Bentley Pharmaceuticals, Exeter, N.H., is set to spin off its newly formed subsidiary CPEX Pharmaceuticals, according to a recently filed Securities and Exchange Commission document.
The proposed spinoff is subject to approval by Bentleys board of directors and the SEC, but the new arrangement would separate Bentleys generic-drug and drug-delivery systems businesses, with CPEX focusing on the development of new drug-delivery technologies, according to a company news release. One-hundred percent of the initial shares of CPEX will be issued to current Bentley shareholders.
Bentley Chairman and Chief Executive Officer James Murphy will serve as director and nonexecutive chairman for the newly formed company. Bentley will also provide managerial, operational and administrative support to CPEX during its first two years of operation. -- by Shawn Rhea