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Pharma & Bio Ingredients
The product agreement is in addition to the current anti-emetic product already in development between the two parties.
The product fits within BioProgress' strategy of patient supportive care, especially painful conditions of the mouth, particularly those seen in patients undergoing oncology treatment. The product is expected to be available both as a prescription medicine and as an over the counter medicine. BioProgress will be marketing the product within the European, CIS and Middle East regions. Market approval will be applied for during H2 2007. The current market in the UK alone is estimated at GBP28.8m (IRI/PAGB 2005). Based upon similar product launches BioProgress expects penetration rates in core EU, CIS and Middle Eastern markets to reach 12% within the first 3 years of launch.
This product partnership is part of the BioProgress' continued strategy to develop and market niche value added products and complementary technologies in the oral drug delivery market.
The Company anticipates further news flow relating to to its pharmaceutical oral dosing enabling technologies in the near future.
Steve Martin, Chief Development Officer, BioProgress, said:
"BioProgress is pleased to be working with Uluru on its second project with the continuation of building its product portfolio in the area of patient support care. This will be the second product in the battle of fighting painful oral conditions, often as a result of oncology treatment.
The development of a long acting oral analgesic buccal patch is complimentary to BioProgress' own instant release Soluleaves formulation. It is the aim of BioProgress to have a range of products that will be made available to the clinician providing patients with a wider choice of treatment options."
