HONG KONG, Sept. 12, 2011 /CNW/ - AlphaRx Inc. (OTC BB:ALRX.OB) is
pleased to announce the following Corporate update:
Product Development Update
On July 5, 2011 the Board and management adopted a new business plan
that the Company believes will improve the Company's performance. The
new business plan narrows the Company's focus to developing and
commercializing 2 existing product candidates "Indaflex" and "ARX8203"
internally, for the pain market.
Indaflex, our flagship product in Mexico, is currently bringing in a
royalties of $10,000 per month and is ramping up to $15,000 per month.
In addition to Mexico, we are preparing to registering Indaflex in
Portugal in conjunction with Andromaco Pharma, Mexico. We have received
a proposal from Formifarma, an experienced regulatory firm based in
Lisbon, Portugal and we are currently reviewing these options. Other EU
countries will follow and the potential annual royalty can be projected
at over $12 million from EU countries.
With an estimate of around $100-200 million for Gout therapy alone,
ARX8203 becomes the near term driver for AlphaRx and also our most
exciting product opportunity. We are proposing to conduct an efficacy
and safety trial on approximately 90 Gout patients.
Another potential blockbuster is GAI-122 for the China Market, as China
reports more patients with stroke than anywhere else in the world. The
total market potential for GAI-122 in China is approximately $1.68
billion. GAI-122 is being developed by our partner Gaia BioPharma under
a licensing agreement.
Corporate Development Update
We have completed a small private placement of $100,000 of which $60,000
was placed to our CEO and directors; the funds will be used for general
working capital. We have converted all short term demand loans to term
loans with maturity on December 21, 2013. We have recently engaged
various professional firms to provide certain services and advice that
we strongly believe will increase shareholder value. We are exploring
various growth strategies including diversifying into other fast
growing health care related businesses and we are evaluating
acquisition opportunities that we believe could provide substantial
earnings to the Company in a short period of time.
Forward Looking Statements: This release contains forward-looking
statements within the meaning and pursuant to the Safe Harbor
provisions of the Securities Litigation Reform Act of 1995 and involve
risks and uncertainties that may individually or mutually impact the
matters herein described, including but not limited to product
development and acceptance, manufacturing, competition, regulatory
and/or other factors, which are outside the control of the companies.
SOURCE AlphaRx Inc.
For further information:
Michael Lee, President & CEO of AlphaRx Inc.
Email: info@AlphaRx.com or visit us on the web at: www.AlphaRx.com