TORONTO, March 22 /CNW/ - Eugene Melnyk, founder of Biovail Corporation (NYSE,TSX:BVF), has sold substantially all of his Biovail Corporation holdings. Since November 24, 2009, Mr. Melnyk has sold 9,635,800 shares of Biovail Corporation. Details of the sales transactions are outlined in a 13D filed today with the U.S. Securities and Exchange Commission.
Mr. Melnyk remains active in the business community and is currently the founder and/or majority shareholder of a number private business enterprises including:
Trimel BioPharma Holdings Inc. (Trimel)
Trimel is focused on improving the utility of known pharmaceutical compounds by employing 21st century dosing technologies that are specifically designed to avoid first pass metabolism. These Localized Dosing Technologies (LDT) allow Trimel to precisely target the distribution of medications reducing side effects and improving patient outcomes. Trimel currently owns or has the rights to three proprietary LDT platforms and is actively pursuing the development and application of these technologies to several high value high volume pharmaceutical compounds.
The three proprietary LDT platforms include an intra-nasal gel drug delivery technology, a pulmonary inhalation delivery technology and a dry powder nasal dispersion delivery system (the latter two technology devices won the 2009 European Drug Delivery Devices Product Differentiation Innovation of the Year Award from Frost & Sullivan). The delivery "site" for two of these technologies, the nasal cavity, will allow a drug to be delivered to the Localized area, or area where the medical benefit or need is highest (the nasal cavity or often the brain). We believe brain activity can be achieved within minutes of dosing with Trimel technology versus oral medications, which in many cases either can't achieve brain-level activity or may take a high level of drug to be administered orally for a small amount of drug to reach the brain.
Trimel's product development pipeline is currently focused in the therapeutic areas of endocrinology (hypogonadism, female sexual dysfunction), asthma and allergy. Future target therapeutic areas which Trimel's LDTs could provide significant benefits include pain, diabetes and arthritis. Trimel's most advance product development program is an intra-nasal gel formulation of testosterone for the treatment of male hypogandism. Patient dosing for this ongoing Phase II(b) has been completed and following a meeting with the U.S. Food and Drug Administration, a Phase III clinical program is expected to begin later this year. Trimel also expects to have clinical programs underway this year for an intra-nasal gel formulation for female sexual dysfunction, and 3 programs using the pulmonary inhalation and dry-powder nasal dispersion technologies targeting asthma (2 programs) and allergic rhinitis.
Additional information related to Trimel can be obtained at www.trimelbiopharma.com or by contacting Kenneth G. Howling at 416 679 0771.
Fusion Brands Inc. (Fusion Brands)
Fusion Brands creates innovative beauty, cosmetics and fragrance products to provide smart alternatives for the future of beauty. Fusion brand's mission is deliver innovative, intelligent and relevant products for savvy consumers across distribution channels.
Since creating the award winning and celebrity favorite LipFusion(R) Micro-Injected Collagen Lip Plump in 2005, FusionBeauty(R) continues to build on a strong foundation of innovation and advanced science and has pioneered a breakthrough beauty category known as Colorceuticals.
FusionBeauty(R) fuses advanced technology from dermatology, skin care and color cosmetics for immediate and long term transformational beauty benefits.
The company's diverse and powerfully branded product line also currently includes LashFusion(R), LiftFusion (R), GlowFusion(R) and will soon introduce Illumifill a revolutionary line filling Lumizier. Fusion Beauty is available in over 40 countries worldwide.
The effectiveness, innovation, and broad consumer appeal of FusionBeauty(R) products has earned the company various industry honors including CEW Awards, the Good Housekeeping Seal and support from a long list of celebrities. For more information, please visit http://www.fusionbeauty.com or contact Caroline Pieper Vogt at 212 269-1387.
CLEAN(R) Original Perfume was successfully launched by Fusion in 2003 and quickly became the number one selling independent scent. CLEAN is the original fragrance line with a soapy-shower fresh scent that has a unique scent reminiscent of pure soap. With impressive sales growth and widening distribution, the CLEAN line is expanding to deliver highly intelligent products that provide a CLEAN scent while simultaneously providing actual cleanliness benefits. The expanded range will include bath and body, skincare and products for a CLEAN home. For more information, please visit http://www.cleanperfume.com or contact Caroline Pieper Vogt at 212 269-1387.
PurGenesis Technologies Inc. (PurGenesis)
PurGenesis develops and manufactures patented active complex ingredients from natural sources ("Farm to Pharm"). PurGenesis' primary focus is on the development of prescription botanically-sourced therapeutics that address areas of unmet medical need. This strategy is supported by specific regulatory guidelines for botanical drugs introduced in June 2004 by the United States Food and Drug Administration (FDA). The Company is based on a core platform originating from over ten years of research. Its scientific research led to the development of a unique process of extraction, purification and stabilization of a Supra-molecular complex which is responsible for the photosynthesis process in green plants. In vitro and in vivo (animal model) experiments have demonstrated that this complex has potential anti-inflammatory, immunomodulatory and anti-oxidant activity. It's lead product, PUR0110, is currently in phase II clinical trials for the treatment of mild to moderate Ulceratice Colitis.
Additional information related to PurGenesis can be obtained at www.purgenesis.com or by contacting Andre' Boulet at 514 750 8282.
SOURCE EUGENE MELNYK