MEDIA RELEASE
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`iCeutica Announces Sale to Partner Iroko;
`10X uplift on original value
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`• Sale will result in profitable exit for iCeutica investors
`• Sale positions Iroko with strong pipeline and unique technology
`• Combined company has capital and experience to be dominant in pain and
`inflammation therapeutic space
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`Thursday 28th April, 2011
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`Australian pharmaceutical reformulation company iCeutica Inc (‘iCeutica’) today
`announced that it has finalised the sale of all of its shares to Iroko Holdings S.A, the
`parent company of its US-based partner, Iroko Pharmaceuticals, LLC (‘Iroko’).
`
`The sale price was not disclosed, but iCeutica confirms that the price was more than 10
`times the closing valuation of its first fundraising round for the Company in July 2005.
`
`The existing management team, including CEO Mr Matt Callahan and CSO Dr Bill Bosch,
`will continue to lead the company after the acquisition.
`
`“We are very pleased to have closed the sale of iCeutica to our long-time partner Iroko,”
`Mr Callahan commented. “This represents a very profitable exit for our investors and an
`exciting path to market for our pipeline products, given Iroko’s track record,
`management capability and depth of funding.”
`
`iCeutica, which is based in Philadelphia, USA and Perth, Australia is using its unique
`SoluMatrix® reformulation platform to develop a range of pharmaceutical products
`aimed at delivering significant performance improvements over existing marketed
`versions of those drugs. iCeutica’s internal clinical pipeline currently includes
`reformulations of pain and inflammation drug meloxicam and muscle relaxant
`metaxalone.
`
`Iroko is a Philadelphia-based international pharmaceutical company committed to the
`development and commercialization of a range of products in the pain and inflammation
`therapeutic space. Recently completed Phase 2 clinical trials of Iroko’s three leading
`products show tremendous potential to dominate the $7 billion global market for non-
`steroidal anti-inflammatory drugs (NSAIDs).
`
`“The acquisition of iCeutica was a natural fit for Iroko,” said Iroko CEO John Vavricka.
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`“Bringing together the SoluMatrix platform and iCeutica’s clinical and development
`pipeline alongside Iroko’s advanced clinical programs creates a robust pipeline with the,
`capital and capability to compete globally.”
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`Page 1
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`LUPIN EX. 1028
`Lupin v. iCeutica
`US Patent No. 8,999,387
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`iCeutica licensed three products reformulated utilising its SoluMatrix platform to Iroko in
`2007. Each of these products have recently successfully completed Phase 2 clinical trials
`and two of these products are scheduled to enter Phase 3 clinical trials later in 2011.
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`iCeutica Director and Ausbiotech Board Member Dr Stewart Washer added: “The
`management team should be commended for achieving this result for shareholders and
`showing that it is possible to successfully develop and profitably exit life sciences
`companies in Australia.”
`
`The combined iCeutica/Iroko company will boast five clinical stage products, with three
`products having completed Phase 2 trials, one entering Phase 2 trials and one entering
`Pilot PK trials in the coming 12 months. Four of these products are reformulations of the
`popular NSAID class of pain and inflammation products, which dominate the prescription
`and OTC markets in the USA and globally.
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`Matt Callahan, iCeutica CEO added: “SoluMatrix is an enabling tool which has been
`applied to a range of different drugs to solve their solubility problems. Our
`reformulations provide a range of benefits to patients such as allowing them to take
`lower doses of drugs, significantly reducing side effects or making the drugs much faster
`acting.”
`
`“An additional attraction of the business is that we avoid many of the commercial
`challenges that face other biotechnology companies in bringing their products to market.
`By concentrating on the reformulation of existing drugs, we avoid much of the time, risk
`and cost of the traditional new drug discovery and development process.”
`
`“We also expect the successful improvement of an existing drug will lead to a strong
`competitive advantage in the market place for the reformulated superior product, as well
`as new patent protection.”
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`iCeutica will be operated as a stand-alone company within the Iroko group and will
`continue to develop new products for patients via traditional oral and inhalable delivery
`routes. These products will be developed either by iCeutica, or in conjunction with
`external partners.
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`Osagie Imasogie, iCeutica Chairman said: “This is a great example of the world class
`intellectual property being developed in Australia and making a real impact on the global
`pharmaceuticals market. There is a wonderful opportunity to repeat this success with
`other Australian technologies and companies, given the depth of research and talent in
`Australia.”
`
`-ENDS-
`
`Contact Information
`Media:
`Rebecca Wilson
`T: + 61 3 9866 4722
`M: + 61 417 382 391
`E: rwilson@bcg.com.au
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