SCOLR sells probiotic unit

- Last updated on GMT

Related tags: Management

Biopharmaceutical company SCOLR is to sell its probiotics
development and manufacturing business for around $2.72 million to
a firm formed by its current manager of the probiotics unit, Steven
Moger.

Moger, also SCOLR's vice president of operations and chief financial officer, will resign from this position with the closing of the deal.

Moger's firm will pay $720,000 in cash 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. SCOLR will allow the right to manufacture certain products using its patented CDT technology.

Daniel O. Wilds, president and CEO, said: "It has been the company's intention for some time to sell this business segment which no longer fits into our business plan and no longer represents the best use of our personnel and financial resources."

"We can now move forward as a pure-play drug delivery company and focus all of our attention and assets on the potential offered through our portfolio of patented CDT technologies. We look forward to taking our place among the leaders in the drug delivery industry."

SCOLR is hoping to form new agreements with partners in the pharmaceutical and OTC industry for use of its controlled release technology.

In addition, driving into the $1.58bn US glucosamine market, in 2003 the company announced a series of marketing and manufacturing agreements for its line of CDT glucosamine and CDT glucosamine and chondroitin products.

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