1st off crowbar Howard owned Granutec, which he said in the Conference call, that you and some other suspect posters, failed to attend..
In the CC he stated he owned Granutec, and SOLD Granutec for untold Millions, and also invested at least 3 million of his own money into Aquaprin, he is 72 Yrs old, and could have easily retired from the sale of Granutec!
FACT: When I first met him I wanted to know if he needed money, so I asked him Could you have retired form the sale of Granutec?
he said quicklyand confidently YES!
I knew then that Aquaprin was his baby and he wanted to see it through...
WHY WOULDNTHE JUST HAVE RETIRED WITH MILLIONS AT HIS GRACEFUL AGE?????
Howard had done an incredible feat:
as stated in the CC he started Granutec with just 2 employees, and had 243 when he left, he also took granutec from under$1M in sales to over $60M ...
3. Mr. Phykitt has extensive experience in the design and implementation of pharmaceutical manufacturing products. Working with companies such as Monsanto, Warner-Lambert, Durkee Foods, Johnson & Johnson (McNeil), American Home Products and many other pharmaceutical companies, Mr. Phykitt has been tabbed with the bringing a litany of current name brand products to full production. He began his career with Teledyne Isotopes, developing systems for the detection of radioactivity in the late 50’s. He moved into the pharmaceutical manufacturing industry in 1975, developing granulation and coating technology that is used today by companies such as Eli Lily and Glaxo Smithkline in the production of pharmaceutical products. In 1984, Mr. Phykitt founded Granutec, Inc. where he developed fluid bed microencapsulation for use in the pharmaceutical and agriculture industries. By 1988, Granutec grew to $6 million in sales, and from there to over $40 million in sales by 1990. In 1993, the company had grown to over $60 million in sales to companies such as Walmart, Eckerd, Perry Drug, and Rite Aid. By 1993, Mr. Phykitt began the research and development of a safer, more effective delivery of aspirin products. By 1997, he had received 3 patents in this developing, and through various vehicles and personal investment, began perfecting the development of Aquaprin. After over 17 years of researching, testing, patenting and developing Aquaprin, he is now ready to bring his most important work to the $30 billion pain management industry. Mr. Phykitt is a member of the American Management Association with fluency in FDA regulatory affairs, quality control and manufacturing. Mr. Phykitt attended Columbia University
Press Release Source: PharmStar Pharmaceuticals, Inc. On Wednesday May 18, 2011, 9:08 am
PharmStar Pharmaceuticals, Inc. Closes on New Facility
ROCKY MOUNT, NC--( - PharmStar Pharmaceuticals, Inc., (Pinksheets:PHAR - News) (the "Company"), a U.S. drug developer, manufacturer and marketer of the FDA-approved, Over-the-Counter (OTC) liquid pain reliever Aquaprin™, today announced that it has closed a transaction to acquire a new CGMP facility to produce Aquaprin, the Company's primary product, plus other line extensions.
On April 18, 2011, the Company entered into an agreement to purchase the facility, which is located in Wilson, North Carolina. Wilson is the home to many pharmaceutical companies, and has an excellent support system for the industry. The building is next to Walter Kidde's international headquarters.
The move is expected to expedite the Company's commercialization of Aquaprin and complete a 17-year developmental journey for the patented liquid form of aspirin. While the Company continues to target a 12 to 14 month window to bring the product to market, hopes are high that moving to Wilson may help expedite the timeline.
PharmStar will begin moving into the new facility immediately, and has been preparing for the move over the last 30 days. PharmStar CEO Howard Phykitt founded Granutec, Inc. in 1985 in Wilson, NC before selling the company in 1989. He remained with the company through 1991. Mr. Phykitt then started Health Corporation, developing and marketing the original form of Aquaprin.
Mr. Phykitt stated, "Jennifer Lantz, Director of the Economic Development Council, and the city of Wilson has been wonderful in this process, and I am genuinely excited to be back. They told me they wanted us to be here, and they proved it. I am appreciative of all the work they did to help us make this happen quickly."
Mr. Phykitt continued, "This was a monumental day for me, and for the Company. It is a day that we have worked so hard for and have endured to create. I feel that I now can get on with my work of bringing this new product to life and building a great company."
The Company did not issue any type of a new debt instrument, nor did the Company dilute its existing common share capital structure in order to finance the transaction, which is consistent with the company's objective of minimizing future dilution of its shareholder base.
About PharmStar Pharmaceuticals PharmStar Pharmaceuticals, Inc. is a U.S.-based drug development, manufacturing and marketing company and the innovator of Aquaprin™, an FDA-approved Over-the-Counter (OTC) liquid pain reliever. In development since 1993 with over $3 million invested to-date, Aquaprin™ is a liquid derivative of aspirin based on a patent-pending formula. The product is designed to dissolve nearly instantly in just 1.5 ounces of water, which can be absorbed into the bloodstream up to 10 times faster than traditional OTC pain relievers, and with little to no stomach upset. PharmStar's headquarters are located in Rocky Mount, NC. For more information, visit www.pharmstarinc.com.
Contact: Contact:PharmStar, Inc. 919-794-7000Email Contact http://www.pharmstarinc.comInvestor Contact: Email Contact Follow Yahoo! Finance on Twitter; become a fan on Facebook.
PharmStar will begin moving into the new facility immediately, and has been preparing for the move over the last 30 days. PharmStar CEO Howard Phykitt founded Granutec, Inc. in 1985 in Wilson, NC before selling the company in 1989. He remained with the company through 1991. Mr. Phykitt then started Health Corporation , developing and marketing the original form of Aquaprin.
The Company did not issue any type of a new debt instrument, nor did the Company dilute its existing common share capital structure in order to finance the transaction, which is consistent with the company's objective of minimizing future dilution of its shareholder base.
PharmStar Pharmaceuticals, Inc., (PINKSHEETS: PHAR) (the "Company"), a U.S. drug developer, manufacturer and marketer of the FDA-approved, Over-the-Counter (OTC) liquid pain reliever Aquaprin™, today announced that it has received an updated appraisal for the Company's intellectual property. The new report states that the intellectual property associated with the patent, know-how and trademark positions of PharmStar Pharmaceuticals is valued at $32 million . The report was filed as a supplemental information disclosure with the OTC Markets on May 6, 2011 and may be found at www.otcmarkets.com/stock/PHAR/financials, under the "Supplemental Information -- PharmStar IP Valuation."
The appraisal report was provided by Hultquist IP, a firm that represents clients in intellectual property matters in a wide variety of technologies, including: chemical, biological, electronic, solid-state, mechanical, and information technologies. According to the Hultquist report, "This total present value of $32 million is determined to be the value of the intellectual property rights associated with the Aquaprin™ product and the Insta-prin™ applicator product, since in the absence of the intellectual property applicable to these products, commercialization would not be viable, and there would be no barrier to entry to far larger competitors with correspondingly larger resources. The exclusionary rights associated with the proprietary patent position of PSP, together with the branding trademarks, and substantial know-how of Howard Phykitt, warrant such valuation. We therefore conclude that the intellectual property rights relating to the Aquaprin™ product and the Insta-prin™ applicator product are fairly valued at $32 million."
On April 28, 2011, the Company filed its Quarterly Report for the first quarter of 2011. In the report, the Company recognized the value of its Intellectual Property and Patents, Research and Development of Patents at a total of $13,104,549. The Company will continue to list these assets at their imputed book value, rather than the determined market value pursuant to the report.
"Though we are pleased with the valuation ascribed to the Aquaprin™ product line by Hultquist IP, we believe that the prudent course of action at this time is to continue to show the value of our core assets at book value. We will do so until such a time as the Company is in full production, or has a clear and substantial reason to modify the said valuation," stated Howard Phykitt, Chairman and CEO of PharmStar.
About PharmStar Pharmaceuticals
PharmStar Pharmaceuticals, Inc. is a U.S.-based drug development, manufacturing and marketing company and the innovator of Aquaprin™, an FDA-approved Over-the-Counter (OTC) liquid pain reliever. In development since 1993 with over $3 million invested to-date, Aquaprin™ is a liquid derivative of aspirin based on a patent-pending formula. The product is designed to dissolve nearly instantly in just 1.5 ounces of water, which can be absorbed into the bloodstream up to 10 times faster than traditional OTC pain relievers, and with little to no stomach upset. PharmStar's headquarters are located in Rocky Mount, NC. For more information, visit www.pharmstarinc.com.
PHAR Financials out before yesterdays close showing
31M assets 50k liabilities 92m float as of 5-11-11 Clean balance sheet FDA Approved "Aquaprin"
also..
Just upgraded to Pinksheets "Current Information" 4-14 Buying a NEW FDA Approved facility CEO has put in writing NO DILUTION for at least 6 mos(HUGE) Insiders shares restricted for min 1yr(awesome)
The Company has received an offer to purchase the building, and is currently assessing the offer. Mr. Phykitt concluded, "I made a commitment to shareholders when we restructured the capitalization table that the Company has no need to dilute its common stock for at least the next six months. This decision will not affect that commitment."
3.There is no need to increase Authorized Shares at this time, and the company does not anticipate having to increase its Authorized anytime in the near future.
AI
