Quigley Corp. (QGLY) CEO Announces Focus on OTC/Personal Care Marketplace; IDs Possbile Pharma Products for Further Investment
Ted Karkus, Chairman and CEO of The Quigley Corporation, (NASDAQ: QGLY) announced today that the Company has completed its evaluation of its opportunities to develop prescription pharmaceutical and OTC products and has concluded that it is in its best interests to focus primarily on the OTC/Personal Care marketplace, which may include but are not limited to its Cold-EEZE and Kids-EEZE brands, as well as other homeopathic, dietary supplement, cosmetic, cosmeceutical, first aid, functional food and beverage products. Mr. Karkus, the Company's Board of Directors, the Company's executive team, and an outside consultant have concluded that the costs and risks associated with continuing to develop a line of prescription pharmaceutical products are not warranted.
Mr. Karkus stated, "The Company has determined that further material investment in the Pharma subsidiary's existing products under development would be curtailed in light of its view concerning market opportunities, regulatory pathways, the need for further robust and consistent preclinical and clinical testing and continued requirements in the areas of commercial formulation and development."
However, the Company has identified certain Pharma subsidiary products that it feels may warrant further reasonable investment in order to determine whether they present significant commercial opportunities. The products it will continue to investigate include QR333 (potential topical symptomatic relief of diabetic peripheral neuropathy); QR440 (potential relief of inflammation and joint pain); and QR448 (potential anti-infective against infectious bronchitis in poultry).
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