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Share Name | Share Symbol | Market | Type |
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Serco Group PLC | TG:SEO | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.04 | -1.75% | 2.24 | 2.22 | 2.24 | 0.00 | 22:50:08 |
RNS Number:1422R BioProgress PLC 21 October 2003 Press Release 21 October 2003 BioProgress plc BioProgress Technology Limited initiates patent entitlement action against Stanelco Fibre Optics Limited BioProgress Technology Limited, a wholly owned subsidiary of BioProgress plc (" BioProgress" or the "Company"), a provider of innovative delivery mechanisms for the pharmaceutical oral dosage markets, today commenced proceedings against Stanelco Fibre Optics Limited ("Stanelco") a subsidiary of Stanelco plc claiming entitlement to key patents and patent applications in the portfolio of Stanelco. The patents in question relate to processes for encapsulation (for example, of pharmaceutical, healthcare or non-ingestible industrial products) by gelatin-free polymeric materials (gelatin being derived from animal materials), which processes were invented by BioProgress Technology Limited in 1998. The proceedings comprise BioProgress' application to have ownership of certain key patents and patent applications in the portfolio of Stanelco assigned to BioProgress, together with an order to have BioProgress registered as the rightful owner of the patents and patent applications in question. Under its generic brand XGelTM, BioProgress has developed four new pharmaceutical dosage forms SWALLOW, TABWRAP(R), NROBE(R) and SEPTUM(R) and has an extensive patent portfolio. The patents which are the subject of these proceedings are not related directly to the TABWRAP(R), NROBE(R) and SEPTUM(R) new dosage forms which BioProgress is in the process of commercialising. The proceedings will not impact upon the Company's ability to deliver these technologies to its current customers or have any effect on existing customer relationships and the strategic alliances recently announced. BioProgress has amassed strong intellectual property and intends to safeguard it by legal means, as and when necessary. Insurance has been obtained to protect the costs position of BioProgress in the litigation. Barry Muncaster, Consultant and former Chief Executive of BioProgress, is in charge of this dispute in order to allow current management to focus on business development. Graham Hind, Chief Executive of BioProgress, said: "During the process of developing our capsule technology we explored a number of capsule sealing options including laser and radio frequency. The patents which are the subject of these proceedings are not used in our TABWRAP(R), NROBE(R) and SEPTUM(R) processes but, we believe, have significant value in the development of additional new processes and dosage forms. "As we are now a UK public company with responsibilities to our shareholders we intend fully to retain and maintain all the innovative products we have developed and will do what needs to be done to ensure that our IP is protected. When ownership of the patents is established, we can continue to generate significant additional licensing revenues and further strengthen our existing strong business model for the benefit of our shareholders. The fact that we have secured insurance cover for the costs of this litigation enables us to progress these proceedings with a high level of confidence." BioProgress will not be making further comment until proceedings have been resolved. - Ends - For further information: BioProgress plc Barry Muncaster, Consultant and former Chief Executive of Tel: +44 (0) 20 7444 4141 BioProgress bjm@bioprogress.com www.bioprogress.com Media enquiries: Bankside Henry Harrison-Topham / Heather Salmond Tel: +44 (0) 20 7444 4141 henry.ht@bankside.com www.bankside.com Notes to editors: BioProgress listed on AIM in May 2003 and is engaged in the research, development, and design of patented encapsulation systems that use water soluble and biodegradable films for the dietary supplement, pharmaceutical and other sectors. The Company's patent portfolio comprises over sixty patents within sixteen patent families and has product development agreements and strategic alliances with several global companies. BioProgress aims to provide a cost effective and animal-free encapsulation process for pharmaceutical drugs in liquids, tablets and powders, thereby addressing the needs of the entire market for oral dosage forms while providing novel delivery mechanisms not possible with traditional processes. The Company has also developed, patented and licensed the world's first flushable ostomy pouch that offers a newly enhanced quality of life not previously possible for the end user. Market research shows the global ostomy market to be worth $1 billion annually. The Company's business model provides it with several significant revenue streams including sales of encapsulating machines and film, plus licence and fees for research development services. This information is provided by RNS The company news service from the London Stock Exchange END MSCMBBATMMJTBIJ
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