CELLEGY PHARMACEUTICALS SIGNS AGREEMENT TO SELL ASSETS TO PROSTRAKAN GROUP

Cellegy Pharmaceuticals, Inc. announced that it has entered into an agreement with Strakan International Limited, a wholly owned subsidiary of ProStrakan Group plc, a publicly-traded company based in the United Kingdom, under which ProStrakan will acquire Cellegy's rights to Cellegesic (nitroglycerin ointment), which is branded Rectogesic outside of the United States, Fortigel (testosterone gel), Tostrex (testosterone gel), and Tostrelle (testosterone gel), and related intellectual property assets. ProStrakan currently is Cellegy's marketing partner for Rectogesic and Tostrex in the European Union markets pursuant to exclusive distribution agreements.

BioSpace (http://www.biospace.com/news_story.aspx?StoryID=31292&full=1)