Health & Fitness
Health and Fitness
Health and Fitness
Fri, June 4, 2010
Thu, June 3, 2010 Aoxing Pharmaceutical Company and Phoenix PharmaLabs, Inc. Announce Strategic Alliance to Co-Develop a Novel Class of Molecules
NEW YORK, NY and SALT LAKE CITY, UT--(Marketwire - June 3, 2010) - Aoxing Pharmaceutical Company, Inc. (
Agreement Highlights
- Aoxing Pharma and PPL entered into a multi-party collaboration agreement for the development and regulatory approval of a novel class of therapeutics in both China and ex-China territories. The two companies will continue to co-collaborate with the U.S. National Institute of Drug Abuse ("NIDA") and the Chinese National Institute on Drug Dependence at Beijing University ("NIDD").
- Aoxing Pharma received an exclusive license to develop a new class of poly-receptor active opioid-like drug candidates being developed by PPL for therapeutic indications in pain management and substance abuse and addiction treatment in the Country of China, Macau and Hong Kong.
- PPL will receive tiered royalties based on Adjusted Gross Sales (AGS) in the licensed territories, defined and agreed by both companies. Aoxing Pharma receives tiered royalties based on Adjusted Gross Sales (AGS) from the territories held by PPL, defined and agreed by both companies.
- Aoxing Pharma will execute and fund the development, regulatory applications, manufacturing and marketing of the licensed drug candidates in China, while PPL will fund all development in all other territories.
"We are pleased to announce this global strategic alliance, as one of our primary goals is to introduce a novel class of therapeutics to patients around the world with pain or drug addiction problems," said Dr. John A. Lawson, Chairman and Chief Executive Officer of Phoenix PharmaLabs, Inc. "Our drug development program has been funded and supported by the U.S. National Institute of Drug Abuse ('NIDA') for many years. . We are planning on filing an IND in the U.S. for the first product candidate early next year. Aoxing Pharma is an emerging leader in the narcotics and neurological pharmaceutical business in China, which ideally complements our existing offerings. We view Aoxing Pharma as an ideal strategic partner given their solid presence and complementary pipeline."
"This partnership provides an exciting opportunity to bring in additional unique product candidates to our growing pipeline for an important market here in China, while also allowing us to capitalize on potential sales outside of China," said Zhenjiang Yue, Chairman and Chief Executive Officer of Aoxing Pharma. "We believe that this class of new molecules represents a strong growth opportunity to expand upon our existing pipeline products in the areas of drug addiction treatment and pain management, including the sublingual tablet of Buprenorphine/Naloxone, which is currently under our clinical development and expected to be launched in China over the next 24 months. With 1.3 million registered drug addicts and limited pharmacological options available in China, these new product opportunities have the potential to help serve this unfortunately rapid growing market."
About Poly-Receptor Active Opioid-Like Drugs:
Phoenix PharmaLabs' poly-receptor opioid-like drugs may represent a new "class" of opioid drugs, with unique pain receptor characteristics never before seen. PPL believes there are no other opioid drugs with similar receptor binding profiles. PPL drugs have a unique reduced Mu-receptor and moderate Kappa receptor activity allowing them to be moderately active at all three pain receptors. In pre-clinical testing, this balanced partial activity appears to allow full pain relief potency while eliminating or reducing such side effects as respiratory depression and addiction. In short, PPL drugs appear to mimic the natural endorphins in the healthy brain. For more information, please visit: [ http://www.phoenixpharmalabs.com/ ]
About Phoenix PharmaLabs Inc.
Phoenix PharmaLabs, Inc. is a privately held, clinical-stage Utah drug discovery company focusing on the development and commercialization of new non-addictive treatments for pain, and new therapies for the treatment of opiate addiction. The company was founded in 2002 with the mission to bring its new class of opioid pain therapies and addiction treatment therapies to the Clinic. For more information, please visit: [ http://www.phoenixpharmalabs.com/ ]
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc is a US incorporated specialty pharmaceutical company with its main operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing has the largest and most advanced manufacturing facility for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA). It has joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. It also has strategic alliance partnership with QRxPharma and American Oriental Bioengineering, Inc. For more information, please visit: [ www.aoxingpharma.com ].
Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other risk factors identified in the Company's filings with the Securities and Exchange Commission, including the Form 10-K for the year ended June 30, 2009, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
