Making prescription drugs affordable
EDMONTON, Sept. 27, 2011 /CNW/ - Compass Biotechnologies (COBI:OB) is a
product-oriented specialty biotechnology company focused on offering
products for multi-billion dollar markets. The company is pleased to
announce it has entered into an expanded relationship with PanGen
Biotech of South Korea, which will allow Compass to offer a globally
marketed comprehensive laboratory reagents product line for sale under
the Compass Biotech name. The worldwide laboratory reagents market was
estimated to be worth $13.7bn in 2010 and is part of the overall Life
Science/In Vitro Diagnostics market currently worth globally $45
Billion per year.
Compass Biotech will initially prepare to offer lab reagents known as
cytokines along with various cell growth factors. From SEC filings of
leading companies in the cytokine and growth factor area, it is
estimated these lab products represent an estimated $350 million market
in the EU and USA which has been growing steadily in the 15% range over
the last 5 years.
Cytokine and growth factor related revenues account for 20% of the total
world biopharma revenues or $80-100 billion. Approximately 50% of
growth factor revenues are derived from development of recombinant
protein therapies, $15 billion for vaccines, $10 billion for
plasma-derived proteins and another $5 billion for biosimiliar forms of
existing therapeutic products.
"With Compass focused on developing protein therapeutics, biosimiliar
and vaccine products, we felt being able to also offer these important
laboratory reagents on a worldwide basis would allow a congruence of
our expertise and knowledge base, while allowing us access to faster
and nearer term revenue from sales of these reagents and cell culture
media supplements" commented Compass CEO Garth Likes. He further
stated, "With PanGen as a partner, we will be able to offer these
products at very attractive and competitive price points".
Dr. Jaeseung Yoon, founder and CEO of PanGen noted, "our relationship
with Compass is growing, and their expertise in product development
outside of our target market areas makes great sense for expanding the
markets for PanGen products and technology."
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 recombinant
biosimiliar and bio-better drug products that can bring revenue
generation to the company in a near term fashion with a significant
longer-term upside potential. The Company has also entered into the
laboratory research reagents market by initially offering cytokine and
cell growth research products. Furthermore, Compass owns an exclusive
worldwide license from the National Institutes of Health (NIH) and has
opportunities to develop products from the vaccine and immunotherapy
platform technology or sub-licensees and other interested partners.
Compass Biotech also owns a subsidiary company called C-Pharma, Inc.
ABOUT C-PHARMA, INC.
C-Pharma's technology encompasses the use of recombinant DNA technology
to manufacture virus-like particles (VLPs). These VLPs can be
engineered to incorporate various viral and non-viral antigens for use
as vaccines against many different types of targets such as hepatitis
C. The recombinant antigens presented in the context of a VLP carrier
system are much more immunogenic than the antigen alone, and this
carrier is so powerful that the subsequent vaccine may not require the
use of an immune adjuvant. C-Pharma is using the technology to develop
a hepatitis C vaccine to prevent hepatitis C viral infection. The
Company is also pursuing a revenue generation strategy by
commercializing generic ribavirin and pegylated alpha interferon, the
standard-of-care therapeutic drugs for use in the hepatitis C and
hepatitis B markets.
ABOUT PANGEN BIOTECH INC.
PanGen is a leading biotechnology company based in South Korea in
developing animal cell lines (particularly Chinese Hamster Ovary cells)
and in production of proteins or antibodies from those cells. PanGen
has developed novel CHO cell expression systems that confer the overall
efficiency of manipulation to cut down the conventional time and costs
to handle the recombinant gene expression in animal cells. The
combination of the patent pending technologies and well-trained
researchers has made PanGen one of the leading companies in CHO cell
technology. PanGen produces proteins or cell lines for industry,
academic, and governmental organizations for use in high-throughput
screening, in vivo studies, diagnostics, research reagents, and the
therapeutic purposes. The company's new manufacturing facility will
provide the capacity to manufacture products for Compass and other
clients on a contract manufacturing basis.
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.
SOURCE Compass Biotechnologies Inc.
For further information:
Interactive Business Alliance LLC
Zachary R. Logan