SOLBEC Pharmaceuticals has agreed to sell its interest in the Lawley Pharmaceuticals Joint Venture, following a comprehensive review of the hormone replacement therapy project.
The decision came after the review revealed that Solbec may have been required to spend more than $500,000 to register the venture’s two hormone replacement therapy products, Andro-feme Cream and Andromen Forte Cream, with the Theraputic Goods Association. With the registration not a certainty and at least two years away, Solbec says it believed it would have been required to meet much of the future expenditure, including marketing.
The directors of Solbec sold to Michael Buckley for $850,000.
