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EXHIBIT
99.1
Cellegy Renegotiates
Rectogesic ® EU License and Distribution Agreement
with ProStrakan Group plc
Huntingdon Valley, PA - November 10,
2005 - Cellegy
Pharmaceuticals, Inc. (Nasdaq: CLGY) announced today that it has
renegotiated the EU License and Distribution Agreement for its
product, Rectogesic®, with its licensee, ProStrakan Group plc.
Rectogesic is a 0.4% topical nitroglycerin ointment indicated for
the relief of pain associated with chronic anal fissures. In
September 2004, the product was approved by the UK Medicines and
Healthcare Products Regulatory Agency (MHRA) for sale in the
UK.
Under the terms
of the amended agreement, ProStrakan will assume responsibility for
all manufacturing and other product support functions and will
purchase the product directly from the manufacturer rather than
purchasing from Cellegy under the terms of the original agreement.
In return, Cellegy will receive a payment of $2 million and may
receive future milestone payments of up to $ 750,000 upon approval
of the product in certain major European countries. Cellegy will
benefit from reduced infrastructure costs by having its partner
take over manufacturing responsibilities.
In December
2004, Cellegy and ProStrakan entered into an exclusive license
agreement for the commercialization of Rectogesic ®
(branded Cellegesic™ in the United States) in Europe. In May
2005, the product was launched in the United Kingdom, by
ProStrakan. ProStrakan will be applying for further approvals of
Cellegesic throughout the EU, under the Mutual Recognition
Procedure.
About
Cellegy
Cellegy
Pharmaceuticals is a specialty bioph
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