ENGLEWOOD CLIFFS, NJ--(Marketwired - November 13, 2013) - Biozone Pharmaceuticals, Inc. (BZNE), a manufacturer of over-the-counter (OTC) pharmaceuticals, and skin care, cosmetic and beauty products, and developer of proprietary drug delivery platforms, issued the following Letter to Shareholders from Elliot Maza, Chief Executive Officer and CFO of the company.
"I would like to update you regarding the company's business strategy following our recent agreement to sell a substantial portion of our operating assets, including our QuSomes, HyperSorb and EquaSomes drug delivery technologies, to MusclePharm Corporation in exchange for 1,200,000 shares of MusclePharm's common stock.
"Recently, the Board of Directors of the company conducted a strategic review of the feasibility and relative merits of various financial and business strategies for the company, including partnerships and strategic acquisitions. The strategic sale of Biozone's assets to MusclePharm is the first part of this transition to increase shareholder value.
"Currently, the Company is engaged in late stage negotiations with a significant biotech company, partially owned by OPKO Health, Teva Pharmaceuticals and one of our largest shareholders Dr. Phillip Frost and The Frost Group. The target acquisition is a privately funded biotechnology company developing breakthrough technologies that enable the creation of first- and best-in-class antiviral therapeutics for human diseases focused on the Hepatitis C virus, Influenza virus and Rhinovirus (common cold)."
Cautionary Statement Regarding Forward-Looking Statements:
This letter contains forward-looking statements including the closing of the MusclePharm sale, our ability to consummate an acquisition of a biotechnology company and delivery of shareholder value. Forward-looking statements also are prefaced by words such as "expect," "plan," "intend" and similar words. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the ability to reach an agreement with the biotechnology company, that company's future operations and MusclePharm's receipt of a satisfactory fairness opinion.
- Health Care Industry
- Mergers, Acquisitions & Takeovers