CAMBRIDGE, England, June 1, 2012 /PRNewswire/ --
Altacor Limited ("Altacor"), a specialty ophthalmic pharmaceutical company, today announces that the exclusive option granted to NicOx S.A. ("NicOx") to acquire its remaining shares has now expired.
On 21 March 2012, Altacor announced that NicOx had invested £2 million in cash to acquire 11.8% of the shares of Altacor and had entered into an exclusive option, which could be exercised by NicOx up to 31 May 2012, to acquire the remaining shares of Altacor. Following the expiry of the option, NicOx will continue to hold its shares on the same basis as the other shareholders of the Company.
Altacor will maintain its core strategy of building a European ophthalmic specialty pharmaceutical company based on growing product sales and a fast to market portfolio of development products. Nicox will remain a significant shareholder and potential partner and the Board and management team at Altacor expect to maintain a dialogue with the team at Nicox and other potential partners to deliver the best value for shareholders in the medium to long term.
Dr Fran Crawford, CEO of Altacor, said: "We value Nicox as a supportive shareholder and an important potential partner as we do all potential partners for growth in our business. Our future plans focus on enhancing value through adding products to our marketed portfolio as well as advancing development products towards our aim of being a leading European ophthalmic speciality pharma company. "
Altacor is an ophthalmic specialty pharmaceutical company with marketed products and a diverse development pipeline. The products are focused in the following sub therapeutic areas: ocular surface disease, ocular anti-infection and glaucoma. The company differentiates products through, for example, formulation or reprofiling. ALT 005 (surgical) and ALT 020 (ocular anti-infection), ALT 022 glaucoma and ALT 401 for prevention of scarring in glaucoma surgery are examples. Altacor has five products marketed in the UK and Ireland (Clinitas and Clinitas range) which are commercialised through its own sales and marketing organisation and network. Clinitas and Clinitas GEL are prescription products, the former is for moderate dry eye conditions and has a uniquely high concentration of hyaluronic acid (0.4%) in the UK, it is gaining acceptance by clinicians nationwide. The OTC Clinitas range comprises Clinitas Hydrate, Clinitas Soothe and Clinitas Ultra 3 which together address the major causes of dry eye.
For further details contact:
Francesca E Crawford (CEO)
SOURCE Altacor Ltd