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8-K - FORM 8-K - MiddleBrook Pharmaceuticals, Inc. | c01315e8vk.htm |
EX-2.1 - EXHIBIT 2.1 - MiddleBrook Pharmaceuticals, Inc. | c01315exv2w1.htm |
EX-99.2 - EXHIBIT 99.2 - MiddleBrook Pharmaceuticals, Inc. | c01315exv99w2.htm |
Exhibit 99.1
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Press Release |
7 Village Circle, Suite 100
Westlake, Texas 76262
Westlake, Texas 76262
MiddleBrook Pharmaceuticals Signs Asset Purchase Agreement
WESTLAKE, Texas (May 14, 2010) MiddleBrook Pharmaceuticals, Inc. (OTCQB:
MBRKQ.PK) (MiddleBrook or the Company) has entered into an asset purchase
agreement with Victory Pharma, Inc. for the sale of substantially all of its assets, and
assumption of trade sales and certain other liabilities, of the Company for approximately
$17.1 million (the Acquisition). The Acquisition is subject to customary closing
conditions, a competitive auction process supervised by the United States Bankruptcy Court
for the District of Delaware (the Bankruptcy Court) in which MiddleBrook will seek
competing bids to obtain the best offer possible for its assets, and approval of the
Bankruptcy Court.
During the Bankruptcy Court supervised process, we remain committed to continuing to promote
MOXATAG® utilizing our third party partners electronic promotion program and
maintaining MOXATAG and KEFLEX® product availability to our trade sales
customers, said David Becker, MiddleBrook Executive Vice President and Chief Financial
Officer, and Acting President and Chief Executive Officer.
About MiddleBrook Pharmaceuticals
MiddleBrook Pharmaceuticals, Inc. (OTCQB: MBRK Q.PK) is a pharmaceutical company
focused on commercializing anti-infective products that fulfill unmet medical needs.
MiddleBrooks proprietary delivery technology, PULSYS, enables the pulsatile delivery, or
delivery in rapid bursts, of certain drugs. MiddleBrook currently markets MOXATAG, the first
and only FDA-approved once-daily amoxicillin, and KEFLEX (cephalexin, USP), the
immediate-release brand of cephalexin. For more information about MiddleBrook, please visit
www.middlebrookpharma.com.
KEFLEX, KEFLEX 750 MG, MiddleBrook, MiddleBrook Pharmaceuticals (stylized), MiddleBrook
Pharmaceuticals, Inc., MOXATAG, and PULSYS are MiddleBrooks trademarks and have been
registered in the U.S. Patent and Trademark Office or are the subject of pending U.S.
trademarks applications. Each of the other trademarks, tradenames, or service marks appearing
in this document belongs to the respective holder, as used herein, except as otherwise
indicated by the context. References to we, us, our, MiddleBrook, or the Company,
refer to MiddleBrook Pharmaceuticals, Inc., and its subsidiaries.
About Victory Pharma
Founded in 2003, Victory Pharma, Inc. is a privately held specialty pharmaceutical company
headquartered in San Diego, CA focused on acquiring, developing, and marketing products to
treat pain and related conditions. Victory markets its lead product, NAPRELAN® (naproxen
sodium) Controlled-Release Tablets and other pain products to pain management specialists,
rheumatologists, orthopedic surgeons, and selected primary care physicians through its
physician
office-based field sales force. Victory is also developing proprietary products for the
treatment of chronic pain and common opioid-induced side effects. Further information
regarding Victory Pharma is available at www.victorypharma.com.
NAPRELAN® is a trademark of Elan Corporation, plc.
Please see full prescribing information including BOXED warning regarding cardiovascular and
gastrointestinal risks at www.naprelan.com
###
FORWARD-LOOKING STATEMENTS
Some of the statements contained in this press release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, such as
statements related to MiddleBrooks ability to consummate the Acquisition and/or obtain a
better offer through the Bankruptcy Court supervised auction process. In some cases,
forward-looking statements are identified by words such as intend, believe, anticipate,
expect, estimate, will, may, should, could, would and similar expressions. Such
forward-looking statements reflect MiddleBrooks current plans, beliefs, estimates and views
and involve a number of known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those expressed or implied by such
forward-looking statements. These factors include, among others, the Companys ability to
obtain Bankruptcy Court approval of the Acquisition and consummate the Acquisition in a
timely manner, the Companys ability to continue to operate in the ordinary course and manage
its relationships with its creditors, vendors, and customers during the Chapter 11 process
given the Companys financial condition; the Companys ability to manage expenses and fund
its working capital needs during the Chapter 11 process; the Companys ability to
successfully commercialize and market MOXATAG or KEFLEX during the Chapter 11 process due to:
the limitations on the Companys resources and experience in the commercialization of
products; the elimination of a substantial portion of the Companys commercial organization;
the lack of acceptance by physicians, patients and third party payors of the Companys
products; unanticipated safety, product liability, efficacy, or other regulatory issues;
problems relating to manufacturing or supply; delays in the supply of products by the third
party manufacturers and suppliers on which the Company relies; inadequate distribution of
the products by wholesalers, pharmacies, and other customers; competition from other
products; and other risks identified in the sections titled Managements Discussion and
Analysis of Financial Condition and Results of Operations and Risk Factors in
MiddleBrooks Annual Report on Form 10-K for the year ended Dec. 31, 2009, and in our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2010. You should not place
undue reliance on these forward-looking statements, which speak only as of the date of this
press release. MiddleBrook undertakes no obligation to update publicly or review any of the
forward-looking statements made in this press release, whether as a result of new
information, future developments or otherwise.
# # #
Source: MiddleBrook Pharmaceuticals, Inc.
Investor Relations/Media Contact: David Becker 817-837-1200
Investor Relations/Media Contact: David Becker 817-837-1200
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