Key Developments For GeoPharma, Inc.
GeoPharma, Inc. (GORX.O) (Consolidated Issue listed on NASDAQ Capital Market)
GeoPharma, Inc. Announces Settlement Of Baltimore Beta-Lactam Antibiotics Facility Litigation
GeoPharma, Inc. announced that it, through its subsidiary, American Antibiotics, LLC (collectively, AA Parties) has reached agreement with Consolidated Pharmaceutical Group, Inc. (CPG), the directors of CPG and two other individuals acting on behalf of CPG (collectively, CPG Parties) and entered into a Settlement and Mutual Release Agreement (Settlement Agreement) and other documents (collectively, hereinafter referred to as Settlement Documents) on September 4, 2009 settling all claims against the other. Under the terms of settlement: the AA Parties and the CPG Parties (collectively, the Parties) the agreed to execute a new three (3) year lease for the Facility with renewable options. The new lease also confers upon American Antibiotics a three year option to purchase the Facility, a 65,600 square foot manufacturing plant consisting of an approximately 40,000 square foot non-sterile area and an approximately 25,600 square foot sterile area for injectable Beta-Lactam antibiotics, and the approximately 4.4 acres on which the Facility is located. Further, all prior agreements, financial obligations, understandings or other commitments between the Parties were terminated, superseded and extinguished with the execution of the Settlement Documents.
GeoPharma, Inc. Announces Sale Of Majority Ownership In Its Ovarian Cancer Business, Company To Focus On Core Business
GeoPharma, Inc. announced the signing of an agreement with Trident Biotech, Inc. for the purchase of a majority stake in the Company's Ovarian Cancer business. GeoPharma receives $2.5 million in cash and notes and will maintain 40% ownership in the business under the terms of the agreement.
GeoPharma, Inc. Announces Settlement Of Clarinex (Desloratadine) ANDA Patent Litigation With Schering And Sepracor
GeoPharma, Inc. announced that it has reached agreement with the Schering Corporation (Schering), and Sepracor, Inc. and the University of Massachusetts (collectively, Sepracor) settling all Hatch-Waxman litigation relating to Desloratadine tablets (5 mg), with the Company receiving a license under all relevant patents. The agreement provides for potential modification of select terms based on certain events and developments. The specific financial terms and conditions of the agreement have not been disclosed. The agreement is subject to review by the United States Federal Trade Commission and Department of Justice. Under the terms of the settlement, GeoPharma can commercially launch its generic Desloratadine product, with 6 months marketing co-exclusivity, on July 1, 2012, or earlier in certain circumstances. The new product launch may be a prescription or over-the-counter (OTC) product depending on its status at the time of launch.
GeoPharma, Inc. Adds India, Nepal, Bangladesh, Sri Lanka and South Korea as New Distribution Channels For Mucotro
GeoPharma, Inc. announced the expansion of the distribution agreement between the Company and Cura Pharmaceutical Co. (Cura). The original agreement signed between Cura and GeoPharma provided Cura the exclusive U.S. distribution rights of GeoPharma's patented oral Mucotrol wafer, which had received FDA approval as a medical device. The recent extension of the primary agreement allows for additional partners to be secured, proliferating the acceptance of Mucotrol in other regions of the world previously unexplored. The new aspect of the agreement embraces two new regional partners and allows for the dissemination of Mucotrol in India, Nepal, Bangladesh, Sri Lanka and South Korea.
Changing Times Vitamins, Inc. Selects GeoPharma, Inc.'s Bob O'Leary Health Food Distributor Co. As Its Worldwide Distributor Of RecoveryX
GeoPharma, Inc.: Changing Times Vitamins, Inc. announced that it has reached an agreement whereby Bob O'Leary Health Food Distributors will be its worldwide distributor of RecoveryX. Bob O'Leary Health Food Distributor Co., Inc., trading as Bob O'Leary SportScience (BOSS), is a distributor of Sport Nutrition Products, Dietary Supplements, and Performance Beverages. It is a wholly owned subsidiary of GeoPharma, Inc.
