AFFINITY BIOTECH LICENSES CONSUMER PRODUCT FORMULATION TO BLOCK DRUG COMPANY, INC.
BOOTHWYN, Pa., Sept. 24 /PRNewswire/ -- Affinity Biotech, Inc. (NASDAQ: AFBI), today announced that it has licensed its proprietary formulation of a topical consumer product to Block Drug Company, Inc. (NASDAQ: BLOCA). Under the license agreement, Block will fund Affinity's optimization process of the product's formulation, and Affinity will receive an upfront licensing fee, milestone payments, and royalties on sales of the product. "This agreement with Block Drug Company confirms the broad applicability of our microemulsion technology," said Alan Dickason, president and CEO of Affinity. "We are pleased that a company as strong as Block, with its exceptional marketing capability and widely recognized brand names, will be commercializing this product." The product licensed by Affinity to Block is part of a product category with aggregate annual U.S. sales in excess of $100 million. While there are several products now marketed by others in this category, the Block product is formulated to distinguish it favorably from its competitors. The product may be marketed by Block as early as next year. "A hallmark of Affinity is the ability to find innovative solutions to formulation problems," said Dr. Dickason. "In the past, this ability was applied to drug delivery and taste-masking. By now applying this expertise to the additional area of related consumer products, we greatly expand the near-term product opportunities available to us." Block Drug Company, Inc., based in Jersey City, N.J., develops, manufactures and markets consumer oral hygiene and professional dental products, over-the-counter personal care products, household products and ethical pharmaceuticals, nationally and internationally. Based in Boothwyn, Affinity Biotech focuses on the development of oral drug delivery systems for proteins, peptides and other therapeutic agents, the formulation of taste-masked liquid and chewable drugs, and the development of other pharmaceutical products utilizing Affinity's expertise in surface chemistry. -0- 9/24/93 /CONTACT: Wayne B. Weisman, executive vice president of Affinity Biotech, Inc., 215-497-0500, or Anthony J. Russo, Ph.D., of Noonan/Russo Communications, 212-696-4455/ (AFBI BLOCA)
CO: Affinity Biotech, Inc.; Block Drug Company, Inc. ST: Pennsylvania, New Jersey IN: MTC SU: LIC
TW-TS -- NY017 -- 5302 09/24/93 08:49 EDT
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|Date:||Sep 24, 1993|
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