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INTEGRATED TECHNOLOGIES TARGETING $1 MIL. FROM INITIAL PUBLIC OFFERING INTO DRUG DELIVERY SYSTEMS; FIRST APPLICATION WILL BE IN ANTI-CANCER AGENTS

Executive Summary

Integrated Technologies is targeting $1 mil. of its initial public offering toward development of a unique drug delivery system for such drugs as vincristine, bleomycin, theophylline and Factor VIII. In an April 26 filing with the Securities and Exchange Commission, Integrated Technologies reported that it anticipates net proceeds of $1.7 mil. from an offering of 400,000 units (5 shares per unit) at $4.15 per unit. The firm said 60.2% of the proceeds would go toward funding R&D of a delivery system to apply to individual drugs, the first of which will be anti-cancer chemotherapeutic agents. The company explained that its delivery system "is essentially a four step ultra-microencapsulation technology which transports a given drug directly into the lymphatics of the patient through his intestines. The drug spreads throughout the lymphatics into the thoracic duct whereupon it enters the circulatory system intact." Integrated Technologies said this mode of administration "has the benefit of bypassing the detoxifying first-pass effect of the liver which causes shorter half-life" and thus provides the "ability to give injections orally." The firm added that it believes its system is unique "because of the coating used in the ultra-microencapsulation process," which extends or retracts half-life as desired. Integrated said other systems that do not coat the drug "tend to destabilize, destroy or alter the properties of the underlying drug." The company also noted that "each of the chemicals used in the four step process have previously been approved for pharmaceutical use by the FDA." Discussing the application of its system to particular drugs, Integrated noted that theophylline "can be greatly improved by altering the particular oral delivery system so as to require less drug per dose to achieve equivalent therapeutic response, thereby lowering the cost of treatment of chronic forms of angina, asthma and emphysema." With regard to cancer therapy, the firm said development of oral bleomycin and vincristine "may significantly enhance the ease of therapy" and reduce side effects to permit larger doses than currently possible and perhaps increase the anti-cancer effectiveness of the drugs. For treatment of hemophilia, the company noted that "blood products have thus far not proved amenable to adaption in oral delivery systems." Integrated said "current systems capable of transporting Factor VIII into the alkaline environment of the intestines which does not destroy Factor VIII, fail because the system 'binds' onto and then off of the Factor VIII molecule, destabilizing and destroying it." The firm stated that its technology "has been shown not to bind onto any portion of the molecule." The Fort Lauderdale, Fla.-based firm currently has one full time employee, Chairman Richard Lawrence, 25. Upon completion of the offering the firm plans to hire its Exec VP-R&D and Medical Affairs Young Cho, MD/PhD, 54, who developed Integrated's delivery system. Cho is currently directing R&D activities of Eurasiam Clinical Pharmacologists, Inc., a Chester, N.J. firm that has a joint venture and consulting agreements with Wilson Pharmaceutical Company and a Korean venture capital group relating to development and marketing of an oral drug delivery system for insulin and nutritional products. Integrated reported that it has received no income from operations since the company was formed in July, 1983 and is carrying a net loss of $349,638 through Feb. 28, 1985. From its offering proceeds, the firm plans to spend 21.1% on payment of accounts payable, accrued expenses, repayment of loan and payment of officers' salaries and hiring of additional staff.

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