Last checked at 9 Jun 2014 07:00
9 June 2013
Revolymer plc ("Revolymer" or "the Company")
Revolymer signs US supply and distribution agreement for its nicotine chewing gum with PL Developments
Revolymer plc ("Revolymer"), the British polymer technology company, is delighted to announce that it has signed a supply and distribution agreement for its nicotine chewing gum products for the United States of America with PL Developments LLC ("PLD"), a leading US manufacturer and supplier of over-the-counter (OTC) products. Under the terms of the agreement, PLD will be responsible for marketing, sales and distribution of Revolymer's nicotine gum products within this territory.
The US represents the single largest nicotine gum market, with a single regulatory authority, the Food and Drug Administration (FDA). According to market estimates agreed between PLD and Revolymer, the US nicotine gum market has a current retail value of nearly $500 million per annum, of which more than half is private label, and the balance branded products.
Revolymer's nicotine chewing gum products offer a number of consumer benefits in comparison to currently marketed nicotine gum including a more confectionery-like chew and faster release of nicotine. Under the agreement, PLD plans to market and sell private label formats of Revolymer's nicotine chewing gum products to its broad customer base including all major mass merchandiser, drug, food, dollar channel, and club store retailers.
The agreement is subject to regulatory approval of Revolymer's products and the preparation of an application for marketing approval is currently under discussion with the FDA.
"We are excited to have closed this significant deal covering the substantial US market for nicotine gum. The team at PLD is very experienced at packaging and distributing OTC pharmaceutical products and consumer healthcare goods nationally across America to major grocery, mass merchandiser, and pharmacy chains, and we look forward to a mutually fruitful relationship going forward. We are now focused on preparing a regulatory dossier with view to filing for and gaining marketing approval for our nicotine gum products in the US." said Robin Cridland, Acting CEO of Revolymer.
"We are very happy to have signed this agreement with Revolymer covering its nicotine chewing gums and are looking forward to launching the products in the US, once approved. With Revolymer's products we believe we will have a superior quality nicotine gum to offer to our customers and expect to achieve significant market penetration. This exciting partnership furthers PL Developments' commitment to bring a comprehensive portfolio of products and capabilities to market" said John Francis, Chief Commercial Officer of PLD.
Ends
For further information please contact:
Revolymer plc | +44 (0) 1244 283 500 |
Rob Cridland
PL Developments John Francis
|
+1 516 986 1681 |
Panmure Gordon (UK) Limited | +44 (0) 20 7886 2500 |
Callum Stewart / Adam James (Corporate Finance) Adam Pollock / Charles Leigh-Pemberton (Corporate Broking) | |
Citigate Dewe Rogerson | +44 (0)20 7282 2867 |
David Dible / Malcolm Robertson
|
About Revolymer
Revolymer is a technology company that designs, develops and formulates novel polymers to improve the performance of existing consumer products within the FMCG and other industrial markets. Revolymer's strategy is to generate significant and growing revenue streams by licensing its unique and proprietary technologies to manufacturers and marketers within these global high value markets. Current applications for the Group's technologies are in the household products, personal care and coatings & adhesives markets (together "Consumer Specialties") and the medicated chewing gum and confectionery chewing gum (together "Gum") markets.
www.revolymer.com
About PL Developments
Headquartered in Westbury, NY, PL Developments is a leading manufacturer, packager, and distributor of over-the-counter pharmaceutical products and consumer healthcare goods. It has more than 1,000 employees throughout the US and operates more than 1 million sq. ft. of state-of-the art pharmaceutical facilities. All production and material handling is performed under strict FDA guidelines and current Good Manufacturing Practices, ensuring every product meets or exceeds industry standards. With three decades of experience, PLD has grown to serve almost every retailer in the US and many around the globe.
www.pldevelopments.com