Getting in the zone
BioZone Pharma acquires BioZone Labs, related companies for 21 million stock shares
MIAMI—In a moveaimed at building a pharmaceutical company that develops, manufactures andmarkets select drug products, BioZone Pharmaceuticals Inc. has acquired all ofthe outstanding common stock of contract manufacturer BioZone LaboratoriesInc.; all of the outstanding membership interests of Equalan PharmaceuticalsLLC and Equachem LLC; and 45 percent of the outstanding membership interests ofBetaZone LLC in exchange for 21 million shares of the company's restrictedcommon stock.
"Thisexciting acquisition enables the BioZone Pharmaceutical management team and meto embark on our stated mission of building a premier specialty pharmaceuticalcompany," BioZone Pharmaceuticals President Roberto Prego-Novo stated in a July7 news release. "We intend to leverage our deep and strong relationships in thepharmaceutical arena and invest wisely in our manufacturing facilities, R&Dlaboratories and our robust drug pipeline. Moreover, I intend to draw on myexperience and contacts to assemble the best possible team of scientificadvisors and medical practitioners to assist us in achieving our goal. We lookforward to the challenges ahead."
On Feb. 22,Santana Martinez, director of the company, CEO Timothy Neely and EduardoBiancardi, director, president, treasurer and secretary, all resigned theirpositions—but not due to any disagreement with company policies and practicesor its management, according to the company.
On Feb. 24,Prego-Novo took the helm of the company, then-named International Surf ResortsInc. On March 2, the company was renamed BioZone Pharmaceuticals to betterreflect its purpose and mission.
Prego-Novo, whohas more than 35 years of experience as a senior executive in thepharmaceutical industry, served as the Latin America vice presidents of TevaPharmaceutical Industries Ltd. from 2006 to 2010 and IVAX Corp. from 2001 to2006.
The BioZone LabsGroup, founded in 1987, develops, manufactures and markets proprietary andthird-party over-the-counter drugs. The company deploys its QuSome technologyin several of its marketed drugs and has a robust drug pipeline ofQuSome-enhanced drug candidates addressing unmet medical needs in significantmarkets.
Brian Keller,BioZone's group co-founder, president and chief scientific officer, stated, "myco-founder, Daniel Fisher, and I are extremely proud of the company that wehave built over the last 24 years with the help of the entire BioZone team ofemployees. We are delighted that we now have the expertise and financialresources to build on BioZone's solid foundation."
Keller is alsothe inventor of the QuSome technology platform, which he says "has tremendouspotential for improving many drug products that currently suffer from poorsolubility and stability. We are confident that with Mr. Prego-Novo's strongleadership, experience and relationships, we will achieve success."
In May 2011, thecompany announced that it acquired the assets and assumed the liabilities ofAero Pharmaceuticals Inc. Aero develops and markets the Baker-Cummins line ofproprietary scalp and skin care products used to treat commonly seen dry skinand scalp conditions.
In addition, the company recently announced that it sold $2.25 millionof promissory notes to be invested in its combined manufacturing and R&Dfacilities and drug development pipeline.