Biotech signs License agreement with major U.S. pharmaceutical company.
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BIO. (ASE)
Attention Business Editors:
Biotech and major U.S. pharmaceutical company sign agreement
with goal of licensing Biotech's DIAB II diabetes drug
VANCOUVER, Sept. 30 /CNW/ - Robert B. Rieveley, President of Biotech
Holdings Ltd. (''Biotech'', OTC BB: BIOHF, ASE: BIO), is pleased to announce
that Biotech and a major U.S. pharmaceutical company have signed an agreement
that foresees potential licensing of Biotech's Adult-Onset Diabetes drug, DIAB
II, for the U.S. market.
''In the coming months, Biotech expects to be working closely with this
prospective licensing partner to review data and arrange for testing of DIAB
II,'' Mr. Rieveley said. ''The goal is to reach a licensing agreement that
would provide for testing of DIAB II and filing of an application with the
U.S. FDA, with the possibility that other markets could also be included in a
final agreement.''
''The company involved has a significant presence in the U.S. and
world-wide pharmaceutical industry, with annual sales over $10 Billion,'' Mr.
Rieveley added.
DIAB II is an insulin-receptor sensitizer, a new class of drugs for
controlling the chronically high blood sugar level that typifies diabetes.
DIAB II, taken orally, works by improving the patient's ability to utilize
insulin, the hormone that controls blood sugar levels. Studies of the drug,
included a clinical trial recently concluded in Brazil, have shown it to be
both effective and safe. 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. Biotech Holdings trades on the
Over the Counter Bulletin Board in the United States (OTC BB symbol: BIOHF)
and on the Alberta Stock Exchange (ASE symbol: BIO).
For inquiries, contact Austin Rand at Biotech Holdings Ltd.
1-888-216-1111 (toll-free), 8 a.m. to 5 p.m. Pacific time, or by e-mail at
biotech@direct.ca . 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 judgement at the date of this release and any changes
in assumptions or external factors could produce significantly different
results.
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For further information: Austin Rand (604) 736-3351 or 1-888-216-1111
(toll-free) 8 a.m. to 5 p.m. Pacific time, e-mail biotech@direct.ca,
www.biotechltd.com.
To request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw
BIOTECH HOLDINGS LTD. has 28 releases in this database.
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