Attached files
file | filename |
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8-K - FORM 8-K - JUNIPER PHARMACEUTICALS INC | y85451e8vk.htm |
EX-3.1 - EX-3.1 - JUNIPER PHARMACEUTICALS INC | y85451exv3w1.htm |
EX-4.1 - EX-4.1 - JUNIPER PHARMACEUTICALS INC | y85451exv4w1.htm |
EX-10.2 - EX-10.2 - JUNIPER PHARMACEUTICALS INC | y85451exv10w2.htm |
EX-10.1 - EX-10.1 - JUNIPER PHARMACEUTICALS INC | y85451exv10w1.htm |
EX-99.1 - EX-99.1 - JUNIPER PHARMACEUTICALS INC | y85451exv99w1.htm |
EX-10.3 - EX-10.3 - JUNIPER PHARMACEUTICALS INC | y85451exv10w3.htm |
EX-99.3 - EX-99.3 - JUNIPER PHARMACEUTICALS INC | y85451exv99w3.htm |
Exhibit 99.2
NEWS
COLUMBIA LABORATORIES COMPLETES SALE OF
PROGESTERONE ASSETS TO WATSON PHARMACEUTICALS
COMPANY RETIRES ALL DEBT
LIVINGSTON, NJ July 6, 2010 Columbia Laboratories, Inc. (Nasdaq: CBRX)
announced today that it has closed the sale of its progesterone related assets
and 11.2 million shares of common stock to Watson Pharmaceuticals, Inc. (NYSE:
WPI) (the Watson Transaction). Columbias business now consists of its
royalty and manufacturing revenues, potential milestone payments, its
collaboration with Watson on the development of next-generation progesterone
products, and its novel bioadhesive drug delivery technologies and other
products.
We are very pleased to complete this transaction with Watson, and to emerge a
debt free company with a significantly improved outlook, said Frank C.
Condella, Jr., Columbias president and chief executive officer. In the near
term, Columbia will focus on the smooth transfer of domestic commercial
operations for CRINONE® 8% (progesterone gel) to Watson, completing
the PREGNANT Study of PROCHIEVE® 8% (progesterone gel), and
developing with Watson the next generation progesterone product.
At the closing, Columbia received from Watson $47 million in cash. In
addition, Watson forgave all principal and accrued interest on the $15 million
subordinated term loan dated June 1, 2010. Columbia will receive royalties of
10 to 20 percent of annual net sales of certain progesterone products. The
Company is also eligible for additional amounts of up to $45.5 million based on
success milestones in the potential preterm birth indication. Watson will fund
the development of second-generation vaginal progesterone products as part of a
comprehensive life-cycle management strategy.
Columbia retains certain assets and rights to its progesterone business,
including all rights necessary to perform its obligations under its agreement
with Merck Serono S.A. Merck Serono holds marketing rights to and makes
payments to Columbia related to CRINONE® (progesterone gel) sales in
all countries outside the United States.
354 Eisenhower Parkway
Plaza I, Second Floor
Livingston, NJ 07039
Plaza I, Second Floor
Livingston, NJ 07039
TEL: (973) 994-3999
FAX: (973) 994-3001
FAX: (973) 994-3001
Columbia used approximately $16 million of the initial proceeds of the Watson Transaction to
pre-pay the balance of the minimum royalty payments due in November 2010 to PharmaBio Development,
and $26 million, together with stock and warrants, to pre-pay 100% of the $40 million in
convertible notes due December 31, 2011. As a result, Columbia is now debt-free with over $25
million in cash and approximately 84 million common shares outstanding.
About Columbia Laboratories
Columbia Laboratories, Inc. is focused on developing products that utilize its novel bioadhesive
drug delivery technologies to optimize drug delivery in a controlled, sustained manner. The
Companys strategy is to fund new development projects through proof of concept, then partner for
later-stage clinical development and commercialization. CRINONE® 8% (progesterone gel)
is marketed by Watson Pharmaceuticals in the United States and by Merck Serono in foreign
countries.
Columbia is conducting a randomized, double-blind, placebo controlled Phase III clinical program,
called the PREGNANT (PROCHIEVE® Extending GestatioN A New Therapy) Study, to evaluate
the safety and efficacy of PROCHIEVE 8% (progesterone gel) to reduce the risk of preterm birth in
women with a cervical length between 1.0 and 2.0 centimeters as measured by transvaginal ultrasound
at mid-pregnancy. The primary endpoint of this study is a reduction in the incidence of preterm
birth at less than or equal to 32 weeks gestation vs. placebo. The Company expects study results
around the end of the year.
Columbias press releases and other company information are available at Columbias website at
www.columbialabs.com and its investor relations website at www.cbrxir.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This
communication contains forward-looking statements, which statements are indicated by the words
may, will, plans, believes, expects, anticipates, potential, and similar expressions.
Such forward-looking statements involve known and unknown risks, uncertainties, and other factors
that may cause actual results to differ materially from those projected in the forward-looking
statements. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date on which they are made. Factors that might cause future results to
differ include, but are not limited to, the following: the successful marketing of
CRINONE® by Watson Pharmaceuticals, Inc., in the United States; the successful marketing
of CRINONE by Merck Serono outside the United States; the timely and successful completion of the
ongoing Phase III PREGNANT (PROCHIEVE® Extending Gestation A New Therapy) Study of
PROCHIEVE 8% to reduce the risk of preterm birth in women with a short cervix at mid-pregnancy;
successful development of a next-generation vaginal progesterone product; success in obtaining
acceptance and approval of new products and new indications for current products by the United
States Food and Drug Administration and international regulatory agencies; the impact of
competitive products and pricing; the timely and successful negotiation of partnerships or other
transactions; the strength of the United States dollar relative to international currencies,
particularly the euro; competitive economic and regulatory factors in the pharmaceutical and
healthcare industry; general economic conditions; and other risks and uncertainties that may be
detailed, from time-to-time, in Columbias reports filed with the SEC. Columbia does not undertake
any responsibility to revise or update any forward-looking statements contained herein.
CRINONE® and PROCHIEVE® are trademarks of Watson Pharmaceuticals, Inc.
Contact:
Lawrence A. Gyenes
Senior Vice President, Chief Financial Officer & Treasurer
Senior Vice President, Chief Financial Officer & Treasurer
Columbia Laboratories, Inc.
(973) 486-8860
(973) 486-8860
Seth Lewis
Vice President, The Trout Group LLC
(646) 378-2952
Vice President, The Trout Group LLC
(646) 378-2952
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