TORONTO, June 16 /CNW/ - Prime licensed the worldwide rights to Relieva
and Psorberine to Biofrontera in consideration of an upfront payment
consisting of 10,000 common shares of Biofrontera AG and 5% royalties on net
sales. The shares of Biofrontera trade in Germany and have a value of
approximately $21.00 per share. Prime receives a $20,000 a month minimum
consulting fees payable against royalties.
"We are confident that with Biofrontera as a new partner, the
commercialization of Psorberine will rapidly expand when combined with
Biofrontera's nano technology for other skin conditions including acne, eczema
and problem skin conditions including irritation and inflammation".
About Prime Pharmaceutical Corporation
Allegiance is the controlling shareholder in Prime in which it holds a
37.5% equity interest or 6,040,458 common shares of Prime out of 16,284,680
common shares issued and outstanding.
Product and Intellectual Property
Prime invented psorberine a proprietary concentrated extract from the
Mahonia Aquifolium plant. Psorberine is combined in a Novosome base to enhance
delivery of the cocktail of alkaloids in Mahonia.
Relieva(TM) has significant distinct competitive advantages over existing
treatments including the world's largest selling psoriasis treatment that has
estimated gross sales of $1 billion USD. Other psoriasis treatments (including
the leader) may lose their effectiveness over time as patients build up
tolerability. This is not the case with Relieva. Reliéva(R) has a "0"
irritancy rating, no health risks or side effects (whereas the leading
treatment can be irritating to approximately 25% of patients, which makes it
difficult for them to use). Current treatments such as ultra-violet light,
lotions and creams containing coal tar or steroids lack the combined efficacy
and safety of Reliéva(R). No current treatment is totally satisfactory, and
doctors and patients are all looking for something that provides optimal
effectiveness with a greater safety profile.
Psoriasis is an incurable skin disease that is characterized by rapid
cell proliferation and inflammation. It affects 3% of the world's population,
and The Medical Technology Stock Letter estimates the global market for
psoriasis therapies to exceed $7 billion annually. Current treatments are
primarily topical creams and ointments, most of which have side effects or
safety concerns that preclude long-term use.
Biofrontera is a German company listed on the Frankfurt Stock Exchange
Major Industry: Drugs, Cosmetics & Health Care
Sub Industry: Ethical Drug Manufacturers
Biofrontera AG - the Group's principal activity is specializing in the
development of drugs for the treatment of dermatological and inflammatory
diseases. The Group has three products in clinical development for four
different clinical indications. The products are i) BF-200 ALA (Phase IIb/III)
for actinic keratosis and condyloma ii) BF-derm 1 (Phase II) for chronic,
antihistamine-refractory urticaria and it is also developed as a drug for
migraine prophylaxis iii) BF-37 has entered phase II development for atopic
There are 5,624,225 Common Shares of Allegiance issued and outstanding.
Certain statements contained in this press release may be considered as
forward-looking. Such forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from
estimated or implied results. The TSX Venture Exchange has neither approved
nor disapproved the contents of this new release
The TSX Venture Exchange has not reviewed and does not accept
responsibility FOR THE ADEQUACY OR ACCURACY FOR THIS PRESS RELEASE, WHICH
HAS BEEN PREPARED BY MANAGEMENT.
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For further information:
For further information: on Allegiance Equity Corporation, contact David
Solomon, President, by telephone at (416) 630 1221 or (647) 271-7208, or