BRADLEY PHARMACEUTICALS TAKES STEPS TO EXPAND MANUFACTURING AND RESEARCH CAPABILITIES: FILES FOR NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (EDA) FUNDING.FAIRFIELD, N.J.--(BUSINESS WIRE)--JULY 19, 1995--Bradley Pharmaceuticals, Inc. announced today that it has filed with the New Jersey Economic Development Authority The New Jersey Economic Development Authority (EDA) is an independent, quasi-governmental self-supporting entity in the U.S. state of New Jersey dedicated to broadening and expanding the state's economic base. (EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. ) for the issuance of a $7 million tax-free bond to be used to acquire the former Reed & Carnrick headquarters, laboratory and manufacturing site. Bradley management stated that they had signed a letter of intent to acquire the 112,000 square foot facility on 15 acres in Piscataway, New Jersey, from Block Drug Corporation. The contract is contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent New Jersey EDA bond approval, environmental approvals, and engineering inspections. Subject to conditions which include a definitive agreement satisfactory to all parties, and the availability of adequate New Jersey EDA financing, the complex will provide Bradley Pharmaceuticals Bradley Pharmaceuticals is a pharmaceutical company headquartered in Fairfield Township, Essex County, New Jersey. The company was founded in 1985 by Daniel Glassman who is at the current time its CEO. The company markets to niche physician specialties in the U.S. with extensive laboratory, manufacturing, warehouse, distribution, and office facilities, which support the Company's strategies for short term and long term needs due to increasing net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight . In addition, the complex includes 12,000 square feet of existing laboratory facilities which will be devoted to expanded Research and Development of new products for Bradley Pharmaceuticals. Bradley management expects the completion of this transaction to proceed as soon as possible; it is the Company's intention, upon contract signing, to immediately lease a portion of the facility for warehouse and distribution space, with full occupation and commencement of operations, as soon as fourth quarter 1995, or first quarter 1996. BRADLEY PHARMACEUTICALS, INC. markets and manufactures brandname prescription and over-the-counter pharmaceutical and health-related products, including respiratory, dermatologic, nutrition, personal hygiene personal hygiene person n → Körperhygiene f and internal medicine brands. Bradley Common Class A Shares, and Bradley Class A, B, and D Warrants (BPRXA, BPRXW, BPRXZ and BPRXL, respectively) are traded on the Nasdaq National Market System. CONTACT: Rene Caron Investor Relations Investor relations The process by which the corporation communicates with its investors. South Coast Communications (714) 252-8440 or Alan V. Gallantar V.P Chief Financial Officer Bradley Pharmaceuticals, Inc. (201) 882-1505 Ext. 266 |
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