The combination of the companies forms a new biotechnology company under the name of Ambrilia Biopharma that will develop therapeutics in the fields of oncology and infectious diseases.
Ambrilia’s product portfolio includes early to mid-stage products and two late-stage generics. The first of these products, Octreotide, is expected to be launched in Europe in 2007 and in the US in 2008. The second product, Goserelin, is expected to be launched in Europe in 2008.
“Today’s vote confirmed the strong support of the transaction and we are pleased that Procyon’s shareholders recognize the sound business rationale for creating Ambrilia Biopharma,” said Hans Mader, president and CEO of Procyon Biopharma. “We believe that the new business model of Ambrilia should enable us to generate revenues in the near future, aiming to achieve profitability within the next 24 months.”