Navigation Links
Planet Technologies Announces Agreement to Acquire Antigen Laboratories

RIDGEFIELD, Conn. & LIBERTY, Mo., Sept. 4 /PRNewswire-FirstCall/ -- Planet Technologies, Inc. (Nasdaq: PLNT), a specialty pharmaceutical company whose current operations are focused on the marketing and sale of allergen avoidance products, and Antigen Laboratories, Inc. (Antigen), a privately-held FDA licensed manufacturer of allergenic extracts for immunotherapy, today announced that they entered into a definitive agreement under which Planet will acquire Antigen.

Under the agreement, Planet will acquire all of the outstanding equity of Antigen for $10 million, plus the payment of certain liabilities, contingent upon Planet procuring the required financing to complete the transaction.

"The acquisition of Antigen's allergenic extract immunotherapy business complements our existing allergen avoidance business. The Antigen transaction continues to deliver on our strategy to acquire and build specialty allergy businesses, focused on marketing to allergy-related physicians in the United States", said Ed Steube, Chief Executive Officer and President of Planet.

Planet's current, wholly owned operating subsidiary, Allergy Control Products, Inc. (ACP), is a leading supplier of physician-recommended allergen avoidance products to control indoor allergens. ACP markets its proprietary products, along with those of other suppliers, through physician office brochures, customer catalogs and its web site. ACP receives patient referrals from 4,000 physicians in the United States annually.

Antigen will operate as a wholly owned subsidiary of Planet. Physicians use Antigen's allergenic extracts for immunotherapy, which historically have been administered to patients in controlled doses by subcutaneous injections ("SCIT"). Antigen provides allergenic extracts to over 1,500 physicians in the United States annually.

"We are excited to work with the Planet team to develop substantial growth opportunities for immunotherapy in the U.S.", said Tom Willoughby, President at Antigen. Mr. Willoughby will continue as president of Antigen, as well as become Vice-Chairman of Planet's Board of Directors.

Planet believes that the base businesses of both ACP and Antigen will benefit from cross merchandising between each company's physician relationships. As such, the acquisition of Antigen is part of Planet's overall goal to build a specialty pharmaceutical company focused on asthma and allergy, implementing consolidation and cross merchandising activities within the allergy market.

Importantly, upon completion of the acquisition, the company intends to commence a sublingual immunotherapy ("SLIT") clinical development program. SLIT is the administration of immunotherapy through drops of allergenic extract being placed under the tongue, versus the traditional SCIT route of administration. It is a particularly attractive treatment alternative for young children, those at increased risk for SCIT (i.e. asthmatic persons), and those who cannot go to a physician's office once a week for an injection.

In European countries where SLIT has received regulatory approval, it has been reported that the availability of both SCIT and SLIT has greatly expanded the number of patients seeking immunotherapy. The company believes that an FDA-approved SLIT product also will expand the much larger U.S. market, as allergy-related physicians will have the enhanced option of offering either SCIT or SLIT based immunotherapy for their patients.

There are six competitors in the allergenic extract immunotherapy market within the U.S,

In addition to the $10 million acquisition price, Planet estimates it will need $10 million for transaction-related professional fees, payoff of debts, purchase of a building and funding of clinical trials, as well as other expenses related to the regulatory approval process.

Forward-Looking Statement

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential or financial performance. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Planet undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Planet's business.

SOURCE Planet Technologies, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Global Polio Eradication: A Campaign to Vaccinate Every Child on the Planet
2. Protecting Oceans is Important to Keeping Planet Cool
3. New green Pyre to Cool Planet While Burning Indias Dead
4. Work Less to Sustain Planet Earth, Say Activists
5. Worms are Killing the Planet
6. Researchers Develop Technologies to Devour Food Pathogens
7. Researchers Study Safety of Assisted Reproductive Technologies
8. India to Propose Global Fund for Clean Energy Technologies
9. PM announces a new health care order for India
10. PowderMed Announces Needle-Less Flu Vaccine
11. Ramdoss Announces Introduction of RCH-II
Post Your Comments:
(Date:6/24/2016)... ... ... Those who have experienced traumatic events may suffer from a complex set ... drug or alcohol abuse, as a coping mechanism. To avoid this pain and suffering, ... traumatic event. , Trauma sufferers tend to feel a range of emotions, from depression, ...
(Date:6/24/2016)... ... ... Marcy was in a crisis. Her son James, eight, was out of control. Prone to ... , “When something upset him, he couldn’t control his emotions,” remembers Marcy. “If there ... my other children and say he was going to kill them. If we were ...
(Date:6/24/2016)... ... 2016 , ... Global law firm Greenberg Traurig, P.A. announced that 20 Florida ... their peers for this recognition are considered among the top 2 percent of lawyers ... as members of this year’s Legal Elite Hall of Fame: Miami Shareholders Mark ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... Comfort Keepers® ... American Cancer Society and the Road To Recovery® program to drive cancer patients to ... and other adults to ensure the highest quality of life and ongoing independence. ...
(Date:6/24/2016)... ... June 24, 2016 , ... People across the U.S. are sharpening ... Talker Award, an essay contest in which patients and their families pay tribute to ... at the 2016 National Society of Genetic Counselors (NSGC) Annual Education Conference (AEC) this ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... -- According to a new market research ... Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, 8mm, ... Purchase (Retail, Non-Retail) - Trends & Global Forecasts to ... for the forecast period of 2016 to 2021. This ... 2021 from USD 1.65 Billion in 2016, growing at ...
(Date:6/23/2016)... 23, 2016  MedSource announced today that it ... software solution of choice.  This latest decision demonstrates ... to their clients by offering a state-of-the-art electronic ... establishes nowEDC as the EDC platform of choice ... clients.  "nowEDC has long been a preferred EDC ...
(Date:6/23/2016)... , June 23, 2016  In a startling report released today, ... their residents by lacking a comprehensive, proven plan to eliminate prescription ... definitive ranking of how states are tackling the worst drug crisis ... four states – Kentucky , New ... Vermont . Of the 28 failing states, three – ...
Breaking Medicine Technology: