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LecTec Corporation Press Release

^{Published on 2010-11-16 15:20:26 - Market Wire}
 

TEXARKANA, Texas--([ BUSINESS WIRE ])--On November 15, 2010, LecTec Corporation (OTCBB: LECT) distributed a press release which included an incorrect date. The September 30, 2009, date that referred to a cash balance of $15,766,107 should have been December 31, 2009. The correct information was reflected on the financial statements accompanying the release.

About LecTec

LecTec is an intellectual property ("IP") licensing and holding company with approximately $9.3M in cash at September 30, 2010. LecTec holds multiple domestic and international patents based on its original hydrogel patch technology and has also filed for a provisional patent for its hand sanitizer patch. The LecTec hydrogel patch technology allows for a number of potential applications, including its previously marketed TheraPatch(R) products, while its anti-microbial hand sanitizer patch is intended to be dry, thereby rendering the patch harmless in the event that it is licked, chewed, or exposed to the eye. An initial prototype of the hand sanitizer patch has been developed and LecTec intends to engage a strategic partner to complete its hand sanitizer patch development. Pursuit of manufacturing and marketing/co-marketing partners for products from LecTec's IP is also ongoing. LecTec has a licensing agreement ("Novartis Agreement") with Novartis Consumer Health, Inc., which pays royalties to LecTec from time to time, within the terms of the Novartis Agreement, based upon a percentage of Novartis' net sales of licensed products. LecTec takes legal action as necessary to protect its IP and is currently involved in two patent infringement actions. Finally, LecTec is pursuing a merger/acquisition strategy with the intent to leverage its cash asset and improve shareholder value and liquidity. The Company's website is [ www.lectec.com ].