WINSTON-SALEM, N.C., Aug. 24, 1999 - Pilot Therapeutics, Inc., a technology company spun-out of Wake Forest University in 1998, has entered into agreements with Quintiles Inc. and Croda Leek Ltd. for development of its first nutraceutical product for asthma. Pilot's nutraceutical products, called Ethical Nutraceuticals(TM), are natural products that are clinically proven safe and effective. Unlike pharmaceuticals, Pilot's Ethical Nutraceuticals(TM) do not require premarketing approval from the FDA.
Quintiles is assisting Pilot in the regulatory and clinical development of its asthma product. Sara Brooks Creagh, Pilot's President and Chief Executive and former Executive Vice President of Quintiles Transnational Corp. (Nasdaq-NNM: QTRN), the parent company of Quintiles Inc., was pivotal in connecting the two companies.
Brooks Creagh serves on Pilot's Board of Directors and became its President and Chief Executive in June 1999. "I joined Pilot because it has all the necessary ingredients for building a successful company," said Brooks Creagh. "Intelligence, intensity, and good science all come together in this opportunity. I'm excited to be part of the burgeoning nutraceuticals industry, and ready for Pilot to make a substantial impact on this market. Pilot is the kind of company that gets my attention."
"Quintiles provides Pilot access to substantial regulatory and clinical expertise to help our business," Brooks Creagh said. "By leveraging our relationship with Quintiles, we believe we can rapidly market clinically proven nutraceutical products without creating an expensive infrastructure." Michael Hensley, M.D., Quintiles' Vice President for Regulatory and Technical Services, said: "Quintiles is very pleased to work with Pilot Therapeutics in the development of their nutraceutical products. Given the favorable regulatory climate for nutraceuticals and our plans for clinical validation of Pilot's products, we look forward to helping Pilot achieve its goal of having its nutraceutical product on the market as soon as possible."
Quintiles Transnational, with headquarters near Research Triangle Park, NC, is the premier global contract pharmaceutical organization with 19,000 employees and reported net revenue in 1998 of nearly $1.2 billion.
Croda Leek, best known for the development of Lorenzo's oil, is assisting Pilot in the formulation of its asthma product. Croda Leek is a division of Croda International Plc., a $1 billion UK company that specializes in the purification of naturally derived oils. Croda will be the sole supplier to Pilot of super-refined, high purity fatty acids for Pilot's nutraceutical products. The companies have also agreed to collaborate on the development of additional products for chronic diseases such as arthritis and cancer.
Dr. Keith Layden, the Managing Director of Croda Leek, said "The relationship between Croda and Pilot Therapeutics is an excellent synergy. It will allow Croda to exploit many years of expertise and experience in the purification of novel fatty acids and allow Pilot Therapeutics to develop and market unique naturally derived products for important medical conditions."
SOURCE Pilot Therapeutics, Inc.