Cyplasin Biomedical Ltd Announces Corporate 2010 Update

EDMONTON, Jan. 13 /CNW/ - Cyplasin Biomedical (CPBM: OTCBB and XYI1:FRA) is a product-oriented, specialty pharmaceutical company focused on developing products for the multi-billion dollar hepatitis C virus market. During 2010 we saw the following events occur:

  • the securing of a worldwide, exclusive license for a platform vaccine technology from the National Institutes of Health which has applications initially for Hepatitis C ; but also has use  in  other applications such as cancer, nervous system disorders and obesity. The licensed platform technology has had approximately $10 million invested in it prior to the Company securing the license.
  • the development  of an in parallel revenue generation strategy within the $2 billion /year therapeutic Hepatitis C drug market, encompassing the generic drugs Ribavirin ( C-Virin) and pegylated  alpha interferon ( C-Pegferon).
  • entering into a Letter of Agreement with Minapharm Pharma for potential co-product development and distribution of Cyplasin's products within their territory.
  • identifying a cGMP manufacturer (Aurobindo) for the active pharmaceutical ingredient (API) of the C-Virin product and initiating purchase orders from them for use in QA/QC studies.
  • Negotiating final terms with a formulation specialty company to make a C- Virin product line.
  • identifying and securing C- Virin/C-Pegferon distribution channel agreements with other distribution/Pharma companies in other territories for when these products become available within these territories.
  • Completion of a clinical development plan for the Hepatitis C vaccine program.
  • obtaining multiple private placement investments throughout 2010 to provide the needed resource to execute on the business plan.
  • obtaining a third party valuation of $122 million for the Company as a component of an overall corporate financing.

Cyplasin CEO Garth Likes commented, "Similar to other biotech companies in our space the past year has handed out multiple challenges to be overcome.  We are pleased with our overall product and corporate development with 2010 being a foundation building year for the Company.  In 2011 we anticipate the next phase execution of our business plan being to expedite the manufacture of the C-Virin product line and thus bringing us that much closer to revenue generation and profitability. Also, our C-Pegferon and vaccine programs will continue to be developed according to our business plan and so consolidate our position within the Hepatitis C market.  Further as previously announced, we are anticipating the closing of an equity financing in the New Year which will greatly help accelerate the execution of these programs during 2011".

Mr. Likes went on to say "the Company is aware of the continued downward pressure on the share price. However while the capitalization number does not currently reflect our value; with the third party valuation number currently being at $122 million and with there being approximately just under 20 million shares being issued, plus the other technologies which can be developed from our technology license, we believe we will demonstrate during the near, mid and long term execution of our business plan, that we bring value to our shareholders.  We believe the market will reward us accordingly".

ABOUT CYPLASIN: http://www.c-pharma.net/

Cyplasin Biomedical is a publically-traded specialty pharmaceutical company (OTCBB:CPBM) with headquarters in Edmonton, Alberta. Cyplasin has amassed a portfolio of key products for the treatment and prevention of HCV infection, which affects over 4 million people in the U.S. and several hundred million people worldwide.

Cyplasin's technology encompasses the use of recombinant DNA technology to manufacture recombinant cytokines and virus like particles (VLPs). 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. Cyplasin is using the technology to develop a hepatitis C vaccine (C-Vaxin) to prevent hepatitis C viral infection. The Company is also pursuing a revenue generation strategy by selling highly profitable drugs (C-Virin & C-Pegferon) for use in the hepatitis C market.

 

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 offinancial 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 differfrom 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:

visit our new website www.c-pharma.net or contact:
Mr. Garth Likes, President/CEO, glikes@c-pharma.net
Ph: (780) 990-4539

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Cyplasin Biomedical Ltd.

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