Biotech Holdings President reports on current status of company's patent-related, drug and OTC business
VANCOUVER, June 19 /PRNewswire/ - Robert Rieveley, President of Biotech Holdings (``Biotech'', the ``Company'', CDNX: BIO.V; OTC BB: BIOHF; Frankfurt: 925970.F) today outlined the current status of the Company's prescription drug and over- the-counter business, focusing particularly on recent developments regarding a U.S. patent and the Company's DIAB II Diabetes drug.
``U.S. patent rights for DIAB II combination therapy, which have been assigned to the Company, are a recent and important addition to the development of Biotech Holdings. Discussions with major pharmaceutical firms are now getting underway. Our goal is to sign an agreement with the potential for one or more long-term revenue streams for the company from sales in the U.S. market,'' Mr. Rieveley said.
``With regard to bringing DIAB II to Latin American markets, I am pleased to report that we have been negotiating new arrangements for distribution in Brazil, the seventh largest pharmaceutical market in the world,'' Mr. Rieveley said.
``In Mexico, the world's eleventh largest pharmaceutical market, our distributor is finalizing our application for submission to regulatory authorities. We expect that application will occur in the next four to six weeks,'' Mr. Rieveley said.
``In Peru, following up on our DIAB II submission in December, 2001 we had very satisfactory meetings with regulatory authorities earlier this month to discuss detailed technical issues. We believe that all information and data needed for approval are in the hands of the Peruvian regulators and we are looking forward to a timely decision,'' Mr. Rieveley said.
``In China, the world's ninth largest prescription drug market, our subsidiary there has developed a profitable, self-sustaining operation. DIAB II has established a prescription base which we are maintaining and growing through our subsidiary's internal resources,'' Mr. Rieveley said.
``In Turkey, the Middle East's largest pharmaceutical market, our distributor is preparing a regulatory application which will be a model for other applications in the region. Discussions with potential distributors are underway in other Middle Eastern markets as well as several markets in Europe,'' Mr. Rieveley said.
``With regard to the Personal Care Products division, known as Biotech Laboratories Inc., we have been seeing steady growth in revenue and in the number and variety of products we offer. The number of retail and wholesale customers we supply has also been growing, including regional and national chains, some of which are now ordering multiple products from us. The growth trend suggests that Biotech Laboratories can achieve profitability in the next six months. This development would significantly reduce and in time terminate the Company's requirement for receipt of outside financing for operations,''Mr. Rieveley said.
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: BIOHF) and on the Canadian Venture Exchange (CDNX: BIO.V - news).
This release contains forward-looking statements within the meaning |
