REDMOND, Wash.--May 22, 2003--
New cGLP Laboratory Expected to Meet Anticipated OTC and Prescription Drug CDT(TM) Requirements
SCOLR, Inc. (OTCBB:SCLL) announced today that, in order to accommodate potential CDT(TM) (controlled delivery technology) projects for pharmaceutical and OTC drug delivery customers, the Company has leased laboratory and office space in Bellevue, WA, which it expects to occupy in August, 2003. The Company's other business segments will continue to operate out of SCOLR's present office space.
The new cGLP (Good Laboratory Practice) space will be devoted to the Company's anticipated demand for prescription drug and OTC product formulations employing the Company's patented suite of drug delivery technology platforms. The new facilities are being established in conformity with FDA requirements for the development and formulation of NDA or ANDA filings for prescription drugs and will be completely separate from the Company's specialty ingredient business located in Redmond, WA and Boulder, CO.
"This new facility will allow us to meet the more stringent development, testing and documentation requirements associated with the application of our patented technology on prescription drugs," said David T. Howard, President and CEO. "The expansion into the new lab coincides with our first receipt of CDT(TM) revenues from projects completed in 2002 which will offset some of the drug delivery unit's increased requirements for cash."
The Company expects to continue work on its existing projects with Numico North America for store brand products based on CDT(TM) technology and with Archer Daniels Midland (NYSE:ADM) for further development and applications of the NovaSoy(R) Daily product line.
With ADM's introduction of Novasoy(TM) Daily in the US and Europe and the recent roll-out of SCOLR's first store brand product, Once Daily Glucosamine & Chondroitin, in Wal-Mart and Trader Joe's, the Company expects to increase revenues in order to partially offset increased costs associated with its on-going transformation into a drug delivery company.
SCOLR also plans to commence new Proof of Concept development work on its recent US Patent for the amino acid CDT(TM) platform (the Company's third patent) and additional applications for its electrolyte CDT(TM) platform (the Company's second patent) in addition to development work on select drug compounds.
Based in Redmond, Washington, SCOLR, 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.