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PHARMACONTROL's ORAL SOLUBLE ASPIRIN LAUNCH EXPECTED IN LATE SPRING

Executive Summary

PHARMACONTROL's ORAL SOLUBLE ASPIRIN LAUNCH EXPECTED IN LATE SPRING in segmented areas, Max Tesler, MD, Chairman and CEO of Pharmacontrol, announced Dec. 17 at an annual shareholders meeting. The oral aspirin product, which metabolizes quickly and causes "virtually no gastric irritation," will first be marketed as an OTC through "a carefully-programmed ethical/OTC physician-oriented launch," Tesler said. Pharmacontrol is in the process of finalizing the previously announced $16-$18 mil. acquisition of Private Formulations, Inc., (PFI), a pharmaceutical and health products company ("The Pink Sheet" Nov. 24, T&G 8-9). In its fiscal 1986 (year ended June) annual report, Pharmacontrol noted that earlier in the year it had assumed the management of PFI in order to begin projects such as "re-evaluation and reorganization of the OTC product line and the significant expansion of the company's ethical generic capability." Tesler anticipates a Dec. 30 closing date for the acquisition. "We already are looking at doing business there next year at an annualized rate of approximately $34-40 mil. a year," the exec remarked. Tesler said he expects total sales to increase for the combined companies because of "PFI's current $25 mil. in annual revenues plus Pharmacontrol's $4 million" and the "substantial expansion of PFI's customer base and the introduction of new products by Pharmacontrol and PFI." Pharmacontrol's production contract with Monsanto, scheduled to expire on Dec. 31, has been extended for another year, Tesler said. The contract manufacturing sales of acetaminophen products to Monsanto accounted for 62% or $2.23 mil. of consolidated net sales for Materials Processing Technology, Inc., (MPT), Pharmacontrol's drug manufacturing subsidiary, the annual report notes. The clinical evaluation and development of another Pharmacontrol product, nonevasive glucose monitor, will be funded by two unnamed companies concerned with diabetic therapy, Tesler noted. Development of the monitor, which measures blood sugar levels without drawing blood, is expected to be finished in about six months, the company said.
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