BOSTON, MA, Nov 01, 2010 (MARKETWIRE via COMTEX) -- Spencer Pharmaceutical Inc. (pinksheets:SPPH) announced today that it has signed a preliminary cooperative development agreement with National Pharmaceutical Corp.
According to the agreement, Spencer and National will develop central nervous disease treatments in the areas of Alzheimer and Parkinson using Spencer's drug delivery as the primary platform. The preliminary agreement calls for a share swap of 20 million restricted shares. The final terms and conditions of the transaction will be determined in a definitive agreement. No assurances can be provided that a definitive agreement will be executed. Execution of a definitive agreement is subject to, among other things, confirming due diligence by Spencer, and other conditions and approvals by both companies' management, board of directors and shareholders, as appropriate.
"We are pleased to be working with another group in the development of treatments for CNS related diseases. As many current patented drugs are becoming free of royalties, our technology would extend the patent of treatments in Alzeimers and Parkinsons," said Dr. Arella, President of Spencer Pharmaceutical Inc. "CNS disease treatments are one of the areas where our technology can be of use in extending the life of the patents, but we are also investigating many other areas such as anti-psychotic and anti-depressor drugs," further added Dr. Arella.
About Spencer Pharmaceutical Inc. Spencer Pharmaceutical Inc. is a US-based Pharmaceutical Research and Development Corporation, which is developing innovative drug release and absorption systems for the treatment of metabolic diseases such as diabetes and metabolic syndrome.