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Spherics, Inc. Successful Bidder May Make NDA Submission

WELLESLEY HILLS, Mass., Aug. 13 /PRNewswire/ -- Joseph F. Finn, Jr., C.P.A. ("Finn"), Assignee of the assets of Spherics, Inc. ("Spherics") for the benefit of creditors, announced today that all pharmaceutical intellectual property will be sold at a sealed bid auction on October 10, 2008.

One of the pieces of intellectual property for sale is its lead product, SRx-502, a once-a-day version of a branded drug that currently has more than $2 billion in sales despite twice daily dosing and an unfavorable AE profile. A clear clinical pathway for SRx-502 has been defined by the FDA for a 505(b)(2) regulatory submission. A successful bidder may make the NDA submission in 2Q 2009 with the remaining clinical trials expected to cost $7 million.

About Spherics

Spherics has built a strong intellectual property position around its drug delivery technologies and products. The Company has a broad range of issued US and international patents through exclusive licenses from Brown University. These patents cover polyanhydride-based bioadhesive polymers and PIN. In addition to these issued patents, Spherics has filed numerous applications covering compositions of matters of its proprietary polymers (SPHEROMERS), novel oral delivery systems (including BIOGIT, BIOROD and PIN), manufacturing methods, methods of use, formulations and product compositions.

About Joseph F. Finn, Jr., C.P.A.

Joseph F. Finn, Jr., is the founding partner of the firm, Finn, Warnke & Gayton, Certified Public Accountants of Wellesley Hills, Massachusetts. He works primarily in the area of management consulting for distressed enterprises, bankruptcy accounting and related matters, such as assignee for the benefit of creditors and liquidating agent for a corporation. He has been involved in a number of loan workouts and bankruptcy cases for thirty-four (34) years. His most recent Assignment for the Benefit of Creditors in the Biotech field was ActivBiotics, Inc.

SOURCE Spherics, Inc.
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