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Synova Healthcare Group, Inc. Acquires Allendale Pharmaceuticals, Inc. and Exclusive Worldwide Rights to Today(R) Sponge.

Publication: PR Newswire
Publication Date: 16-JAN-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
MEDIA, Pa., Jan. 16 /PRNewswire-FirstCall/ -- Synova Healthcare Group, Inc. (BULLETIN BOARD: SNVH) , today announced it has acquired Allendale Pharmaceuticals, Inc. (API), and the exclusive worldwide rights to the Today(R) brand contraceptive sponge. Under the terms of the transaction, API will operate as a wholly owned subsidiary of Synova Healthcare Group, Inc. Synova has acquired API in an all stock transaction for 16 million shares of Synova common stock. The acquisition was part of the company's ongoing strategy of developing a strong portfolio of products focused in women's health.

The Today(R) Sponge contraceptive device uniquely combines barrier and spermicidal methods to prevent conception. The product became the most popular over-the-counter form of birth control among women between 1983 and 1995, when it was used by an estimated 6.5 million women. The rights to the Today(R) Sponge were later acquired by API, who successfully gained FDA approval to commence redistribution of the product in the US. The...

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