Biotech Holdings Foresees Potential Sales Exceeding $100 Million US from Mexico Licensing Agreement.
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 21, 2001
Robert Rieveley, President of Biotech Holdings ("Biotech") (OTCBB:BIOHF) (CDNX:BIO.V) (Frankfurt:925970.F), announced today that the Company has forwarded a registration dossier to its new licensee for the Mexican market, Micrometrix s.a. de CV of Mexico City.
"A complete regulatory application has been forwarded to our licensee, Micrometrix, for submission to Mexican regulators," Rieveley said.
"Micrometrix is an aggressive, entrepreneurial pharmaceutical company with a history of double-digit sales growth. Mexico, with its 100-million population, is the twelfth largest pharmaceutical market in the world and a has the potential to become an important market for DIAB II. With over three million diabetics and health care spending on Type II Diabetes rising steadily, we can foresee that the value of DIAB II sold in the Mexican market could grow to exceed $100 million US over the course of our seven-year licensing agreement," Rieveley said.
"We are particularly pleased to be working with the founder of Micrometrix, Pedro Tomas Martin. Mr. Martin is a past president of the Chemical Pharmaceutical Production Association of Mexico and a member of various bodies within the Mexican Pharmaceutical Association. He also has extensive production experience including positions as Production Manager for Bristol Myers Squibb Mexico and plant manager for Miles Laboratories, prior to his founding of Micrometrix in 1977, and has participated in the setting of Good Manufacturing Practice (GMP) standards and procedures for the Mexican pharmaceutical industry," Rieveley said.
"Micrometrix currently manufactures for several multi-national pharmaceutical companies. We believe that the extensive regulatory experience that Micrometrix brings to our partnership will be invaluable for guiding our DIAB II regulatory application and that our partner's manufacturing capabilities will enhance our prospects for a timely launch of DIAB II in Mexico," Rieveley said.
DIAB II is an insulin-receptor sensitizer, a new class of drugs for controlling the chronically high blood sugar levels that typify diabetes. DIAB II, in tablet form, works by improving the patient's ability to utilize insulin, the hormone that controls blood sugar levels. The Company currently markets DIAB II in China as a prescription treatment of Type II Diabetes and has licensees for DIAB II in Brazil, Argentina, Chile, Peru and Venezuela. Earlier this year, the Company filed a regulatory application for DIAB II in Peru. Type II Diabetes affects more than 17 million people in North America, over 20 million in Latin America and over 150 million worldwide.
Biotech Holdings Ltd. is based in Vancouver, British Columbia and has its laboratory and plant facility in Richmond, B.C. For inquiries, contact Austin Rand at Biotech Holdings Ltd., 888/216-1111 (toll-free), 8 a.m. to 5 p.m. Pacific time, or by e-mail at email@example.com. For background information and current stock quotations, please visit Biotech's website at www.biotechltd.com.
This release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ for reasons that include but are not limited to political and economic conditions in the countries in which the Company does or intends to do business, regulatory action, product pricing and competitive market conditions. These forward-looking statements represent the Company's best judgement at the date of this release and any changes in assumptions or external factors could produce significantly different results.
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|Date:||Mar 21, 2001|
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