WELLESLEY HILLS, Mass., Aug. 13 Joseph F. Finn, Jr.,C.P.A. ("Finn"), Assignee of the assets of Spherics, Inc. ("Spherics") for thebenefit of creditors, announced today that all pharmaceutical intellectualproperty 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, a once-a-day version of a branded drug that currently has more than$2 billion in sales despite twice daily dosing and an unfavorable AE profile.A clear clinical pathway for SRx-502 has been defined by the FDA for a505(b)(2) regulatory submission. A successful bidder may make the NDAsubmission in 2Q 2009 with the remaining clinical trials expected to cost $7million.
Spherics has built a strong intellectual property position around its drugdelivery technologies and products. The Company has a broad range of issuedUS and international patents through exclusive licenses from Brown University.These patents cover polyanhydride-based bioadhesive polymers and PIN. Inaddition to these issued patents, Spherics has filed numerous applicationscovering compositions of matters of its proprietary polymers (SPHEROMERS),novel oral delivery systems (including BIOGIT, BIOROD and PIN), manufacturingmethods, 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 of Wellesley Hills, Massachusetts. Heworks primarily in the area of management consulting for distressedenterprises, bankruptcy accounting and related matters, such as assignee forthe benefit of creditors and liquidating agent for a corporation. He has beeninvolved in a number of loan workouts and bankruptcy cases for thirty-four(34) years. His most recent Assignment for the Benefit of Creditors in theBiotech field was ActivBiotics, Inc.
SOURCE Spherics, Inc.