HONG KONG, Feb. 22 /CNW/ - AlphaRx, Inc. (OTCBB: ALRX) announced today that the Letter of Intent ("LOI") signed with Pacific
Orient Capital Inc. ("Pacific Orient") on April 9, 2010 has been
terminated as the parties were not able to satisfy the closing
conditions of the proposed transaction. The LOI provided for the
acquisition of AlphaRx Canada Limited, a wholly owned subsidiary of the
Company and the worldwide marketing rights (except USA, Canada and
Europe) of Indaflex™ by Pacific Orient.
AlphaRx's business plan remains focused on advancing its Indaflex™ and
GAI-122 into clinical trials in China.
About AlphaRx Inc.
AlphaRx is a specialty pharmaceutical company dedicated to developing
proven therapies by reformulating FDA approved and marketed drugs which
through the application of its proprietary drug delivery technology,
offers improved medical benefits and a potential for significant
commercial product development. The Company's product candidates
address various pharmaceutical markets, including inflammation, stroke
Forward looking statements:
Safe Harbor statements under the Private Securities Litigation Reform
Act of 1995: This press release contains forward-looking statements. We
have based these forward-looking statements on our current expectations
and projections about future events. These forward-looking statements
are not guarantees of future performance and are subject to certain
risks, uncertainties, and assumptions that are difficult to predict. In
addition, any statements that refer to expectations, projections,
contingencies, goals, targets or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements and are not statements of historical fact.
Except as required by applicable law, including the securities laws of
the United States and the rules and regulations of the SEC, we are
under no obligation to publicly update or revise any forward-looking
statements after the date of this release.
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