Astralis Receives Additional $2.5 Million Payment From SkyePharma Pursuant to Original Agreement.Business Editors FAIRFIELD, N.J.--(BUSINESS WIRE)--May 2, 2002 Astralis LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ASTR ASTR American Society for Theatre Research (established in 1956) ASTR Aerospace Systems Test Reactor ASTR Aircraft Shield Test Reactor ASTR Automatic Spectral Target Recognition ASTR Army Specialized Training Reserve ) announced today that it received a $2.5 million payment from SkyePharma PLC (Nasdaq: SKYE; LSE LSE - Language Sensitive Editor : SKP SKP Suomen Kommunistinen Puolue (Communist Party of Finland) SKP Sveriges Kommunistiska Parti (Communist Party of Sweden) SKP Sisemajanduse Koguproduktist (Estonian) ) under the December 2001 Stock Purchase Agreement. The $2.5 million represents the second instalment of the total $10 million, due from SkyePharma. Astralis has now received a total of $15 million, with the remaining $5 million scheduled for payment through January 31, 2003. Under the terms of the original equity agreement, SkyePharma will make a total equity investment in Astralis of up to $20 million in convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. , following which SkyePharma will beneficially own 18 % of Astralis. SkyePharma made an initial investment of $10 million on December 10, 2001, the effective date of the agreement and two subsequent investments totalling $ 5 million. In addition to the original equity investment, SkyePharma and Astralis signed a technology agreement that provides Astralis with access to SkyePharma's DepoFoam and other relevant drug delivery technologies, as well as a service agreement, whereby SkyePharma will provide all development, pre-clinical and clinical development services for PSORAXINE(TM), Astralis' novel injectable vaccine therapy vaccine therapy A therapeutic strategy to boost the immune response against a particular pathogen to such degree that the vaccine alone is enough to treat the Pt for the treatment of all forms of Psoriasis up to the completion of Phase II clinical studies. Astralis Ltd. is an emerging biotechnology company focusing on the research and development of novel treatments for immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. disorders and skin diseases. PSORAXINE, the company's first product, is an innovative drug under development for all forms of psoriasis. Astralis is currently preparing to file an IND application with the U S. FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. to start clinical trials in the U.S. There is no approved cure for Psoriasis. Most approved treatment protocols provide temporary or incomplete relief and may, with certain systemic treatments, cause serious side effects. PSORAXINE, developed by Astralis' Chairman Dr. Jose Antonio O'Daly M.D., Ph.D., is a protein-based therapy that stimulates cells from the patient's immune system to reverse the inflammatory process responsible for psoriasis symptoms. This press release may contain forward-looking statements regarding Astralis LTD. Actual results may differ materially from those described in the press release as a result of a number of factors, including but not limited to the following: There can be no assurance that PSORAXINE will be successfully developed or manufactured, or that final results of human clinical trials will result in the regulatory approvals required to market products, or that final regulatory approval will be received in a timely manner, if at all, or that patient and physician acceptance of this product will be achieved. Astralis LTD undertakes no obligation to revise or update any such forward-looking statement to reflect events or circumstances after the date of this release. Notes to the Editor Astralis LTD, an emerging biotechnology company based in New Jersey, focuses on the research and development of novel treatments for immune system disorders and skin diseases. Psoraxine, the company's first product, is an innovative drug under development for psoriasis, and is based on the company's discovery of a new gene sequence of proteins. To date, preliminary clinical data suggest remission of this skin condition in patient trials in Venezuela. SkyePharma PLC, one of the world's leading drug delivery companies, provides innovative services to major pharmaceutical partners from the point of drug discovery through the approval process. Its five technologies, oral, injectable, inhalation, topical, and nanoparticulate solubilisation encompass the vast majority of delivery systems in use by the pharmaceutical industry. For more information, visit SkyePharma's web site at http://www.skyepharma.com. Psoriasis Psoriasis is a chronic, genetically based remitting and relapsing scaly scal·y adj. 1. Covered or partially covered with scales. 2. Shedding scales or flakes; flaking. scaly skin condition characterized by scales; scalelike. and inflammatory skin disorder that affects approximately 3% of the world's population. Psoriasis symptoms result from the overproduction o·ver·pro·duce tr.v. o·ver·pro·duced, o·ver·pro·duc·ing, o·ver·pro·duc·es To produce in excess of need or demand. o of skin by blood cells associated with the immune system. These blood cells become confused and act as though the skin was damaged, manufacturing skin cells at a much faster rate than is required by undamaged skin. The overproduction of skin can cause everything from itchy rash like patches to painful pustules and massive inflammation. Most current treatments are sub-optimal and some systemic treatments can cause serious side effects. Additional information can be obtained from: International Federation of Psoriasis Associations at www.ifpa-pso.org US National Psoriasis Foundation The National Psoriasis Foundation is a patient-driven, non-profit US-based psoriasis education and advocacy group. The National Psoriasis Foundation's mission is to improve the quality of life of the millions of Americans with psoriasis and/or psoriatic arthritis by promoting at www.psoriasis.org The Psoriasis Association (UK) Tel: +44 (0) 1604 711129 |
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