WINSTON-SALEM, N.C., April 18 /PRNewswire-FirstCall/ -- Pilot Therapeutics Holdings, Inc. (OTC Bulletin Board: PLTT.OB), a specialty pharmaceutical company with a portfolio of pharmaceutical product candidates and clinically validated over-the-counter products, today announced that it has signed an exclusive supplier and raw materials processing agreement with Kings Inc. (Kings), a wholly owned subsidiary of Associated British Foods plc (ABF.L), the U.K.'s leading agrifood business with 4.4 billion pounds sterling in annual sales. Kings, a leader in the supply-chain management of specialty plant-derived products, will provide Pilot with a turnkey approach to supply and process the raw materials for Pilot's pipeline of prescription product candidates and over-the-counter (OTC) products. To support its strategic relationship with Pilot, Kings has established its U.S. office in Winston- Salem, N.C.
According to Floyd H. "Ski" Chilton, Ph.D., Pilot's president and chief executive officer, Kings will work directly with growers around the world on behalf of Pilot to source and harvest crops and process and deliver the specialty oils that are the active ingredients in Pilot's botanical drug and OTC medical food products. Kings will be responsible for strategic sourcing, specialty processing and just-in-time delivery, which will guarantee assurity, continuity and quality traceablity of the end product, essential for Pilot's clinically validated botanical products.
"Kings is one of the world leaders in taking the 'soil to oil' approach to specialty plant-derived products. The company has a reputation for using a rigorous, scientific approach to crop sourcing and extract delivery, an approach that is required by and perfectly complements Pilot's rigorous pharmaceutical approach to our botanical products. By collaborating with Kings, we eliminate much of the risk in our supply chain, reduce supply costs, and ensure superior and consistent quality of the raw materials for our products," Dr. Chilton said.
Andrew Hebard, Managing Director, Kings Inc., stated, "We believe Pilot's unique, pharmaceutical approach to the development of its botanical products represents a dynamic opportunity with huge market growth potential and mirrors our commitment to providing innovative and quality products to our customers. We are eager to work with Pilot to provide a turnkey solution for supplying and processing the key ingredients for its clinically validated products. Our decision to base our U.S. office in Winston-Salem demonstrates our excitement about this partnership and the opportunity for our organizations to grow together in this expanding space."
Hebard added that Kings currently has nearly 250,000 acres of specialty crops under its management worldwide. The company has a presence in the U.K., Canada, South America and New Zealand, and with the new office in Winston- Salem, will look to add acreage in North Carolina.
North Carolina-based Pilot Therapeutics is a development stage specialty pharmaceutical company that has developed a robust pipeline of pharmaceutical product candidates and clinically validated over-the-counter (OTC) medical food products. A world leader in fatty acid metabolism, Pilot has pioneered Functional Liponomics(TM), a proprietary, state-of-the-art research platform combining lipid and genomic profiling, and has used this research to develop or acquire product candidates for asthma, coronary heart disease, cystic acne and cancer. Pilot is in the process of filing Investigational Drug Applications (INDs) for its lead pharmaceutical product candidates, PLT 1731 to treat asthma, and PLT 732 to treat triglyceride elevations associated with heart disease and stroke. Its lead OTC medical food product, AIROZIN(TM), is the first clinically proven OTC maintenance therapy for the dietary management of asthma, a disease that afflicts approximately 17 million Americans; AIROZIN(TM) is expected to be launched during the second half of 2002. The company's common stock is traded on the Over-the-Counter Bulletin Board under the ticker symbol "PLTT.OB"
About ABF and Kings, Inc.
Associated British Foods is an international food, ingredients and retail group with annual sales of 4.4 billion pounds sterling and 34,000 employees. The group is one of Europe's largest food companies with a wide range of successful brands and products in the food sector, and an increasingly strong presence in advanced research and technology, where it is turning natural products into innovative ingredients for the food, personal care and pharmaceutical industries. A significant supplier of branded and non-branded grocery products and a leading textile retailer, the company has major businesses in Europe, Australia, New Zealand, China and the United States. Its wholly owned subsidiary, Kings Inc., is a leader in growing and processing specialty crops from 'soil to oil' for the food, personal care and pharmaceutical industries.
Certain statements in this press release are forward-looking in nature and relate to our plans, objectives, estimates and goals. Such statements are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this report. The terms "expect," "anticipate," "believe," "intend," "estimate," "plan," and "project" and similar words or expressions are intended to identify forward-looking statements. The forward-looking statements are based on current expectations, are inherently uncertain, are subject to risks, and should be viewed with caution. Our business is subject to many risks and uncertainties, including our ability to register, commercialize or license our products successfully and to promote physician and patient acceptance of our products, our need to obtain substantial additional capital to fund our operations and the progress of development, and the uncertain regulatory environment (and the resulting requirements and restrictions regarding pre-marketing approval and label and promotional claims), surrounding our lead product. These and other risks and uncertainties, many of which are described in more detail in our Annual Report on Form 10-KSB under "Risk Factors," could cause actual results and experience to differ materially from those expressed or implied by any of these forward- looking statements.
For more information about Pilot Therapeutics, visit http://www.pilott.com