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Cellegy Pharmaceuticals: Products
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QUAKERTOWN, Pa., Feb. 12 PRNewswire-FirstCall — Cellegy Pharmaceuticals, Inc. (OTC Bulletin Board: CLGY) today announced that it has entered into a definitive merger agreement providing for the acquisition of Cellegy by Adamis Pharmaceuticals Corporation. Adamis is a privately held specialty pharmaceuticals company that is engaged in the research, development and commercialization of products for the prevention of viral infections, including influenza. Adamis currently markets and sells a line of prescription products for a variety of allergy, respiratory disease and pediatric conditions, and ... owns a GMP certified independent contract packager of pharmaceutical and nutraceutical products. Adamis' chief executive officer,
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"We are pleased to bring Rectogesic to market in Israel through a partnership with Agis," said Richard C. Williams, Cellegy's Chairman and interim CEO. "Israeli clinical investigators played a significant role in the trials that led to approval for Rectogesic in Europe, and we wanted to find the right distributor to bring the product to market. Rectogesic fits well with the target audience currently called on by Agis, and both Agis and Cellegy expect rapid commercial uptake of the product."
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"The merger of Cellegy and Adamis will create a new specialty pharmaceutical company focused on the development and commercialization of therapeutic products for a variety of viral diseases, including influenza," said Mr. Williams, Cellegy's CEO. "We like the fact that in addition to technologies in development that we believe are promising, Adamis has allergy and respiratory products already being sold in the U.S. marketplace, and a contract packaging company that provides a source of current revenue and the potential for future revenue and income growth," said Mr. Williams.
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Under the terms of the agreement, Cellegy replaces Vaxis as PARTEQ's licensee for technologies developed by Queen's researchers for the treatment of certain peripheral vascular disorders, including male and female sexual dysfunction, Raynaud's Disease, and Restless Leg Syndrome. The Cellegy-Vaxis pipeline ... includes a promising, early-stage product for the treatment of prostate cancer.
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As noted above under "General", in November 2006, Cellegy sold substantially all its intellectual property related to Cellegesic, Rectogesic, Tostrex, Fortigel and other products to ProStrakan. As such, the Company will record no additional sales or licensing revenues in connection with these products or the underlying technologies.
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KINGSTON, ON -- PARTEQ Innovations, the technology transfer arm of Queen's University at Kingston, is pleased to announce the acquisition of its spinoff company Vaxis Therapeutics, by Cellegy Pharmaceuticals, Inc. of San Francisco, CA, for Cdn$6 million. The deal, which enables Cellegy to expand its product line in prescription drugs for male and female sexual dysfunction, includes potential earn-out payments of up to Cdn$11 million to Vaxis based upon on the sales of future products.
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