Pharma Patch PLC, Technical Chemicals and Products Inc. deal

The companies signed a letter of intent under which TCPI would acquire SKINY in a stock transaction valued at $17 million. TCPI (Fort Lauderdale, Fla.) would issue $12 million in common shares, with the total number of shares issued not exceeding 800,000 shares. TCPI also would assume a $5 million promissory note issued by SKINY.

SKINY (Dublin) is conducting Phase I trials of an estradiol patch as a hormone replacement therapy, and of an isosorbide dinitrate patch to treat angina. The company has several products in preclinical development, including a nicotine patch. SKINY had $700,000 in cash as of May 31. ...