AlphaRx Announces the Acquisition of a Controlling Interest in Taiwan PanBiotic Laboratories.Business Editors, Health/Medical Writers BIOWIRE2K RICHMOND HILL Richmond Hill may refer to: Places:
AlphaRx Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AHRX) announced today that it has signed a letter of intent to acquire a 30% interest in PanBiotic. This will bring AlphaRx's interest in PanBiotic to a total of 65%. This acquisition is subject to the signing of a definitive agreement by April 6, 2001. PanBiotic is a 30 year old, fully integrated pharmaceutical company, with over 72 employees, operating a GMP GMP (guanosine monophosphate): see guanine. facility in Kaohsuing, Taiwan's second largest city. PanBiotic manufactures and distributes solid, liquid and injectable prescription and non-prescription pharmaceutical products to hospitals, medical clinics and pharmacies in Taiwan. They also export nutritional products internationally. PanBiotic has recently completed a US$8 million facility expansion program. Upon validation by Taiwan's Department of Health, PanBiotic will be one of the few local pharmaceutical manufacturers to meet the cGMP (Current Good Manufacturing Practice Good Manufacturing Practice or GMP (also referred to as 'cGMP' or 'current Good Manufacturing Practice') is a term that is recognized worldwide for the control and management of manufacturing and quality control testing of foods and pharmaceutical products. ) standard, the highest standard in pharmaceutical manufacturing. PanBiotic currently holds over 165 drug product licenses and expects to record US$5.6 million in sales for 2001. Taiwan, with a population of 23 million, is the 2nd largest pharmaceutical market in Asia (excluding Japan). Taiwan prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, sales were estimated to have been US$2.5 billion in 1999. "We are very pleased to team up with PanBiotic. We gain immediate access to the Taiwan market for our products through PanBiotic's established sales and distribution channels. We also gain high quality, broad range GMP manufacturing capabilities to produce our drug delivery products for the Asian market," said Mr. Michael Lee, President of AlphaRx. "PanBiotic, with net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". of US$6.2 million, will put AlphaRx one step closer to achieving a Nasdaq Small Cap listing in the near future." AlphaRx is currently in active discussions with several pharmaceutical manufacturers in China, Brazil and Eastern Europe, with the intention of completing similar alliances. "Our goal is to expand through strategic acquisitions. We believe this is the fastest way to introduce our drug delivery products to the worldwide market place and at the same time, enabling us to build a full-fledged pharmaceutical company in the shortest timeframe," concluded Mr. Lee. About AlphaRx AlphaRx is engaged in the development of novel formulations of drugs that are insoluble or poorly soluble in water. AlphaRx's broad product pipeline consists of carefully selected, currently marketed drugs which, through the application of its proprietary BCD (Binary Coded Decimal) The storage of numbers in which each decimal digit is converted into binary and is stored in a single character or byte. For example, a 12-digit number would take 12 bytes. See binary numbers. drug delivery technology, offer improved medical benefits over existing products with a strong commercial potential. FORWARD LOOKING STATEMENTS: This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion