HOUSTON, July 30, 2004 (PRIMEZONE) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ) is pleased to provide an update on the recent developments of Vetdermal Systems Limited (VDS). CSJJ has committed itself to a $2M investment program to purchase a major equity interest in VDS. CSJJ is proud to be a major investor in VDS, whose business strategy is to become the leader in the development of specialty transdermal formulations of drugs.
VDS is a U.K. pharmaceutical R&D company established to develop a new passive transdermal approach to drug delivery. VDS has secured an exclusive license for the use of several innovative technologies, including: (i) a patented, proven, basic emulsion technology for transdermal administration of various molecules. Proof of concept has been achieved in Phase I clinical trials and Phase IIa clinical trials; (ii) novel compounds, able to alter the membrane fluidity directly and indirectly and increase the permeation of the skin to peptide drugs; and (iii) a transdermal drug delivery skin-top device.
The market potential for Vetdermal Systems' technology is huge as, according to Reuters Business Insight, over $33 billion a year in market pharmaceutical revenues will be extinguished from corporate financial statements as patents for molecules expire over the next few years. The VDS technology platform can enable some companies to maintain their franchise over proprietary technology. Thus they might achieve re-introduction of their drugs with only abbreviated new drug filings, just as if the drug was a generic drug with only bio-availability and therapeutic levels in issue.
Going forward, VDS is seeking collaboration to identify and develop other therapeutic compounds that show marketing potential. VDS will increase the company's value through the creation of alliances with major strategic partners. Further updates on Vetdermal Systems Limited will be released in short order following the completion of financial projections (i.e. revenue and profit levels) for their innovative technology.
For more information please contact CEO Andrea Cortellazzi at (647) 886-2703 or visit the Company website at www.coastalholdings.com.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.