United-Guardian, Inc. ("United") is a diversified company that conducts research, product development, manufacturing, and marketing of pharmaceuticals, cosmetic ingredients, health care products, medical devices, and proprietary industrial products. Since its founding in 1942, the company has been granted over 30 patents, and now has a catalog of over 100 products in various stages of development. In the past, United has almost exclusively emphasized research and product development. Management is now committed to expanding the marketing of its extensive proprietary product portfolio. Over the past few years, United has entered into marketing and supply agreements with some of the country's largest companies. Probably its most significant is its marketing agreement with International Specialty Products ("ISP"), a leading global supplier of specialty chemicals and performance-enhancing products for personal care and other applications.