BELLEVUE , Wash. –(BUSINESS WIRE)–Jan. 26, 2004–SCOLR, Inc. (OTCBB: SCLL - News ) announced today that the Company has filed an application for listing on the American Stock Exchange.
Daniel O. Wilds, President and CEO, commented, “We believe that a listing on the AMEX will give SCOLR both a higher profile in the investment community and improved liquidity for its stock. Given the prospects before us in the drug delivery marketplace, we believe that our shareholders’ interests are best served by upgrading our listing. Inasmuch as we believe that we currently meet all objective listing requirements, upon approval we would expect to have an effective AMEX listing within thirty days.”
Based in Bellevue, Washington, SCOLR, Inc. is a biopharmaceutical company leveraging specialized knowledge, proprietary and patented products and technologies, such as the patented CDT(TM) Controlled Delivery Technology platform, to introduce distinctive and novel OTC products, prescription drugs and dietary supplements. SCOLR’s CDT drug delivery platform provides distinctive products with tangible benefits for the consumer and competitive commercial advantages for licensees. Partnerships with pharmaceutical, OTC and natural products industry companies will enable SCOLR to co-develop new products and to add value and protection to existing product franchises. For more information on SCOLR, please call 1-800-548-3222 or visit http://www.SCOLR.com/.
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the company expects, believes or anticipates will or may occur in the future. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the Company’s acceptance for listing on the AMEX, ability to continue to successfully market and provide its products and services and maintain their effectiveness, the continuation of the arrangements with the Company’s product development partners, the ability of the Company to meet its financial projections, and general economic conditions. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information or otherwise.
BELLEVUE , WA., JAN. 20 - SCOLR, Inc. (OTC BB: SCLL) announced today that it closed the $2.72 million sale of its probiotics development and manufacturing business under the terms and conditions previously announced, completing SCOLR’s transition to a pure play drug delivery company. $722,756 cash was paid at the closing with deferred payments of at least $2 million. Payment of additional amounts is tied to the buyer’s achievement of certain sales levels and royalties.
The purchaser is a company formed by Steven H. Moger, the Company’s former Vice President of Operations, Chief Financial Officer and General Manager of its probiotics division. Moger resigned his position as an officer of SCOLR in connection with the closing.
Based in Bellevue, Washington, SCOLR, Inc. is a biopharmaceutical company leveraging specialized knowledge, proprietary and patented products and technologies, such as the patented CDT TM Controlled Delivery Technology platform, to introduce distinctive and novel OTC products, prescription drugs and dietary supplements. SCOLR’s CDT drug delivery platform provides distinctive products with tangible benefits for the consumer and competitive commercial advantages for licensees. Partnerships with pharmaceutical, OTC and natural products industry companies will enable SCOLR to co-develop new products and to add value and protection to existing product franchises. For more information on SCOLR, please call 1.800.548.3222 or visit http://www.SCOLR.com/.
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the company expects, believes or anticipates will or may occur in the future. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the Company’s ability to continue to successfully market and provide its products and services and maintain their effectiveness, the continuation of the arrangements with the Company’s product development partners, the ability of the Company to meet its financial projections, and general economic conditions. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information or otherwise.
BELLEVUE , WA., JAN. 5 - SCOLR, Inc. (OTC BB: SCLL) announced today that, as part of its previously stated plan to focus on the growth and development of its drug delivery business, the Company has entered into an Asset Purchase Agreement to sell its probiotics development and manufacturing business. The purchase price of approximately $2.72 million is payable $720,000 in cash upon closing with deferred payments of at least $2 million. Payment of additional amounts is tied to the buyer’s achievement of certain sales levels and royalties.
The Company has also granted the buyer the right to manufacture certain products utilizing SCOLR’s patented CDT® technology. The Agreement is subject to customary closing conditions, including approval of the Company’s Board of Directors.
The purchaser is a company formed by Steven H. Moger, the Company’s Vice President of Operations, Chief Financial Officer and General Manager of its probiotics division who will resign his position as an officer of SCOLR in connection with the closing.
Daniel O. Wilds, President and CEO, said that, “It has been the Company’s intention for some time to sell this business segment which no longer fits into our business plan and no longer represents the best use of our personnel and financial resources. We can now move forward as a pure-play drug delivery company and focus all of our attention and assets on the potential offered through our portfolio of patented CDT technologies. We look forward to taking our place among the leaders in the drug delivery industry.”
According to Wilds, the Company’s nutraceutical/probiotics operations had historically generated substantially all the Company’s revenues. The Company plans to replace these revenues over time with drug delivery-related research and licensing fees, milestone payments and, ultimately royalties.
Wilds also commented on the favorable outlook for SCOLR in 2004. “We anticipate 2004 to be another year of significant accomplishments for SCOLR. We expect to move the relationship forward with our Fortune 100 partner to a second phase with regard to the compound on which we successfully completed the feasibility study near the end of 2003. We also expect to expand that relationship with controlled release feasibility work to be initiated on several additional drugs.
“We continue to work aggressively toward initiating new development agreements with other pharmaceutical and OTC potential partners. We anticipate that each of these agreements would be structured to provide for various interim and milestone payments to SCOLR this year.
“In the first part of the year, we expect to benefit from orders for several new CDT health supplement products and orders from both new and existing retailers for CDT health supplement products currently available,” Wilds said.
” We can expect to conclude the studies currently underway to further validate the significance of our proprietary amino acid-based technology to increase the permeability and solubility of compounds . We look forward to analyzing the results of these studies in the first half of this year to assess our technology’s applicability to drugs that could not previously be delivered orally.
“Finally, we can also expect to expand our portfolio of CDT technologies with additional patent filings,” Wilds concluded.
Based in Redmond , Washington , SCOLR , Inc. is a biopharmaceutical company leveraging specialized knowledge, proprietary and patented products and technologies, such as the patented CDT® Controlled Delivery Technology platform, to introduce distinctive and novel OTC products, prescription drugs and dietary supplements. SCOLR currently operates in two business segments - drug delivery and nutraceuticals. Its CDT drug delivery platform provides distinctive products with tangible benefits for the consumer and competitive commercial advantages for licensees. P artnerships with pharmaceutical, OTC and natural products industry companies will enable SCOLR to co-develop new products and to add value and protection to existing product franchises. For more information on SCOLR, please call 1.800.548.3222 or visit http://www.SCOLR.com/.
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the company expects, believes or anticipates will or may occur in the future. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the completion of the asset sale described above, the Company’s ability to continue to, successfully market and provide its products and services and maintain their effectiveness, the continuation of the arrangements with the Company’s product development partners, the ability of the Company to meet its financial projections, and general economic conditions. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information or otherwise.
