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 April 2007
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
.
Immediate Release 30 April 2007
BioProgress plc
Technology Update and launch of new Technology - FastWrap™
London, UK, 30 April 2007: BioProgress plc ('BioProgress' or the 'Company')
(AIM: BPRG; NASDAQ: BPRG), the specialty pharma and healthcare company, today
announces a technology update and the launch of a new tablet technology,
FastWrap™ using the TabWrap™ enabling technology platform.
Commercialisation of the TabWrap™ enabling technology platform has recently
passed some key internal milestones and is now in the final process
qualification program. The system has been shown to operate within its technical
specification and produces 100,000 tablets per hour. In parallel, new variants
of XGEL™ have been developed giving further differential advantages to
certain products utilising the TabWrap™ system.
The Company remains on target to be producing TabWrap™ enhanced tablets for
launch into the market by the end of 2007. These products will be initially
launched within the US market and aimed at analgesic indications. The
undisclosed molecule has a US market size of $1.4billion (Datamonitor, estimates
for 2007) and offers a unique competitive advantage over the leading brand which
accounts for 14.1% of the total market. The Company plans to launch a
FastWrap™ version, as a line extension in 2008.
The Soluleaves™ suite of technologies will be delivering new products
during Q2 2007. These include launches of non-regulated products which will be
marketed through the Group's sales and marketing subsidiary Dexo. The core US
market will see the launch of the Company's local anaesthetic product for sore
mouths and a Soluleaves™ thin strip which will be marketed under the
Accuhist™ allergy brand with its partner Tiber Laboratories. The market for
lozenge products in the cough/cold indication is $1.7 billion (Datamonitor 2007)
with the US accounting for $506.3m of sales. The Group's US division will be
launching a prescription only Soluleaves™ line extension of its Ah-Chew
brand for the 2007 cough/cold season.
The Group is progressing on target with its patented smoking cessation product.
The product is a fast release stabilised oral film strip product. The global
market size for Over the Counter (OTC) smoking cessation products is $2.1
billion. In addition, the prescription only market for these products in the US
alone represents an additional $300m. The key markets for smoking cessation are
the US, Japan and Germany. Alternative dosage forms to traditional patches and
chewing gums are the fastest growth areas. The Group expects partner discussions
to complete in the very near term.
SoluPol™ products are progressing ahead of plan with three products
currently in pre-registration development, one in partnership and the other two
for Dexo's own products. One is in the area of analgesia and the Company
anticipate that regulatory filings will be made during H2 2007. The molecule in
question currently has a market value of $1.3 billion with significant market
share in Italy, Germany and the US. Dexo's second development is in the area of
gastro-intestinal disease and the Company expects to be able to file for
regulatory approval by the end of 2007.
FastWrap™ is a new technology that allows the rapid disintegration of
coated tablets thereby allowing for a faster onset of action of a drug. Using
the Company's patented novel tablet core technology, BioProgress is able to
utilise the novel TabWrap™ production system to create coated tablets which
will disintegrate and dissolve more rapidly than traditional techniques. In
addition, film-flavoured orally disintegrating tablets are also able to be
produced. The current worldwide market for orally disintegrating tablets is over
$700m and growing at 31% per annum.
The system is designed to create competitive advantages within the OTC drugs
market where speed of onset of action is a key consideration. The technology is
being targeted within the analgesic and cough/cold therapeutic areas. The Global
OTC analgesic market is worth $6.2 billion in 2007 (Datamonitor) with the US, UK
and Japan being the largest three single markets. The main actives used with
existing therapies are paracetamol/acetaminophen, aspirin and ibuprofen. The
global OTC cough / cold market is worth $10.5 billion with USA, Japan and
Germany being the three largest single markets.
The FastWrap™ technology has been developed as a response to requests from
new commercial partners. BioProgress additionally intends to use this technology
for its own products to create differential marketing benefits, particularly
within the US market.
Richard Trevillion, Chief Executive Officer, BioProgress, said:
"The launch of an additional technology within our portfolio is another
important step in creating a compelling enabling technology range for our own
products whilst enhancing our ability to work with partners. Speed of onset of
action is an important weapon in the war against illness and we are now able to
compete effectively within the market place.
"The team have worked hard to ensure that the TabWrap™ technology is on
target to deliver both our partners and our own proprietary product launch and
development targets. Our core developments are going to plan and we remain
confident that our products will offer the patient a differential advantage.
"The Group also expects revenue generation to be in line with expectations, and
administration costs to remain at similar levels reported by the company for the
full year in 2006."
For further information:
BioProgress Plc + 44 (0) 20 7098 9881
Richard Trevillion, CEO
Steve Martin, CDO
Hiral Patel, CFO
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™ polymer technology, replacing the need
to use animal-derived gelatine in pharmaceutical and healthcare products. For
further information please go to www.bioprogress.com
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.