EATONTOWN, N.J., July 7 /PRNewswire/ -- Roberts Pharmaceutical Corporation
(Amex: RPC) today announced an agreement with RiboGene, Inc. (Amex: RBO)
whereby Roberts has been contracted to develop and has been granted an option
to exclusively market, in the U.S., Canada and Mexico, RiboGene's Emitasol(R),
a Phase III intranasal delivery formulation of metoclopramide Metoclopramide
in oral and injectable form is approved for use in treating emesis (nausea and
vomiting). The intranasal dosing of Emitasol, which is protected by a U.S.
use patent, is intended for both the prevention and treatment of chemotherapy
induced emesis, particularly the unsatisfied market for delayed onset emesis
(nausea and vomiting occurring 24 to 72 hours after chemotherapy).
Under the terms of this agreement, RiboGene will provide up to $7 million
in funding for the development of Emitasol through completion of Phase III
trials and the submission of a New Drug Application (NDA) with the balance, if
any, provided by Roberts. Roberts said it is targeting the second half of
1999 for the submission of the NDA.
Upon approval of the NDA, Roberts can exercise its option to market
Emitasol under the RiboGene patents by making a milestone payment at that time
plus subsequent royalties on product sales.
In a separate transaction, Roberts will purchase $10 million of
convertible preferred shares to be privately placed by RiboGene, a drug
discovery company targeting infectious diseases including the emergence of
drug resistant pathogens. Roberts said the preferred shares have no voting
rights and that RiboGene's operating results are separate from its own and
will not be included in Roberts' income statement.
John T. Spitznagel, Roberts' President and CEO said, "Emitasol bridges two
of Roberts' therapeutic areas of focus, oncology and gastroenterology, and
thus represents a strong strategic fit with the Company's portfolio of
marketed and pipeline products."
Mr. Spitznagel also noted "As a result of the agreements announced today,
Roberts is in the novel position of being able to develop the unique dosage
form of Emitasol with outside funding while holding an option to market this
potentially important product and also having an equity investment in a
promising company."
Roberts Pharmaceutical Corporation, with operating subsidiaries in the
United States, Canada and the United Kingdom, is a fully integrated
pharmaceutical company with a focus on licensing, acquiring, developing and
commercializing innovative and value-added pharmaceuticals for both niche and
large therapeutic markets.
This and past press releases of Roberts Pharmaceutical Corporation are
available through PR Newswire's Company News On-Call fax service at
800-758-5804, extension 760975 and on the internet at
http://www.prnewswire.com and http://www.robertspharm.com.
This release may contain forward-looking statements which reflect
management's current views of future events and operations. These
forward-looking statements are based on assumptions and external factors,
including assumptions relating to regulatory action, product pricing,
competitive market conditions, financial data, and other risks or
uncertainties detailed from time to time in Roberts filings with the
Securities and Exchange Commission. These forward-looking statements
represent the Company's judgment as of the date of this release and any
changes in the assumptions or external factors could produce significantly
different results.
SOURCE Roberts Pharmaceutical Corporation
 back to top
Related links:
http://www.robertspharm.com
Company News On-Call: http://www.prnewswire.com, or
fax, 800-758-5804, ext. 760975
CONTACT:
Stuart Z. Levine, Ph.D., Director of Investor
Relations of Roberts Pharmaceutical, 732-389-1182, ext. 3064
|
