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PALO
ALTO, Calif., Jan. 2, 2002 -- Connetics Corporation announced
today the signing of a licensing agreement granting Pharmacia
Corporation exclusive global rights, excluding Japan, to Connetics'
proprietary foam drug-delivery technology for use with Pharmacia's
Rogaine® hair loss treatment.
 Under
the agreement, Pharmacia will pay Connetics an undisclosed
initial licensing fee, milestone payments and a royalty on
product sales. Pharmacia will be responsible for most product
development activities and costs.
``This
is the second major partnership for a leading global OTC brand
we have signed,'' said Thomas G. Wiggans, Connetics' President
and Chief Executive Officer. ``This underscores the opportunity
to innovate new brands and to strengthen existing brands using
our delivery technologies. The potential royalties from these
partnerships will be important additions to our revenue and
earnings over the coming years.''
Mr.
Wiggans added, ``Patient compliance is a significant challenge
for hair loss treatments, and surveys among dermatologists
and consumers have repeatedly demonstrated a strong preference
for a foam delivery vehicle. We are delighted to enter into
this agreement with Pharmacia which markets the leading topical
brand for treating hair loss.''
Pharmacia
Consumer Healthcare, a unit of Pharmacia Corporation, is a
global leader in the field of hair loss treatments. More than
40 clinical studies have shown Rogaine topical solution to
be safe and effective in treating hair loss in both men and
women.
About
Connetics
Connetics
Corporation is an independent pharmaceutical company focused
on the development and commercialization of innovative therapeutics
for the dermatology market. The Company's marketed products
are Luxiq® (betamethasone valerate) Foam, 0.12% and OLUX(TM)
(clobetasol propionate) Foam, 0.05%. In April 2001, Connetics
acquired Soltec Research Pty Ltd. Soltec is focused on discovering
and developing innovative topical drug delivery formulations.
These formulations aim to improve the management of dermatological
diseases, provide significant product differentiation, and
extend product life cycles.
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