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news.Wyeth Consumer Healthcare is terminating its license to use SCOLR Pharma's technology in products containing ibuprofen.
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SCOLR Pharma said it planned to continue the development of a 12-hour extended release ibuprofen product and would either seek to work with another large pharmaceutical company or develop the data needed to file an application with the FDA.
The development and license agreement, signed in 2005, provided Wyeth with global rights to use SCOLR’s technology for all products containing ibuprofen. SCOLR has already received approximately $2.1 million in milestone and other payments from Wyeth. SCOLR will reacquire all rights to use its technology for products containing ibuprofen.
Daniel Wilds, president and CEO of SCLOR, said: “While we are disappointed with Wyeth’s decision, this also represents a significant opportunity for us. We are optimistic about our ability to advance commercialization of a 12-hour extended release ibuprofen product.
The Wyeth decision does not affect SCOLR Pharma’s ongoing development of other pharmaceutical products using its CDT platform, the company added.