BioProgress plc and FMC Corporation Complete NRobe(TM) Oral Dose System Restructuring Agreement
January 29 2007 - 2:00AM
PR Newswire (US)
PHILADELPHIA, Jan. 29 /PRNewswire-FirstCall/ -- BioProgress plc
('BioProgress') (AIM: BPRG; Nasdaq: BPRG), the speciality pharma
and healthcare company, and Magenta Oral Dose Design, a business
unit of FMC Corporation ('FMC') (NYSE:FMC), are pleased to confirm
the finalization of the restructuring agreements regarding the
licensing of NRobe technology. BioProgress and FMC have agreed to
restructure their licensing partnership to more accurately reflect
the intended market strategy for the NRobe technology and to
accelerate its commercialization. Under the restructured
arrangements BioProgress, the licensor of NRobe, will receive
enhanced royalties based upon total NRobe income generated by FMC.
FMC retains the exclusive rights to NRobe and will be responsible
for the continuing development, commercialization and promotion of
this novel oral drug delivery system. Under separate agreements,
BioProgress and FMC will collaborate to endorse the technology in
certain pharmaceutical products to be licensed for sale through
BioProgress' sales and marketing division Dexo. NRobe is a solid
oral dose system capable of enrobing a variety of powders and
particulates within dry polymer films to produce an elegant dose
form comparable in appearance to film-coated or gel-dipped tablets,
or two-piece hard capsules. This versatile system can deliver
benefits such as unique appearance, improved drug release,
simplified formulation and processing, and the avoidance of
problematic excipients. Development efforts are currently focused
on proprietary product applications, commercial scale manufacturing
equipment, and novel polymer films. FMC has demonstration NRobe
units in the US and Europe. Richard Trevillion, Chief Executive
Officer, BioProgress said: "We are pleased to confirm the
restructuring agreement with FMC in a spirit of mutual cooperation.
It is clear we share a vision of NRobe as an enabling technology
for pharmaceuticals that addresses large market needs. We look
forward to our continued partnership and close working relationship
with FMC." Robin Mitchell, Director of Magenta Oral Dose Design
said: "Our collaboration with BioProgress over the past few years
has yielded positive results for NRobe in terms of technical
milestones achieved and interest from the pharmaceutical industry.
This restructuring benefits both companies and paves the way for
the next phase of commercialization of NRobe as a high value oral
drug delivery platform." 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 US NASDAQ in October
2004, 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, replacing the need to use animal-derived gelatine in
pharmaceutical and healthcare products. For further information
please go to http://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. About FMC Magenta Oral Dose Design is part of
Healthcare Ventures, a growth unit leveraging FMC's core expertise
in marine-derived biopolymers and pharmaceutical applications. FMC
Corporation is a diversified chemical company serving agricultural,
industrial and consumer markets globally for more than a century
with innovative solutions, applications and quality products. The
company employs over 5,000 people throughout the world. The company
operates its businesses in three segments: Agricultural Products,
Specialty Chemicals and Industrial Chemicals. For more information
please go to http://www.fmc.com/. Safe Harbor Statement under the
Private Securities Act of 1995 Statements in this news release that
are forward-looking statements are subject to various risks and
uncertainties concerning specific factors described in FMC
Corporation's 2005 Form 10-K and other SEC filings. Such
information contained herein represents management's best judgment
as of the date hereof based on information currently available. FMC
Corporation does not intend to update this information and
disclaims any legal obligation to the contrary. Historical
information is not necessarily indicative of future performance.
DATASOURCE: FMC Corporation CONTACT: BioProgress Plc: Richard
Trevillion, CEO, or Steve Martin, CDO, + 44 (0) 20 7098 9881;
Buchanan Communications: Rebecca Skye Dietrich or Mark Court, + 44
(0) 20 7466 5000; FMC: Robin Mitchell, Business Unit Director,
Magenta Oral Dose Design, +1-215-299-5936 Web site:
http://www.fmc.com/ http://www.bioprogress.com/
Copyright