Cary Pharmaceuticals identifies and develops proprietary pharmaceutical products and transitions them from basic research (discovery) through Phase II clinical trials (Proof of Concept). Upon completion of Phase II clinical trials, products will be licensed to a strategic partner in exchange for upfront and milestone payments and a royalty on net sales. This approach allows Cary Pharmaceuticals to generate revenues prior to FDA approval of its products. The Company does not intend to perform Phase III clinical trials, back integrate into basic research, or forward integrate into manufacturing or marketing.

The Company has two sources for new products: in-licensing and in-house innovation. Its QuitPak® product for smoking cessation represents an in-house innovation and is a novel combination of products previously approved by the FDA.

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