TheraTech news

THRT said that Lawrence Muschek, vice president of research and development at Solvay Pharmaceuticals Inc., resigned from THRT's board in order to give Solvay the option to liquidate some or all of the 683,000 THRT shares it owns. Steven Mayer, CFO at THRT, said Solvay has about a $10 per share paper profit. Solvay bought the shares, which represent a 6 percent equity position, in 1988.

Solvay plans to reinvest some of the profits in the clinical development of an unnamed female hormone replacement product that is a joint venture between the two companies. Mayer said the product, to which Solvay has exclusive worldwide rights and THRT has U.S. co-marketing rights, will enter clinical trials within a month. ...