Company Advances It’s Position as Source of Drug Delivery Technology for the Pharmaceutical Industry
REDMOND, WA., AUG. 9, 2002 — SCOLR, INC. (OTC BB: SCLL) announced today that the Company’s name change from Nutraceutix, Inc., which was approved by shareholders on July 2, 2002, was effective on July 31, 2002. Effective today, SCOLR’s new stock trading symbol is SCLL. SCOLR (pronounced “scholar”) is an acronym for Self Correcting Oral Linear Release, which is a cornerstone of the Company’s patented CDTTM (Controlled Drug Delivery) technology.
David T. Howard, President and CEO, commented, “This is a most important milestone in the ongoing evolution of SCOLR’s business. The corporate name change is part of the current restructuring designed to increase the visibility of and formally separate the two distinct business segments in which we operate (drug delivery and a specialty nutraceutical business based on probiotics). This name change enhances the presentation of our Company and our drug delivery technology as we introduce the technology to OTC and prescription drug makers and marketers in the $20 billion drug delivery US marketplace. The pharmaceutical companies are actively seeking improved oral drug delivery systems which address the limitations and the problems associated with existing technology. Our portfolio of drug delivery platforms addresses many of these issues and problems as well as being simple, flexible and extremely cost effective,” Howard said.
“I believe that a significant opportunity exists for SCOLR in the global pharmaceutical industry. Our CDTTM drug delivery platforms have been shown to be fast to formulate, simple to develop and scale-up to commercial batches and, most importantly, we can provide high value controlled delivery formulations with first or zero order kinetics at approximately the same cost of manufacture as immediate release products. Because our business plan foresees SCOLR’s pharmaceutical partners manufacturing under license in their own facilities, those partners will continue to enjoy control over their costs and inventory while benefiting from overhead absorption in their own facilities. ” Howard concluded.
Based in Redmond, Washington, SCOLR, Inc. is a biopharmaceutical company leveraging specialized knowledge, proprietary and patented products and technologies, such as the patented CDTTM 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 CDTTM 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.nutraceutix.com/delivery/.
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.