Attracts Top-Quality Management Team and Board Members
EDMONTON, March 5 /CNW/ - Cyplasin Biomedical (CPBM: OTCBB), an Edmonton, Alberta Canada-based specialty pharmaceutical company focused on hepatitis prevention and therapy, announced that it has entered into discussions with an active pharmaceutical ingredient (API) manufacturer for its Ribavirin (C-Virin) product as well as identified several formulation companies to move forward with both its C-Virin and C-Peg products. A final decision on which partners to move forward with will be made within the next short period of time.
Further, strategic distribution/registration partners have been identified who will be able to market these products within various worldwide territories. "As we finalize various discussions and agreements we expect to be able to announce the schedule of our product development program in a more detailed manner," states Garth Likes, President and CEO of the Company.
Currently, the two mainstays of hepatitis therapy are a combination of Ribavirin and pegylated interferon. These two drugs generate over $2 billion in revenue each year for two major pharmaceutical companies, Roche and Schering-Plough. These drugs have recently come off patent protection and generic formulations of Ribavirin tablets and capsules have recently become available; a biosimilar version of interferon-alpha is not yet available in the U.S.
Concurrently, the company is also developing a preventative vaccine against hepatitis C (HCV) that has shown 100% effectiveness at preventing HCV viral infection in chimpanzees and other non-human primates. Cyplasin will advance vaccine candidates through Phase I testing and find strategic partners to finance the commercialization of the preventative vaccine which uses the virus-like particle (VLP) technology invented at the National Institutes of Health in the U.S.
The Company has also been focused on assembling an experienced management team with a successful history of drug development, business development, and marketing & sales as well as strengthening its independent Board of Directors.
Towards that end, Drs. Ian Li & Joseph Sinkule have been asked to join the Board of Cyplasin and help to oversee product development of the company's antiviral drugs and preventative vaccines. Dr. Ian Li is a protein manufacturing expert and is expected to contribute significantly to the manufacturing elements of the Company's program. Dr. Sinkule has played multiple key management roles in the commercialization of several drugs, biologics and vaccines in his previous companies and as such has considerable expertise in the clinical development of therapeutics and vaccines.
Dr. Sinkule stated, "I have always been on the 'clinical or R&D side' of companies and 'success' has been dependent on raising over $100-$200 million and waiting 7-8 years to bring a product to market. In contrast, Cyplasin is in position in a relatively short time frame to obtain regulatory approval to launch, market and sell Cyplasin's generic anti-viral drugs and generate revenues accordingly. To me the program represents a low risk/high reward opportunity."
Cyplasin has also attracted two other industry experts, Mr. Seth Goldblum and Mr. Robert Marshall, to help direct in the product development and commercialization of these important products. Mr. Seth Goldblum, MBA is a biotech executive with 20 years of business development deal-making, finance and corporate management experience, particularly in the vaccine area. Seth has both "Big Pharma" and biotech start-up experience. Mr. Robert Marshall has over three decades of commercial pharmaceutical experience. Most recently, Bob directed profitable worldwide sales development efforts and provided strong leadership in the in-licensing business opportunities for SuperGen, Inc.
It was previously announced that Dr. Jake Liang, a renowned hepatitis clinician and researcher from NIH will serve as Chairman of the company's Scientific Advisory Board (SAB). Dr. Liang will recruit an international team of liver and hepatitis experts to serve on the SAB who will be actively involved in advising the company. Joining Dr. Liang on the SAB will be Sung-Soo Park, M.D., Ph.D. who is a well-respected Korean liver surgeon and founder of several liver-focused companies.
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: Mr. Garth Likes, President/CEO, email@example.com, Suite 131 Advanced Technology Center, 9650-20th Avenue, Edmonton, Alberta, (780) 990-4539