MIAMI– Winston Laboratories Inc., a specialty pharmaceutical company developing products for pain management, and Getting Ready Corp. (OTCBB: GTRY.OB), a publicly-traded company with no active operations, are merging. As part of the transaction, an investor is putting $9 million in the merged company.
As part of the transaction, Dr. Phillip Frost, former chairman and CEO of IVAX Corp. and his affiliates invested $5 million in Winston, with an additional $4 million investment to be made at the time the merger is consummated. Proceeds from the investment are expected to fund current operations of Winston Laboratories, including certain costs associated with upcoming regulatory applications.
Glenn L. Halpryn, current director and president of Getting Ready, Steve Rubin, former vice president and general counsel of IVAX, and Subbarao Uppaluri, former vice president of strategic planning of IVAX, will serve on the combined company’s board of directors, along with four directors to be appointed by Winston Laboratories. Dr. Joel Bernstein, founder and president of Winston Laboratories, will become president and chief executive officer of the combined company.
Winston’s scientific and management teams have extensive experience in clinical development for pain indications. Winston focuses on major pain indications as well as on niche markets, where there is still significant unmet need for pain management options with improved efficacy, safety, and tolerability profiles.
Winston’s product candidates span a range of pain indications, including episodic cluster headache, chronic daily headache, osteoarthritis, neuropathic pain, cancer pain and post-operative pain.
The company’s lead product compound is civamide, which it says provides effective pain relief for at least seven days in animal models.
Winston is engaged in late-stage development of civamide for various pain indications, and expects to submit its first marketing authorization applications for a topical formulation in North America and Europe for relief of osteoarthritis pain during the first quarter of 2008.
On the Web: winstonlaboratories.com
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