OPKO Invests in BioZone Pharmaceuticals, Inc.
Acquires Rights to Proprietary Technology to Enhance Solubility of Drugs
MIAMI--(BUSINESS WIRE)-- OPKO Health, Inc. (NYSE: OPK) announced today it made an investment in BioZone Pharmaceuticals, Inc., (OTCBB: BZNE) and acquired rights to BioZone’s novel drug delivery platforms, including its QuSome® technology. With BioZone’s proprietary chemical and formulation technology, the solubility of many drugs can be enhanced to provide superior final dosage forms. BioZone’s technology is simpler and results in less costly drug manufacturing than other systems.
Under the terms of the agreements, OPKO has acquired a world-wide license for the development and commercialization of products utilizing BioZone’s proprietary drug delivery technology, including QuSomes, exclusively for OPKO in the field of ophthalmology and non-exclusive for all other therapeutic fields, subject in each case to certain excluded products. Additionally, OPKO acquired exclusive world-wide distribution rights to BioZone’s enhanced formulation of propofol that utilizes its proprietary technology to produce a clear solution, which may address many of the drawbacks with current emulsion formulations of propofol.
Propofol is a short-acting, intravenously administered hypnotic agent commonly used for the induction and maintenance of general anesthesia, sedation for mechanically ventilated adults, and procedural sedation.
About OPKO Health, Inc.
OPKO is a multi-national biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large and rapidly growing medical markets by leveraging its discovery, development and commercialization expertise and novel and proprietary technologies.
Any statements that are not historical facts contained in this release are "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning, including statements regarding the anticipated benefits and opportunities of BioZone’s chemical and formulation technologies, including QuSome®, such as whether the solubility of many drugs can be enhanced to provide superior final dosage forms, whether BioZone’s technology is simpler and results in less costly drug manufacturing than other systems and whether BioZone’s technology is able to produce a clear solution of propofol and address many of the drawbacks with current emulsion formulations. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in the companies' filings with the Securities and Exchange Commission, and risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments. In addition, forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the companies do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
OPKO Health, Inc.
Steve Rubin, 305-575-6015
Source: OPKO Health, Inc.
Released February 27, 2012