MIAMI, May 19, 2011 (GLOBE NEWSWIRE) -- BioZone Pharmaceuticals, Inc. (OTCBB:BZNE) announced today that it has acquired the assets and assumed the liabilities of Aero Pharmaceuticals, Inc. ("Aero"), a dermatological company founded by Dr. Phillip Frost, Chairman of OPKO Health Inc. and Teva Pharmaceuticals, Inc. Aero develops and markets the Baker-Cummins line of proprietary scalp and skin care products used to treat commonly seen dry skin and scalp conditions. The well known brands of P&S Liquid, P&S Shampoo, Ultra Mide 25 Lotion, X-Seb T Pearl and X-Seb T Plus have been recommended by dermatologists for over 20 years.
Recently, BioZone Pharmaceuticals announced that it entered into a binding option and letter of intent with the BioZone Laboratories family of companies to purchase all of their issued and outstanding stock. Also, BioZone Pharmaceuticals recently sold $2.25 million of promissory notes, a portion of which will be advanced to BioZone Laboratories.
BioZone Laboratories, a specialty pharmaceutical company founded in 1989, has a robust drug pipeline addressing unmet medical needs in significant markets. BioZone Laboratories develops, manufactures and markets drugs, using its patented QuSomeTM technology platform to enhance drug solubility.
BioZone Laboratories co-founder Brian Keller stated, "Our QuSomeTM technology has tremendous potential for improving dermatological products by enhancing absorption. We intend to capitalize on the well established Aero/Baker-Cummins franchise and product portfolio by expanding distribution and developing line extensions that combine Baker Cummins products' unique formulations with QuSomesTM. We also have our own line of QuSome dermatology products, which will be marketed under the Baker Cummins label going forward. This business combination represents the first of many opportunities to expand the use of our QuSome technologyTM by adding a valuable product line to our portfolio."
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CONTACT: Investor Relations Contact: ZA Consulting, Inc. 212-505-5976