- PHN pain patch development continues on schedule
- Antimicrobial advanced wound healing line scheduled for launch in 2012
- Achievement of 2012 goals will expand, transform Company
- Preliminary 2011 revenues reported
NEW YORK, Jan. 31, 2012 (GLOBE NEWSWIRE) -- Alliqua, Inc. (OTCBB:ALQA) (FWB:HL1) ("Alliqua" or the "Company"), an advanced biomedical products company focused on the development and manufacturing of proprietary drug delivery and liver health technologies, today announced its business objectives for 2012 and reviewed its achievements in 2011.
The Company said a major objective in the next year is to leverage the development progress made with respect to its transdermal postherpetic neuralgia ("PHN") pain patch to establish strategic marketing relationships for the product. Management believes that the global value of the PHN pain patch market today is in excess of US$ 1 billion. In the Company's initial dissolution and in vivo studies, the Alliqua patch demonstrated results that were competitive with the market leading product.
A second major objective in the next year is to aggressively roll out the Company's silver based antimicrobial hydrogel dressing for which it has acquired the exclusive license rights to the 510k. The introduction of the Company's hydrogel dressings will allow the Company to enter the $11.8 billion wound care market directly. Initially, the target markets for the product are intended to include diabetic ulcers, pressure sores, burns and post surgical applications. Management estimates that the number of diabetic ulcers in the U.S. is in excess of 2.5 million wounds and that there are over 30 million surgical procedures done in the US each year.
"Achievement of our objectives for 2012 will transform our Company," said David Stefansky, Alliqua's Chairman. "The larger goal is to establish an appropriate strategic relationship for the distribution of the PHN pain patch globally and the corresponding regulatory approvals."
Richard Rosenblum, Alliqua's President added: "In 2011, Alliqua made significant progress in vertically integrating its manufacturing capabilities, validating its manufacturing processes, ensuring regulatory compliance with respect to the manufacture of its wound care products, and applying for the appropriate registrations and approvals associated with medical insurance reimbursement and the ability to sell directly to the US government. There appears to be significant interest in the SilverSeal® Hydrogel Dressing, particularly within the diabetic community."
SilverSeal® Hydrogel Dressing is expected be available in the US at the beginning of Q2 2012. The Company said that in 2012 it intends to aggressively pursue distribution contracts. Plans for infrastructure expansion, including the addition of manufacturing capacity and hiring of key senior personnel, are also at an advanced stage.
2011 Achievements
- Completed a comparative dissolution study of the PHN pain patch which resulted in a favorable profile when compared to the market leading product for treatment of PHN pain
- In the comparative in vitro permeation study, the Alliqua PHN pain patch demonstrated mean cumulative drug permeation that was competitive with the market leading product
- Filed a series of patents related to its transdermal drug delivery platform
- Acquired from Noble Biomaterials, Inc. an exclusive 10 year global license for two wound care dressings which utilize X-STATIC®, Noble Biomaterial's proprietary silver-based antimicrobial fiber
- Expanded its manufacturing capabilities to vertically integrate its existing hydrogel roll stock capabilities with cutting and packaging capabilities
- Completed its process and manufacturing validations with respect to its vertical integration of its manufacturing capabilities
- Increased revenues from its contract manufacturing business by 38%
- Began to realize revenue from its newly developed conductive hydrogel, targeted at the transcutaneous electrical nerve stimulation ("T.E.N.S.") electrode market
2012 Goals and Objectives
- Establish a strategic alliance for the further development and distribution of the PHN pain patch
- Complete investigational new drug ("IND")submission to the FDA for the PHN pain patch
- Initiate first-in-man clinical trial for the PHN pain patch
- Complete sterilization and shelf life studies of the SilverSeal® Hydrogel Dressing
- Establish distribution partners for the SilverSeal® Hydrogel Dressing and commence sales
- Pursue additional registrations and distribution contracts in new countries
2011 Preliminary Shipment and Revenue Results
Unaudited preliminary revenues for 2011 were approximately $1.8 million, compared to $1.3 million in 2010 representing an increase of approximately 38%. Final audited numbers for the year will be announced when the Company reports year-end 2011 earnings in March.
About Alliqua, Inc.
Alliqua, Inc. (OTCBB:ALQA) ("Alliqua"), is an advanced biomedical products company focused on the development and manufacturing of proprietary technologies in the fields of drug delivery, advanced wound care and liver health preservation. Through its wholly-owned subsidiary, Alliqua BioMedical, Inc., Alliqua intends to develop active ingredient and transdermal drug delivery products, primarily utilizing the proprietary hydrogel technology platform of AquaMed Technologies, Inc. ("AquaMed"), Alliqua's subsidiary.
AquaMed manufactures custom hydrogels used for transdermal drug delivery, wound care, medical diagnostics, and cosmetics. These products use proprietary manufacturing technologies which enable AquaMed to produce what is known in the healthcare industry as high water content, electron beam cross-linked aqueous polymer sheet hydrogels. AquaMed believes that it is one of two manufacturers in the world for these gels. Alliqua's third subsidiary, HepaLife Biosystems, Inc., focuses on the development of a cell-based bioartificial liver system, known as HepaMate™.
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Any statements contained in this press release regarding our ongoing research and development and the results attained by us to-date have not been evaluated by the Food and Drug Administration.
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