Pharma Resources Ups Stake In Sano

Pharmaceutical Resources is increasing its equity investment in Sano Corporation by $2.5 million from the $1 million original investment. The move is part of the company's strategic plan to rapidly broaden its product line and move into international markets. PR has also expanded its relationship to include distribution of Sano's generic products in South America, Canada, Israel and a right of first refusal in certain European countries.

Last year, PR entered into a 10-year exclusive licensing agreement with Sano for the US distribution of certain Sano generic drugs using transdermal delivery systems for a broad spectrum of therapeutic categories. Sano has so far submitted one Abbreviated New Drug Application to the US Food and Drug Administration, and plans on submitting additional ANDAs by the end of the year.