Wyeth is terminating its license to use SCOLR's technology in products containing ibuprofen. SCOLR Pharma said it will continue the development of a 12-hour extended release ibuprofen product and would either seek out another large pharmaceutical company to partner with or develop the data alone to file an application with the FDA. The development and license agreement, signed December 21, 2005, provided Wyeth with global rights to use SCOLR's technology for all products containing ibuprofen. SCOLR has already received approximately $2.1 million in milestone and other payments from Wyeth, including more than $950,000 since January 1, 2007.
- read the release on the undoing of the deal