EDMONTON, Jan. 13 /CNW/ - Cyplasin Biomedical (CPBM: OTCBB), a specialty pharmaceutical company focused on hepatitis prevention and anti-viral therapies, has signed an agreement effective December 29, 2009 which transfers an exclusive worldwide license for a patented hepatitis C viral vaccine and other technology/know-how to Cyplasin. The technology had originally been licensed from the National Institutes of Health (NIH) by Virionics Corporation, a Scottsdale, Arizona-based biotech company.
Cyplasin will now be responsible to the NIH for the license obligations granted at the same terms as the original Virionics exclusive worldwide license. The vaccine license will become the core technology for the Company and is entitled "Synthesis and Purification of Hepatitis C Virus-Like Particles" (US patent number 6,387,662) which was invented by Dr. Jake Liang and Dr. Thomas Baumert at the NIH. The US patent issued May 14, 2002 and the European patent issued in 2008.
As Cyplasin began the transformation into a hepatitis-focused company, Cyplasin entered into a sub-license agreement with Virionics for the hepatitis C vaccine technology. "However, as further due diligence was undertaken, it became obvious Virionics offered more product opportunities than just the vaccine project and we agreed to enter into merger discussions," stated Garth Likes, President and CEO of Cyplasin. Dr. Joseph Sinkule, Founder and CEO of Virionics stated, "It made sense for us to assign the technology to Cyplasin and proceed with the development of the hepatitis C vaccine there in." The license assignment also gives Cyplasin access to other multiple patents and the previously announced sub-license and RTO/merger discussions are cancelled effective as of December 29, 2009.
Moving Forward - Next Steps
Mr. Likes said, "Now that we have secured the license we will move forward with our business plan which is based on a two prong strategy; 1) to generate a revenue stream from the regulatory approvals and sales of the main standard of care hepatitis C therapies (Ribavirin and pegylated alpha-interferon), and 2) to develop and find strategic partners to help in the commercialization of the vaccine which uses the virus-like particle (VLP) technology from the NIH license." Cyplasin will change its name to "C-Pharma, Inc." in 2010 and will we begin the process of regulatory submissions of a novel Ribavirin formulation. It is anticipated Ribavirin revenues from countries outside of North America, the EU and other main markets can be obtained in 2011, whereby market authorizations to sell the product in the U.S., Canada, and the EU should be granted in 2012. The timeline for development and market launch of the pegylated alpha-interferon will subsequently follow dependent upon Corporate resources and commercialization activities.
To date, there has been over $10 million spent on the development of the hepatitis C vaccine and the submission of an IND for a Phase I clinical trial is planned for 2011. Cyplasin will enlist the services of Dr. Sinkule to oversee product development of the antiviral drugs and the vaccine, as well as Dr. Jake Liang, a renowned hepatitis clinician and researcher from NIH to serve as Chairman of the Scientific Advisory Board. Dr. Sinkule stated, "The opportunity presented in working with Dr. Liang and the Cyplasin management team is truly unique, and we are all very excited to be bringing these important products to the global marketplace."
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 CYPLASIN BIOMEDICAL LTD.
For further information: For further information: or to register on the company web site to receive investor packages and updates please visit http://site.c-pharma.net/Contact. or contact: Garth Likes, President/CEO, Unit 131 Advanced Technology Center, 9650-20th Ave., Edmonton, Alberta, Ph: (780) 990-4539, Email: firstname.lastname@example.org; Roderick Christie, Investor Relations, Ph: (702) 490-0481, Email: email@example.com