DRUG.OB - News Update - Dragon Launches EPO into the Brazilian Market
could be an indication of similar things to come in each of the market the company announced to target in their business development plan. Even supply pact with Amgen could be in shore ultimately IMHO because Dragon seems to be by far the lowest-cost producer. Once we get an ANDA in the US (realistically by 2004-2005) this might turn out to be a real possibility.
VANCOUVER, Feb. 12 Dragon Pharmaceuticals Inc. (OTC BB: DRUG; TSX: DDD) today announced that it has shipped an order of recombinant erythropoietin ("EPO") to Itaca Laboratorios Ltda., ("Itaca") of Brazil.
Itaca, a distribution partner of the company, has won a 3.1 million Brazilian Real tender for Dragon's EPO in the Brazilian state of Minas, Gerais, which converts to US$ 0.86 million (US$ 0.281057 to 1 Brazilian Real exchange rate on February 4, 2003). The first shipment to Itaca marks the launch of Dragon's EPO into the Brazilian market.
"This order followed an audit in 2002 by the Brazilian Health Authority ("ANVISA") inspectors of Dragon's production facility in Nanjing, China. The ANVISA audit has provided valuable feedback to the Nanjing staff as well as the Vancouver management. We have been implementing the necessary steps to elevate our facility to the highest technical and documentary standards expected for today's biotechnology industry anywhere in the world with the help of international experts", said Dr. Alexander Wick, President of Dragon Pharmaceuticals Inc.
"Our first order in Brazil demonstrates our commitment to expanding sales into new international markets outside of China," said Dr. Wick, "We have secured licensing agreements with fourteen distribution partners covering more than ninety countries globally and we expect to receive additional product registration approvals throughout the year."
Dragon and its licensees are currently seeking regulatory approval for the marketing of the Company's EPO throughout Eastern Europe, Asia, Africa, Latin America and the Middle East.
About Dragon Pharmaceuticals
Dragon Pharmaceuticals Inc. is a fully integrated, international biopharmaceutical corporation engaged in the discovery, development and commercialization of genetically engineered human proteins for therapeutic use. Based on its proprietary protein expression technology, Dragon believes that it has become one of the world's lowest cost producers of Erythropoietin (EPO) - a breakthrough drug that has revolutionized the treatment of severe anemia with estimated worldwide sales of US$6 billion in 2001. Dragon is also applying its platform technology to the development of other branded as well as novel protein drugs.
For further information, please contact Carey Nelson, Manager Investor Relations at Tel: (604) 669-8817 or Fax: (604) 669-4243 or visit our web site at www.dragonbiotech.com |
