Biopharmaceutics Signs Letter of Intent to Develop Cancer Drug.BELLPORT, N.Y.--(BUSINESS WIRE)--Sept. 17, 1996-- Biopharmaceutics Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BOPH BOPH Board of Parole Hearings (Canada; also seen as BPH) ) announced today that it has entered into a Letter of Intent with Advanced Biological Systems Inc. (ABS), Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. , to form a joint venture for the final development and completion of the regulatory process for Mitolactol(TM) (Dibromodulcitol). All funding for the joint venture will be provided by ABS. Biopharmaceutics will receive monetary and equity considerations for entering into the joint venture and will be responsible for handling the management of the project. The companies expect to enter into a final Agreement no later than Sept. 30, 1996. Edward Fine, president of Biopharmaceutics stated, "We have worked very hard to put together a deal to finance the completion of the development and the regulatory filings in order to commercialize Mitolactol. We are greatly pleased with the proposed arrangement with Advanced Biological Systems. Both companies should benefit greatly if and when a New Drug Application is approved." Mitolactol currently holds Orphan Drug orphan drug, drug developed under the U.S. Orphan Drug Act (1983) to treat a disease that affects fewer than 200,000 people in the United States. The orphan drug law offers tax breaks and a seven-year monopoly on drug sales to induce companies to undertake the Status for the indications of brain and cervical cancer Cervical Cancer Definition Cervical cancer is a disease in which the cells of the cervix become abnormal and start to grow uncontrollably, forming tumors. . Biopharmaceutics Inc. is a custom manufacturer of pharmaceuticals for branded and private label companies. It also has a line of branded consumer feminine hygiene Feminine hygiene is a general term used to describe products used by women during menstruation, vaginal discharge, and other bodily functions related to the vulva. Sanitary Towels (also known as maxi-pads or napkins), pantiliners, tampons, and feminine wipes are the major products, sold under the Koromex(R), Vaginex(R) and Feminique(R) labels. This press release includes forward looking statements that may or may not materialize. Additional information on factors that could potentially affect the company's financial results may be found in the company's filings with the Securities and Exchange Commission. CONTACT: Biopharmaceutics Inc. Stuart Fine, 516/286-5800 |
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