BELLEVUE, Wash., Jan 20, 2004 (BUSINESS WIRE) -- SCOLR, Inc. (OTCBB:SCLL) announced today that it closed the $2.72 million sale of its probiotics development and manufacturing business under the terms and conditions previously announced, completing SCOLR's transition to a pure play drug delivery company. $722,756 cash was paid at the closing with deferred payments of at least $2 million. Payment of additional amounts is tied to the buyer's achievement of certain sales levels and royalties.
The purchaser is a company formed by Steven H. Moger, the Company's former Vice President of Operations, Chief Financial Officer and General Manager of its probiotics division. Moger resigned his position as an officer of SCOLR in connection with the closing.
Based in Bellevue, 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's CDT drug delivery platform provides distinctive products with tangible benefits for the consumer and competitive commercial advantages for licensees. Partnerships with pharmaceutical, OTC and natural products industry companies will 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 27A 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.