UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934
For the Month of November, 2006
Commission File Number 000-50994
BioProgress PLC
(Translation of registrant’s name into English)
15-17 Cambridge Science Park
Milton Road, Cambridge CB4 0FQ
United Kingdom
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):N/A
.
For Immediate Release 23 November 2006
BioProgress plc
Partner Update
"Restructuring of licence agreements with FMC"
London, UK, 23 November 2006, BioProgress plc ('BioProgress' or the 'Company')
(AIM: BPRG; NASDAQ: BPRG), the speciality pharma and healthcare company, is
pleased to announce an update on its agreement with licensing partner FMC
Corporation ("FMC") for its NRobe(TM) technology, an oral drug delivery
technology.
BioProgress has signed binding Heads of Agreements to restructure its existing
arrangements with its licensing partner FMC Corporation for the NRobe(TM)
technology. Both parties expect to reach a final agreement on the restructuring
by the end of December, 2006.
This restructuring will facilitate the launch of NRobe(TM) with major
pharmaceutical companies on a development and milestone basis. The markets
covered by these development and milestone agreements include combination drug
therapies and large molecules and other difficult to formulate oral dosing.
The Drug Delivery System (DDS) market is expected to grow 7-9% per annum, from
$88 billion in 2005 to $135 billion in 2010 with over 25% of the market being in
oral delivery (Datamonitor and other sources).
As part of the new agreement, BioProgress will earn a portion, up to a maximum
of 20% of all milestone and royalty income received by FMC on commercialised
NRobe(TM) products and supply film, dependent upon agreed performance criteria.
BioProgress has agreed to support the development and scale-up of the
commercial-scale NRobe(TM) equipment.
In addition, the parties have agreed to explore opportunities that would allow
BioProgress to utilise the NRobe(TM) technology for its own developed products
that will be marketed by the Company's pharmaceutical products division, Dexo
BioPharm.
The NRobe(TM) system is a broad-based technology which enhances the stability
of existing drugs and is applicable to both small and large molecules.
Richard Trevillion, Chief Executive Officer of BioProgress, said:
"The new arrangements with our partner FMC provide an exciting platform for
growth within both organisations. As the scope for the NRobe(TM) system has
developed and its applicability widened, it has become clear that the ability
for the combined skill sets within FMC and BioProgress to be leveraged to create
higher value both in the short and longer term has been enhanced. It is also
exciting for the Company to be evaluating opportunities in its own development
programmes with this unique enabling delivery system."
For further information:
BioProgress Plc + 44 (0) 20 7098 9880
Richard Trevillion, CEO
Steve Martin, CDO
Buchanan Communications + 44 (0) 20 7466 5000
Rebecca Skye Dietrich/Mark Court
About BioProgress
BioProgress plc is an innovative specialty pharmaceutical and healthcare
business based around its platform technologies in polymer and film systems.
Listed on London's AIM in May 2003 and on US NASDAQ in October 2004, the company
has over 80 patents granted or in application within 24 patent families and has
product development agreements and strategic alliances with several global
companies. As a virtually integrated business, BioProgress has acquired sales
and marketing resources within Europe and the US as a launch mechanism for its
own pharmaceutical products. The business continues to develop innovative
delivery mechanisms using its XGEL(TM) polymer technology, replacing the need to
use animal-derived gelatine in pharmaceutical and healthcare products. For
further information please go to www.bioprogress.com
About NRobe(TM)
NROBE(TM) provides a new solid oral dose form to the pharmaceutical industry.
The technology consists of a process, equipment and film to produce NROBE(TM)
dosage forms. The active pharmaceutical ingredient and excipients are lightly
compressed and enrobed between two films and sealed to provide a compacted,
coated dosage form. FMC is the exclusive, worldwide licensee of NROBE(TM)
technology from BioProgress and responsible for the commercialisation and
continuing development of the technology. Potential benefits of NROBE(TM)
include: its elegant presentation of compression-sensitive or moisture-sensitive
formulations, improved dissolution versus conventional oral dosage forms,
reduced dependence on problematic excipients, reduced formulation time and
improved manufacturing efficiencies, all-in-one process.
Forward-Looking Information
The Ordinary Shares of BioProgress plc are registered under the US Securities
and Exchange Act of 1934. To the extent that this announcement contains certain
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, this paragraph applies. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from the
expectations contained in the forward-looking statements. The forward-looking
statements in this release include statements addressing future financial and
operating results and the timing and benefits of the reorganisation. Detailed
information about factors pertinent to the business of the company that could
cause actual results to differ is set forth in the Company"s filings with the
Securities and Exchange Commission. The Company is under no obligation to (and
expressly disclaim any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or otherwise.
This announcement is for information only and does not constitute an offer or
invitation to acquire or dispose of any securities or investment advice. The
distribution of the announcement and/or issue of securities in certain
jurisdictions may be restricted by law. Persons into whose possession this
announcement comes are required to inform themselves about and to observe such
restrictions.
END
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.