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VRGN,
Monday November 23, 7:01 am Eastern Time
Company Press Release
SOURCE: Viragen, Inc.
Viragen Signs $20 Million Export Deal For Its Natural Interferon
5-Year Agreement for Omniferon(TM) Spans Middle East, India and Pakistan
PLANTATION, Fla., Nov. 23 /PRNewswire/ -- Viragen, Inc. (Nasdaq: VRGN - news) announced today that its subsidiary, Viragen (Europe) Ltd. (Nasdaq: VERP - news), signed an exclusive supply and distribution agreement with AGC, a Pakistan- based-multinational conglomerate, for Omniferon™, its second generation, multi-species natural alpha interferon therapeutic drug. AGC's designated territories include Saudi Arabia, Kuwait, Yemen, Oman, UAE, Brunei and other Middle Eastern countries, as well as India and Pakistan. The agreement calls for AGC to purchase a minimum of $20 million of Omniferon over five years commencing with, and subject to, AGC's receipt of the required regulatory approvals for product commercialization in the designated territories, and VERP's receipt of the requisite regulatory approval to export Omniferon from its commercial GMP manufacturing facility in Edinburgh, Scotland. The purchase minimums will be secured by a $1 million irrevocable revolving letter of credit. These minimums increase significantly upon Viragen obtaining regulatory approval for commercialization of Omniferon in the United States and/or Europe. The agreement becomes effective upon Board approval of VRGN, VERP and AGC.
Under terms of the agreement, AGC is responsible for clinical and regulatory costs to obtain approvals for commercialization of Omniferon in its designated territories and all subsequent sales, marketing and distribution activities. The agreement also calls for AGC to build, own and operate, at its own expense, a GMP pharmaceutical distribution facility in a mutually agreeable location within the territory. It is expected that AGC will initially focus on Viragen's natural alpha interferon for hepatitis B and C, diseases which are at epidemic proportions in the designated territories and for which alpha interferon has proven therapeutic benefit.
Gerald Smith, Chairman and President of Viragen stated, ''We are pleased to be able to provide Omniferon for development against many life threatening diseases in an area of the world that we did not intend to develop in the foreseeable future. This agreement provides further validation of the importance of natural interferon to potentially benefit patients all over the world. The need for better therapies for diseases such as hepatitis B and C extend beyond the western world and we look forward to developing a mutually beneficial relationship with AGC.''
AGC is a large, privately held, Pakistani trading and insurance conglomerate with significant operations in the Middle East and Europe, which includes the sales, marketing and distribution of healthcare products.
Hepatitis B (HBV) and C (HCV) are life threatening viral infections of the liver. It is estimated that there are 300 million carriers of HBV worldwide, with the highest infection rates in the Middle East, India, Pakistan, Russia and Far East regions. The World Health Organization estimates that more than 200 million individuals are infected with HCV, including more than 150 million chronic cases. Alpha interferon is the standard of care worldwide for patients afflicted with hepatitis B or C.
Viragen, Inc. and Viragen (Europe) Ltd. are emerging biopharmaceutical companies engaged in the research, development, manufacture and clinical and preclinical study of blood-derived therapeutic drugs, including natural human interferon, for the treatment of various diseases and immune disorders, including hepatitis B and C, rheumatoid arthritis, multiple sclerosis, HIV/AIDS, chronic myelogenous leukemia and herpes. This release contains forward looking statements that are subject to risks and uncertainties, including but not limited to, certain delays beyond the Companies' control with respect to future business events, regulatory approvals and other risks detailed from time to time in the companies filings with the Securities and Exchange Commission.
For more information, please visit our web site at: viragen.com .
SOURCE: Viragen, Inc.
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