SOLVAY PHARMACEUTICALS, INC. LICENSES EXCLUSIVE DEVELOPMENT AND COMMERCIAL RIGHTS TO ORAL TESTOSTERONE FORMULATION FROM LIPOCINE INC.
Marietta, Ga., May 19, 2009 – Solvay Pharmaceuticals, Inc. today announced a license agreement with Lipocine Inc. that provides Solvay Pharmaceuticals exclusive rights to develop and commercialize an oral formulation of testosterone.
Using its proprietary oral Lip'ral™ technology, Lipocine has developed an investigational oral testosterone product. Solvay Pharmaceuticals plans to initiate a development program to further study the investigational product as an oral treatment for male hypogonadism also known as low testosterone (low T).
"This agreement further demonstrates Solvay Pharmaceuticals' commitment to men suffering from low testosterone," said Dr. Stephen Hill, President, Solvay Pharmaceuticals, Inc. "As the market leader in the field, we will apply our expertise in the treatment of low testosterone to the development of an oral testosterone replacement therapy. This compound has the potential to be the next major innovation in the management of low testosterone."
"We are quite pleased to partner with Solvay Pharmaceuticals, a leader in testosterone replacement therapy, to bring this innovative treatment option to patients." said Dr. Mahesh Patel, President and CEO, Lipocine Inc.
Under the terms of the agreement announced today, Solvay Pharmaceuticals will make an upfront payment, make future milestone payments and pay royalties based upon product sales to Lipocine. Solvay Pharmaceuticals will also fund Lipocine development expenses associated with this program.
It is estimated that hypogonadism, also known as low testosterone, affects more than 13 million men in the United States age 45 and older. Because signs and symptoms of low testosterone are subtle and often overlap with other common medical conditions, low testosterone is frequently undiagnosed. Signs and symptoms of low testosterone may include low sex drive, erectile dysfunction, fatigue, depressed mood, reduced muscle mass and strength, increased fat body mass and decreased bone mineral density.
About Lipocine Inc. Lipocine Inc. is a privately held pharmaceutical company leveraging its proprietary drug delivery technologies to commercialize innovative pharmaceutical products. Lipocine business objectives are to develop products with established drugs that have patient friendly attributes such as faster absorption, lower dose, fewer side effects, less frequent dosing, and no food effect. For more information, visit www.lipocine.com.
About Solvay Pharmaceuticals, Inc. Solvay Pharmaceuticals, Inc., of Marietta, Georgia, is the U.S. subsidiary of Solvay Pharmaceuticals. For more information, visit www.solvaypharmaceuticals-us.com.
Solvay Pharmaceuticals is a research driven group of companies that constitutes the global pharmaceutical business of the Solvay Group. The companies seek to fulfill carefully selected, unmet medical needs in the therapeutic areas of neuroscience, cardiometabolic, influenza vaccines, gastroenterology and men's and women's health. Its 2008 sales were EUR 2.7 billion and it employs more than 9,000 people worldwide. For more information, visit www.solvaypharmaceuticals.com.
SOLVAY is an international Chemicals and Pharmaceuticals Group with headquarters in Brussels. It employs some 28,300 people in 50 countries. In 2008, its sales amounted to EUR 9.5 billion generated by its three activity sectors: Chemicals, Plastics and Pharmaceuticals. Solvay (NYSE-Euronext: SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR) is listed on NYSE-Euronext at Brussels. Details are available at www.solvay.com.
Contacts: Neil Hirsch Manager, U.S. Corporate Communications
Solvay Pharmaceuticals, Inc.
(770) 578-2170 neil.hirsch@solvay.com
Jerry Simmons Corporate and Business Development Officer
Lipocine Inc.
(801) 994-7383 x2110 gts@lipocine.com
