OBJ (ASX: OBJ) is pleased to provide shareholders with an update of activities with its potential partnering companies and marketing developments.
3M Material Transfer Agreement The Company announced a Material Transfer Agreement (MTA) with 3M in November 2009 and a subsequent extension to the program in January 2010 to accommodate the broadening of the testing program. Following the completion of that initial phase, OBJ and 3M have agreed to extend the testing and to work closely with OBJs partners. 3M has granted permission to the release of the following commentary.
OBJ is pleased to announce that 3M has confirmed its interest in working with OBJs current or potential clients in patch development and/or contract manufacturing following testing performed by 3M Drug Delivery Systems laboratory in St Paul Minnesota.
Glyn Denison, Director of OBJ commented, "With the number of partners that OBJ is working with worldwide, it is important that OBJ has the ability to provide professional development and manufacturing facilities to the highest possible standard. Continuing our relationship with 3M fulfils that need and allows OBJ to offer a full range of development and production programs to partner projects supported by 3M Drug Delivery Systems technology and production expertise".
Under the existing Materials Transfer Agreement (MTA), 3M has studied the invitro performance of two transdermal patch formulations coupled with em-Patch micro-array formats, with some encouraging results. Pre-existing clinical program commitments at 3M Drug Delivery Systems facility will require the rescheduling of current testing. OBJ and 3M have agreed to a further 6 month extension of the MTA.
OBJ and 3M will work closely in patch development and manufacturing services to OBJ partner companies and will further explore new opportunities in pharmaceutical, consumer and consumer healthcare fields.
Expansion into New Markets OBJ has traditionally been a transdermal drug delivery company focusing on drug patch technologies for the pharmaceutical and therapeutic markets. While this remains a core area for the Company, recent technology innovations have allowed the Company to extend its partnering and product developments into the larger consumer and homecare markets. The Companys ability to enhance products in the consumer healthcare, oral health, skin care, hair care and homecare areas using its physical technologies rather than chemical, has given the Company access to global product opportunities with faster time to market and lesser regulatory barriers. The Companys technologies offer partners significant benefits in the personal and consumer care markets as standardized chemical libraries and strict environmental approval restrictions often make new chemical formulations cost prohibitive. Sam
OBJ Price at posting:
3.6¢ Sentiment: ST Buy Disclosure: Held
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