EDMONTON, April 11 /CNW/ - Compass Biotechnologies, Inc. (Compass)
(formerly Cyplasin Biomedical Ltd) is newly focused on the development
and commercialization of generic, biosimiliar and bio-better products.
Generic drugs are chemical copies of existing drugs and biosimiliars
are protein based drugs that do a similar job to the original protein
based product. Bio-Better products are new versions of patent-expired
biologically based drugs that do the job smarter, more economically, or
with a better side-effect profile. A "bio-better" is a
biopharmaceutical product that is a copy of an existing product but is
designed to have superior efficacy, safety, or improved drug delivery
characteristics compared to the original product.
As part of this new strategy and focus Compass is pleased to announce
the signing of a Memorandum of Understanding (MOU) with PanGen Biotech
Inc., (PanGen) of South Korea. The terms of the MOU lay down the
foundation for a definitive agreement to be signed within the next 60
days between the Parties, whereby PanGen will manufacture under cGMP
conditions, major active pharmaceutical ingredients (API's) which will
be used to produce the bio better versions of various drug products. As
PanGen's expertise lies with production of proteins and antibodies,
Compass will be supplied with API's to produce Bio-Better drugs which
may encompass such block buster products as EPO, G-CSF, beta-IFN, alpha
interferon and Factor VIII products. The terms of the MOU give Compass
rights to North, Central and South America as well as the EU countries
and other geographical areas.
Worldwide, biological based drugs generate more than US$120 billion in
revenue. From monoclonal antibody therapies and cytokine growth factors
to vaccines and blood factors, biopharmaceuticals have a healthy and
expanding bottom-line. As more and more of the first-generation
biological such as recombinant human versions of insulin, growth
hormone, erythropoietin (EPO) become patent-expired, they are thrown
into competition with "biosimilars" - generic versions of the biotech
drug. The impact on the industry is undeniable: The rising cost of
existing and expensive biopharmaceuticals contrasted with needed lower
market price points have created the need for increasing availability
of generic and biosimilars.
However Garth Likes CEO of Compass says" while our strategy is to look
at generic and biosimiliar opportunities; we do not wish to be strictly
a generic drug me too company. What we have done with the signing of
this MOU with PanGen is to secure the supply of cGMP produced protein
APIs which will allow us to add our own value, so as to create
Bio-Better products and which where possible will also have their own
Joseph Sinkule Director of Compass agrees and states "the
first-generation biologicals are all immediate-release and are
eliminated rapidly from the blood. They are usually injected by
syringe either subcutaneously or via an intravenous infusion.
Bio-Betters make existing biologic drugs even better by for example
formulating the protein with patented polyethylene glycol (PEG) or
other carriers to make the new biological drug more efficacious, or
remaining in the blood longer allowing for less frequent dosing, and
most critically potentially reducing the risk of immunogenicity (side
effects and allergic reactions) to the protein. We have multiple
strategies in play which will allow us to announce future products
which will lead to nearer term revenue generation for the Company." Mr.
Likes confirmed the signing of this MOU opens the door for many
multiple millions in revenues for the Company and expects to announce
the signing of the definitive agreement shortly.
About Compass Biotechnologies
Compass Biotechnologies (COBI: OB) is an Edmonton based biotechnology
product development company focused on generic, biosimiliar and
biobetter products. From a development perspective, these types of
products have lower development costs and lower development risk due to
well established mechanisms of action, a known safety profile, with
broad clinical indications for physician use. Comparability testing in
preclinical and clinical trials will be needed to show the added
benefits of the biosimiliar and bio-better drug product.
About PanGen Bio:
PanGen is a leading biotechnology company based in South Korea with
e3xpertise 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.
Compass has also created a private wholly owned subsidiary company
called C- Pharma Inc. This Company through its parent Compass; is
charged with the creation of a Hepatitis product development
franchise. C-Pharma has acquired the rights to novel vaccine
technology which is currently being developed for Hepatitis C
applications. This technology was previously developed at the National
Institutes of Health (NIH) and licensed to the Company on a worldwide
exclusive basis. In addition C-Pharma is developing its own generics
for two drugs known as Ribavirin and pegylated alpha interferon. These
two drugs are currently the drugs used for patients who are chronically
infected with the Hepatitis C virus and in combination are the current
standard of care. These two drugs when used together for Hepatitis C
chronic infection create a market of $2 billion a year worldwide.
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
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:
Compass Biotechnologies Inc.
Mr. Garth Likes