Published:
Spherics, Inc. Successful Bidder May Make MHRA Submission
WELLESLEY HILLS, Mass., Aug. 20 /PRNewswire/ -- Joseph F. Finn, Jr.,
C.P.A. ("Finn"), Assignee of the assets of Spherics, Inc. ("Spherics") for the
benefit of creditors, announced today that all pharmaceutical intellectual
property will be sold at a sealed bid auction on October 10, 2008.
One of the pieces of intellectual property for sale is its lead product,
SRx-502, Topiramate Extended Release, a once-a-day version of a branded drug
that currently has more than $2 billion in U.S. sales despite twice daily
dosing and an unfavorable AE profile. A clear clinical pathway for SRx-502
has been defined by the MHRA for a regulatory submission. A successful bidder
may make a new drug submission in 4Q 2009 with the remaining total cost to
bring to market expected to cost $7 million.
Persons interested in bidding must sign a Confidentiality Agreement ("CA")
obtained from Finn's office -- jffinnjr@earthlink.net or 781-237-8840. They
will then receive a bid package and access to the Spherics electronic data
room.
About Spherics
Spherics has built a strong intellectual property position around its drug
delivery technologies and products. The Company has a broad range of issued
US and international patents through exclusive licenses from Brown University.
These patents cover polyanhydride-based bioadhesive polymers and PIN. In
addition to these issued patents, Spherics has filed numerous applications
covering compositions of matters of its proprietary polymers (SPHEROMERS),
novel oral delivery systems (including BIOGIT, BIOROD and PIN), manufacturing
methods, methods of use, formulations and product compositions.
About Joseph F. Finn, Jr., C.P.A.
Joseph F. Finn, Jr., is the founding partner of the firm, Finn, Warnke &
Gayton, Certified Public Accountants ofWellesley Hills, Massachusetts. He
works primarily in the area of management consulting for distressed
enterprises, bankruptcy accounting and related matters, such as assignee for
the benefit of creditors and liquidating agent for a corporation. He has been
involved in a number of loan workouts and bankruptcy cases for thirty-four
(34) years. His most recent Assignment for the Benefit of Creditors in the
Biotech field was ActivBiotics, Inc.
For further information, please contact Joseph F. Finn, Jr., C.P.A. at
781-237-8840 or jffinnjr@earthlink.net
SOURCE Spherics, Inc.
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
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