newswire.ca
Biotech Holdings receives approval for drug production in Canada
VANCOUVER, Dec. 13 /CNW/ - Robert Rieveley, President of Biotech Holdings
(''Biotech'', BIOHF: OTC BB; BIO.V: CDNX) has announced that the Company has
received an Establishment Number from the Canadian Health Protection Branch.
The Establishment Number, which certifies that the Company has met GMP (Good
Manufacturing Practice) Standards, permits drug production at the Company's
plant in Richmond, B.C.
''This is a very important step forward for Biotech,'' Mr. Rieveley said.
''Having the ability to manufacture our diabetes drug, DIAB II, from
formulation to packaging in our own facility in Canada moves us forward in our
strategic plan to become a fully integrated pharmaceutical company, supplying
DIAB II directly to our licensees.''
''The fact that we have received our GMP designation,'' Mr. Rieveley
noted, ''will allow our licensee in Brazil, Biobras S.A., to submit their
application to have DIAB II approved for sale in the Brazilian market, a
leading drug market in Latin America.''
''We can now move ahead with bringing the Richmond facility to full
operational capability to meet the anticipated demand for DIAB II in the
coming year,'' Mr. Rieveley said.
''It is intended,'' he added, ''that our production facility in Canada
will supply DIAB II to all of our licensees in the Latin American region. In
addition to Brazil, Biotech currently has license agreements in place with
pharmaceutical companies in Argentina, Chile, Venezuela and Peru and has
licensing negotiations underway with pharmaceutical companies in other key
markets in the region.''
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 works by improving the patient's ability to utilize both endogenous and
injected insulin, the hormone that controls blood sugar levels.
''DIAB II is a revolutionary oral drug for treatment of Adult-Onset
Diabetes - an illness affecting more than 15 million Americans and more than
150 million people around the world. The drug - DIAB II - provides excellent
control of diabetes symptoms without the side-effects of many competing
drugs. We are making steady progress towards positioning DIAB II to become a
leader in the $10 - Billion annual market for oral Type II Diabetes
medications,'' Mr. Rieveley said.
In addition to its focus on Latin American markets, Mr. Rieveley added,
Biotech is discussing DIAB II with potential North American licensees as well
as licensees for selected markets in Europe and the Middle East.
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., 1-888-216-1111 (toll-free), by email at
biotech@direct.ca or through Biotech's website, 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, Biotech Holdings Ltd.
1-888-216-1111 (toll-free), 8 a.m. to 5 p.m. Pacific time, or by email at
biotech@direct.ca; please visit Biotech's website at
biotechltd.com.
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