an extensive range of products
utilizing our adhesive film technology." Richard Trevillion, Chief
Executive Officer of BioProgress, added, "ULURU's patented
OraDisc(TM) product fits well with our established franchise of
supportive care, particularly in pain management. The product is
novel and complements our existing range of products, building upon
a successful and growing EU portfolio of products. The development
of a long acting analgesic buccal patch is complementary to
BioProgress' instant release Soluleaves(TM) formulation. We expect
revenues for OraDisc(TM) to commence in the second half of 2007."
About ULURU Inc.: ULURU Inc. is an emerging specialty
pharmaceutical company focused on the development of a portfolio of
wound management, plastic surgery and oral care products to provide
patients and consumers improved clinical outcomes through
controlled delivery utilizing its innovative transmucosal delivery
system and Hydrogel Nanoparticle Aggregate technology. For further
information about ULURU Inc., please visit our website at
http://www.uluruinc.com/ . 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 and on NASDAQ in October 2004,
the company 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. For further information please visit
http://www.bioprogress.com/ . This press release contains certain
statements that are forward-looking within the meaning of Section
27a of the Securities Act of 1933, as amended, including but not
limited to statements made relating to the market for OraDisc(TM),
penetration rates, the receipt of milestone payments and the
achievement of market share projections. These statements are
subject to numerous risks and uncertainties, including but not
limited to the risk factors detailed in the Company's Annual Report
on Form 10-KSB for the year ended December 31, 2005, Quarterly
Report on Form 10-QSB for the quarter ended September 30, 2006 and
other reports filed by us with the Securities and Exchange
Commission. Contact: Company Kerry P. Gray President & CEO
Terry K. Wallberg Vice President & CFO (214) 905-5145
DATASOURCE: ULURU Inc. CONTACT: Kerry P. Gray, President & CEO,
or Terry K. Wallberg, Vice President & CFO, both of ULURU Inc.,
+1-214-905-5145 Web site: http://www.uluruinc.com/
http://www.bioprogress.com/
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