Affinity Biotech Inc. announced Wednesday that it hasestablished a wholly owned subsidiary to provide drugdeveloment services to pharmaceutical and biotech companies.Donald Monkhouse, former vice president and director ofpharmaceutical sciences at SmithKline Beecham Corp., will bethe new subsidiary's president and chief executive officer.
The subsidiary, which has yet to be named, intends to offer abroad range of drug development services, includingformulation development, analytical services and producttesting. It will be located in a leased facility located in FortWashington, Pa.
Affinity (NASDAQ:AFBI), located in nearby Boothwyn, "iscurrently applying its drug-delivery and taste-maskingtechnologies to generic drugs and proprietary drugs of otherpharmaceutical and biotech companies," said the firm'sexecutive vice president Wayne Weisman. "The addition of thenew subsidiary not only allows us to bring significant productdevelopment expertise to bear on this effort, it offers thepotential for immediate revenues by providing developmentservices to other companies."
-- Jennifer Van Brunt Senior Editor
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