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