News
| Schwarz Pharma Strategic Partnership |
|
|
|
|
May 26, 2004 Schwarz Pharma Acquires Rights to New Formulation Technology From Lipocine Innovative Lipocine delivery technology improves bioavail-ability of drugs. Advantages for the patient include lower dosing, improved dosing regime and reduced food effects. SCHWARZ PHARMA will apply this technology in a number of therapeutic areas. SCHWARZ PHARMA and Lipocine, Inc., Salt Lake City, UT, USA announced today the signing of a licensing and development agreement whereby SCHWARZ PHARMA will apply Lipocine?s proprietary technology toward the development of multiple pharmaceutical products. Due to poor absorption, many existing drugs are inefficiently delivered with conventional dosage forms. Lipocine?s innovative drug delivery technology provides a clinically proven solution for such drugs with poor solubility and absorption. SCHWARZ PHARMA receives exclusive world-wide rights to a number of compounds. ?We are very pleased with this collaboration as it further advances our specialty pharma strategy, improving established compounds and creating significant patient benefits. We are very impressed with the work Lipocine has already done, and look forward to adding our efforts to the continued development of several new products?, stated Patrick Schwarz-Schuette, Chairman of the Executive Board of SCHWARZ PHARMA AG. ?We are happy to partner with Schwarz Pharma, a company well known for its commercialization capabilities, to enable the introduction of our drug delivery technologies and products,? said Dr. Mahesh V. Patel, President and CEO of Lipocine Inc. We see strong synergies in our relationship with Schwarz Pharma, which should accelerate our plans to enhance our technology and product development infrastructure while offering Schwarz Pharma a rapid and cost effective way to build its product portfolio,stated Dr. William I. Higuchi, Chairman of the Lipocine Board of Directors. Through the deal, SCHWARZ PHARMA provides Lipocine an equity investment and a licensing fee for access to Lipocines products and technologies. Each product under the alliance commercialized by SCHWARZ PHARMA will generate revenues to Lipocine including milestone payments and royalties on product sales. SCHWARZ PHARMA AG (headquartered in Monheim, Germany) develops and markets innovative drugs for unmet medical needs with focus on neurology, urology and cardiovascular diseases. In 2003 the company achieved global sales of 1,496 million, thereof 85% on international markets outside Germany. The company is investing in development projects targeting diseases such as Parkinson's disease, Restless Legs Syndrome, epilepsy, neuropathic pain, overactive bladder syndrome and benign prostatic hyperplasia. The company has a strong international presence with subsidiaries in Europe, USA and Asia. Shares of SCHWARZ PHARMA AG are traded on the Frankfurt and Duesseldorf stock exchanges. For more information, please see our website: www.schwarzpharma.com Corporate Communications: Antje Witte, Tel: +49 2173 48 1866 Lipocine Inc. is a leader in the design and development of oral, parenteral (injectable), and other innovative lipid-based formulations of potentially therapeutic, difficult to deliver drugs with challenging solubility and bioacceptabil-ity characteristics. Lipocine products are designed to deliver drugs effectively; improve the therapeutics of medications through more favorable targeting and reduced side effects; and enhance patient convenience and compliance. Lipocine is located in Salt Lake City/Utah, USA. For more information, please see our website: www.lipocine.com Corporate Communications: Jerry Simmons Tel: 001 801 994-7372 |
