REDMOND, Wash.--Jan. 7, 2003--SCOLR, Inc. (OTCBB:SCLL) announced that it has entered into an exclusive agreement with the North American manufacturing arm of a major, as-of-yet undisclosed, European-based manufacturing and marketing company to manufacture and distribute SCOLR's line of controlled delivery technology CDT(TM) Glucosamine and CDT(TM) Glucosamine & Chondroitin products in the United States. The global, multi-billion corporation generates the majority of its revenues in the United States and maintains more than 25 manufacturing facilities worldwide. The CDT(TM) product will be produced at one of its cGMP facilities in the U.S.
According to David Howard, CEO of SCOLR, "This partnership joins proven and extensive manufacturing and distribution capabilities with SCOLR's patented CDT(TM) technology, and allows us to offer several exciting new CDT(TM) products into the growing U.S. Glucosamine market, currently estimated to have retail sales in excess of $1.58 billion annually. To date, two major retailers have contracted to include these SCOLR CDT(TM) products in their store brand line-up and it is expected that product introductions will appear on American retailer's shelves in the spring of 2003.
"The relationship with this major manufacturer allows SCOLR to actively pursue and negotiate distribution agreements, confident that it can now meet retailer's expectations in terms of manufacturing capacity, compliance and quality. The agreement will allow SCOLR to supply not only U.S. and Canadian retailers, but will facilitate its ability to supply potential European Community customers.
"This announcement is another key milestone for SCOLR in our evolution as a drug delivery company. The partnership allows us to scale-up production of our patented formulations to meet the expected demand in the U.S. market. SCOLR actively continues to develop value added, patented formulations based on its suite of three CDT(TM) patents -- to subsequently partner with established, high quality, efficient manufacturers and pharmaceutical companies to more quickly bring these products to market at lower cost than presently available drug delivery technologies," continued Howard.
"Our mutual customers can soon reap the benefits of a patented formulation of Glucosamine and Glucosamine/Chondroitin products with proven controlled release technology in a convenient, once daily dosage. The National Institute of Health's ongoing clinical trial on Glucosamine currently calls for a three-times-a-day dosing because Glucosamine is highly soluble, and thus rapidly eliminated from the body. We believe that the significant advantages and added convenience of these CDT(TM) products will be a welcome alternative to consumers and retailers," Howard concluded.
Based in Redmond, Washington, SCOLR, Inc. (formerly Nutraceutix, Inc.) is a biopharmaceutical company leveraging specialized knowledge, proprietary and patented products and technologies, such as the patented CDT(TM) Controlled Delivery Technology platform, to introduce distinctive and novel OTC products, prescription drugs and dietary supplements. SCOLR currently operates in two business segments -- drug delivery and nutraceuticals. Its CDT(TM) drug delivery platform provides distinctive products with tangible benefits for the consumer and competitive commercial advantages for licensees. Established partnerships with pharmaceutical, OTC and natural products industry companies enable SCOLR to co-develop new products and to add value and protection to existing product franchises. For more information on SCOLR, please call 1.800.548.3222 or visit http://www.SCOLR.com/.
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the company expects, believes or anticipates will or may occur in the future. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the Company's ability to continue to successfully market and provide its products and services and maintain their effectiveness, the continuation of the arrangements with the Company's product development partners, the ability of the Company to meet its financial projections, and general economic conditions. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information or otherwise.