NEWS OUT-IMMC on target!
IAB II's Sales Growth Strategy Continues to Focus on Latin AmericaWith North American Agreement expected Before Year End.
FAIRFIELD, N.J., July 12 /PRNewswire/ -- ImmuNis Corp's (OTC Bulletin Board:IMMC) President, Colin Leech-Porter, announced today that the goals set forth by Biotech Holding Ltd.'s President in his July 8th letter to shareholders
indicates that commercialization of DIAB II continues to meet all of ImmuNis' goals and expectations.
In the letter released to shareholders and the public on July 8 Biotech clearly stated that its operational goals for the balance of its operating year included the following:
-- Biotech expects to announce shortly the conclusion of a clinical trial of DIAB II in Brazil. This trial is an important step in the process of submitting DIAB II for approval in Brazil as a treatment for Type II Diabetes.
-- In addition to the submission of DIAB II for approval in Brazil, Biotech will soon be making similar submissions in Argentina and Venezuela. Licensing agreements have been signed with strong pharmaceutical distributors in each
of these countries which, together with Brazil, have a total of over 15 million diabetics. Several other similar drug distribution agreements are in various stages of discussion or negotiation, with the goal of the strongest possible distribution network for DIAB II in the Latin American region.
-- Discussions are also underway with potential distributors for DIAB II in the Middle East. It is anticipated that distribution agreements will be finalized in the coming months.
-- Biotech has recently decided to increase its emphasis on bringing DIAB II to market in North America and Europe. Biotech expects to sign an initial agreement with a major pharmaceutical company in the near future.
DIAB II was developed by Biotech Holdings Ltd., a Canadian-based pharmaceutical company, which controls the worldwide manufacturing and marketing rights to the drug. ImmuNis purchased a 25% interest in the
commercial rights to DIAB II in 1998 for territories outside of Oriental Asia. DIAB II, an oral diabetes drug, is one of a small number in a new class of drugs known as insulin-sensitizers. DIAB II alleviates the symptoms of
Type II Diabetes by improving the patient's ability to utilize insulin, whether endogenous or injected.
In a June 9, 1999 announcement Biotech also pointed out that there is a sizable and very lucrative market potential for DIAB II in Brazil and throughout Latin America -- that for each one percent of the diabetic population in Brazil, Argentina and Venezuela using DIAB II (a total of
100,000 one-year prescriptions) -- DIAB II sales revenues generated would be over $20,000,000 annually.
ImmuNis Corp. owns interests and invests in innovative health care modalities that address health problems afflicting populations in both developing
countries and Western nations.
The Company's interests may be in the form of
strategic partnerships, direct ownership interest in patents, or participation in or control of commercial or marketing rights.
Included in this release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes
the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward looking statements will prove correct. The Company's actual results could
differ materially from those anticipated in theforward-looking statements as a result of certain factors including sales levels, distribution and
competition trends and other market factors.
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