Wyeth will no longer use SCOLR Pharma's technology in products containing ibuprofen. The termination comes after SCOLR received approximately $2.1 million in payments from Wyeth, including more than $950,000 since January 1, 2007. The initial development and license agreement, signed December 21, 2005, provided Wyeth with global rights to use SCOLR's platform.
The termination will be effective April 16, 2007. SCOLR will reacquire all rights to use its technology for products containing ibuprofen.
"While we are disappointed with Wyeth's decision, this also represents a significant opportunity for us,” comments Daniel O. Wilds, president and CEO. “We are optimistic about our ability to advance commercialization of a 12-hour extended-release ibuprofen product. We believe that multiple clinical trials, real-time stability, and scale-up activities provide strong evidence of the commercial viability of our CDT® formulation.”
The CDT drug delivery platform is based on multiple issued and pending patents and other intellectual property for the programmed release or enhanced performance of APIs and nutritional products.
"We will continue preparations for an FDA filing,” adds Wilds, “while at the same time we will evaluate various opportunities for this product, including discussions with large pharmaceutical companies that have previously expressed an interest in working with us to commercialize a variety of extended-release products containing ibuprofen."