COMPASS BIOTECHNOLOGIES ANNOUNCES ITS FIRST PRODUCT TO BE SUPPLIED FROM PANGEN
Making prescription drugs affordable
EDMONTON, June 1, 2011 /CNW/ - Compass Biotechnologies (COBI:OB) is a product-oriented, specialty biopharmaceutical company focused on developing products for multi-billion dollar markets. The Company is pleased to announce the first product to be sourced from its manufacturing partner (PanGen of South Korea) will be a class of protein product known as Erythropoietins (EPO).
Erythropoietins had global sales of approximately $32 billion USD in 2003 growing to $53 billion in 2010. The United States is the largest market worldwide with approximates sales in 2009 of $ 10 billion a year with Japan and the EU being next largest, with other markets such as India likely to grow to $30 billion by the year 2015 from its current size of around $3 billion. China is also a large and expanding market as well and overall the global EPO market is expected to grow to $110-140 billion by 2015.
"We understand the EPO market is large and is dominated by large biotech, pharmaceutical and other generic competitors. Thus our EPO product will not only need to have a generic level price point but also some differentiating feature as well" stated Dr. Sinkule President and COO of the Company. He went on to say "with our partner being PanGen we know we can get a high quality, differentiated, low price point product put in place in some initial markets in a relatively fast and efficient manner. We will have our distribution channels being in place in some of the key geographies in the near future". The supply agreement with PanGen will allow Compass Biotech to sell its own branded product to multiple markets worldwide including North and South America, the EU, Japan, India, MENA the BRIC and other countries.
"This product saves lives and enhances quality of life for millions of people worldwide and we are very enthused to be able to offer this product as a first of a pipeline of products offered through Compass Biotech' while we continue to also develop our Hepatitis products and vaccines within C- Pharma, our wholly owned subsidiary company" commented Garth Likes Compass's CEO.
Erythropoietin (EPO) is a recombinant protein that stimulates the production of blood red cells; it is used for the treatment of anemia related to chronic renal failure in dialysis patients, to increase the production of autologous blood in normal subjects, and to reduce the duration of anemia in patients treated with chemotherapy. Dispensing of EPO reduces the need of blood transfusions, with less risks of coming down with illnesses like viral hepatitis and AIDS.
Originally isolated from the kidney but now produced as a recombinant protein in the lab, Erythropoietin is the hormone that regulates red blood cell production. It also has other known biological functions such as playing an important role in the brain's response to neuronal injury. EPO is also involved in the wound healing process. When exogenous EPO is used as a performance-enhancing drug, it is classified as an erythropoiesis-stimulating agent (ESA).
ABOUT COMPASS BIOTECHNOLOGIES INC. www.compassbio.net
Compass Biotechnologies is a publically-traded specialty biopharmaceutical company (COBI:OB) with headquarters in Edmonton, Alberta. The mission of Compass is to develop new and exciting biosimiliar and bio better drug products that can bring revenue generation to the company in a near term fashion. A recent agreement with PanGen to supply protein active pharmaceutical ingredients to facilitate this mission was announced recently.
Further Compass under a license from the National Institutes of Health (NIH) has opportunities to develop products from the platform technology available and or sub licensee these opportunities to other interested partners. Compass Biotech also owns a subsidiary company called C-Pharma Inc.
Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this current report which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainty of financial estimates and projections, the competitive and regulatory environments, stock market conditions, unforeseen technical difficulties and our ongoing ability to operate a business and obtain financing. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that our beliefs, plans, expectations and intentions contained in this current report are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our quarterly reports on Form 10-Q and our other periodic reports filed from time-to-time with the Securities and Exchange Commission pursuant to the Securities Exchange Act.For further information:
Compass Biotechnologies Inc.,
Mr. Garth Likes CEO or