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West Malling, UK, 14 December 2005: Phoqus Group plc ("Phoqus" or the "Company") (AIM:PQS), the oral drug delivery and development company, today announces that it has signed a feasibility agreement with Unilever and also provides a trading update prior to entering the Company's close period.
Unilever collaboration
Under the terms of the agreement with Unilever, one of the world's leading consumer goods companies, Phoqus will investigate the application of its unique electrostatic coating technology, LeQtracoat®, on a Unilever consumer detergents product.
The overall global consumer detergents sector is valued at approximately €29billion1 and makes extensive use of new and innovative technologies to improve the performance and convenience of consumer detergent products.
Trading update
Since its IPO, Phoqus has commenced Phase I clinical trials of its in-house product candidate, Chronocort™, with its partner, Diurnal Limited. Chronocort™ is a once-daily modified release hydrocortisone tablet being developed for the treatment of adrenal insufficiency. Phoqus believes that a sustained-release tablet using its technologies would address this need effectively and provide a much needed improvement in treatment of this orphan indication.
During the period, Phoqus has continued to make progress with its preparations for a world-class cGMP manufacturing facility in partnership with Cardinal Health. The first commercial tablet coating facility has passed the Factory Acceptance Test and is currently being shipped to Cardinal's site in Schorndorf, Germany. Installation of the plant will begin in January 2006.
Phoqus has also completed the feasibility study of its UniQ™ technology with a mid-tier pharmaceutical company. The feasibility study has been completed and Phoqus' UniQ™ system has worked successfully in producing highly distinctive tablet designs. The collaboration partner, however, has decided not to continue to work beyond the feasibility study for internal strategic reasons.
Andy Jones, Chief Executive Officer of Phoqus, commented:
"We have made excellent progress since our IPO and trading has continued in line with market expectations. The agreement with Unilever, one of the leading innovators in the detergents sector, recognises the broad potential of Phoqus' unique coating technology and represents a low risk opportunity with substantial upside which, if successful, could see a product ready for launch in 2008. We look forward to a strong stream of news during 2006 as we expect to continue to sign up new partners and anticipate the first conversion of feasibility studies into full scale development programmes."
Enquiries:
Phoqus Group plc
Tel: 01732 870227
Andy Jones, Chief Executive Officer
Peter Johnson, Chief Financial Officer
Financial Dynamics
Tel: 020 7831 3113
Sarah MacLeod / John Gilbert
Notes to editors
About Phoqus
Phoqus is a drug delivery company using proprietary electrostatic powder coating technology, LeQtracoat®, to provide an extensive range of innovative systems targeting the oral drug delivery market. Drug delivery technologies are applied to pharmaceuticals to provide benefits such as controlling the release of a drug into the body, enhancing patient compliance and improving the performance and efficacy of an existing drug. In turn, these benefits enable pharmaceutical companies to extend the life cycles of their products, strengthen their patent protection and thereby enhance the value of their marketed products and development pipelines.
In addition, the Company has developed its coating technology to create novel images on drug tablets as a means of brand enhancement and protection against counterfeiting.
Phoqus is the only company using electrostatic powder coating technology for pharmaceutical applications and has over 120 granted patents.
To assist the delivery of its strategy, Phoqus has entered into a strategic partnership with Cardinal Health, the world's largest supplier of services to the healthcare industry, to provide commercial scale GMP manufacturing to collaboration partners. Cardinal Health also co-markets Phoqus' drug delivery and image enhancement systems in all major markets.
Phoqus, based in Kent, was established in 1998 as a spin-out from Colorcon, a division of Berwind Pharmaceutical Services Inc.
The Company was admitted to trading on AIM in November 2005 raising £10m and is listed on AIM under the symbol "PQS".
Further background on the Company can be found at www.phoqus.com.
1 - Hauthal, H.G. SOFW-Journal, 130, 10-2004
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