Bioglan Pharma, the specialty drugmaker which is negotiating to buy Bristol-Myers Squibb's skin products business, has said that three of its drug delivery projects have made notable advances in development.
Chief executive Mr Terry Sadler said today he was particularly excited by the formulation of a second therapeutic protein - in addition to its previously announced collaboration with Novo Nordisk - using the firm's patented Biosphere coated micro-particle injectable system.
Bioglan did not identify the medicine involved, on which it is collaborating with a major drugmaker, but said it generated annual sales of more than $4 billion (£2.8 billion) in its current form and had never before been successfully formulated in an extended release version.
Analysts speculated the product was EPO, the best-selling biotech drug for anaemia and other blood disorders which has to be given by regular injection. Using the Biosphere controlled release system, injections can be given only once or twice a month.
At the same time, two projects involving under-the-tongue aerosols are being advanced from Phase I into Phase II clinical trials. One is for a nicotine-based quit-smoking product, which Bioglan plans to out-license, while the second is an opioid for cancer pain, for which it will retain some rights.
Bioglan has grown rapidly via 50 deals in recent years and is expected to emerge as one of the world's top five dermatology firms following the purchase of the Bristol-Myers business for around $700 million in a deal that could close later this month.
Mr Sadler said the drug delivery side of the business was now also showing its potential for substantial future revenue streams.