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WILSHIRE TECHNOLOGIES FORMS JOINT VENTURE FOR OVER-THE-COUNTER TRANSDERMAL DRUG PRODUCTS

 Weight-Loss Transdermal Patch is First Product
 LA JOLLA, Calif., Feb. 18 /PRNewswire/ -- Wilshire Technologies


Inc. (NASDAQ: WITE) today announced that it has signed a definitive agreement to form a 50/50 joint venture with Intelligent Pharmaceuticals Inc. to develop and market transdermal drug products in over-the-counter applications.
 Intelligent Pharmaceuticals is a privately held company that specializes in the development, marketing and sales of transdermal drug products in the United States and overseas.
 Transdermal drug products deliver pharmaceuticals directly into the system through contact with the skin.
 The joint venture will be called Wilshire TransDermal Products and will feature the use of Wilshire's proprietary polymer formulations. The agreement calls for a capital contribution of undisclosed assets by both parties. Intelligent Pharmaceuticals will be responsible for expanding the distributor base and obtaining local country approvals. Wilshire Medical Products, a subsidiary of Wilshire Technologies led by John Keener, president, will be managing partner.
 Michael W. Crow, Wilshire Technologies' chairman and chief executive officer, stated, "Wilshire TransDermal Products already has successfully developed and is testing a weight-loss or appetite suppressant transdermal patch, which will be sold under the name TrimPatch(TM), and distributed initially in the international market. We expect to file for FDA approval for the United States in fiscal 1993; however, there are no guarantees as to any approvals or their timing."
 Through its foreign affiliate, Wilshire TransDermal has received an initial order for 2,000,000 weight-loss patches at an approximate sales price of 60 cents per patch from its Asian-based distributor. The company noted that the distributor plans a roll-out in the Asian market during 1993 and anticipates substantial sales.
 "We have successfully produced sample product for both independent lab testing and customer evaluation in the last 30 days," Crow said. "Our equipment capacity and ability to manufacture the product will be fully in place shortly, and we expect to ramp up quickly from this initial order."
 Wilshire expects initial orders from Latin American distributors within 30 days and will begin the evaluation process for Europe and other areas in coming months. The timing of approvals for other countries may range from three to 18 months.
 The weight-loss patch is the first of several over-the-counter transdermal products planned by Wilshire.
 Wilshire Technologies made its initial public offering of common stock in November 1992. The company develops, manufactures and markets disposable products for medical and clean room use through its subsidiaries, Wilshire Medical Products and Wilshire Contamination Control. The company has focused on proprietary products that incorporate its engineered materials, acquired polyurethane and other technologies and its expertise in materials fabrication.
 -0- 2/18/93
 /CONTACT: Michael Crow, chairman and CEO of Wilshire Technologies, 619-456-9400, or John Keener, president of Wilshire Medical Products, 800-234-8132/
 (WITE)


CO: Wilshire Technologies Inc.; Intelligent Pharmaceuticals Inc.;
 Wilshire Medical Products ST: California IN: MTC SU: JVN


LS-JL -- SD003 -- 7682 02/18/93 08:44 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 18, 1993
Words:479
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