Cyplasin Biomedical, www.c-pharma.net – the Alberta-based pharmaceutical developer which has assembled quite a portfolio in the HCV infection (hepatitis C) space, including HCV vaccines based on recombinant DNA technology and generic HCV-therapeutic drugs, took some time today to provide an update on 2010 operations.
CEO of CPBM, Garth Likes, commended his colleagues for their exemplary work in overcoming the many challenges the Company had to face in 2010, expressing strong assurances that the year was a “foundation building year” for CPBM and that the Company is well positioned to execute on its 2011 strategy.
Likes cited key elements of the 2011 strategy, including accelerating the Ribavirin (C-Virin) product line manufacturing schedule, continued work on both the pegylated alpha interferon (C-Pegferon) and vaccine programs.
Despite serious market pressures in the global market faced in 2010, CPBM produced several noteworthy achievements in 2010, making major strides towards advancing the Company’s overall business strategy:
• Obtained an exclusive global license from the NIH (National Institutes of Health) for platform vaccine technology, which saw $10M invested in development prior to the licensing and which serves as a powerful framework for developing not only HCV vaccines but other products as well
• Obtained multiple private placement investments to fund the business plan’s execution
• Obtained a $122M valuation by a third party for the Company, improving position and dovetailing into a more comprehensive corporate financing schema
• Secured distribution channel agreements for C-Virin/C-Pegferon in other Canadian territories in anticipation of future availability in those locations
• Entry into a letter of agreement with Minapharm Pharma for potential distribution/co-development in their territory
• Developed a revenue generation model for generic C-Virin/C-Pegferon in the massive $2B/year HCV-therapeutics market
• Finalized a clinical development plan for the HCV vaccine program
• Negotiated an agreement with Aurobindo, a cGMP manufacturer, for production of the active ingredient in the C-Virin line
• Negotiated the final terms with a company that specializes in preparing formulations for production of the C-Virin line
Likes expressed confidence in CPBM’s strategy moving forward, explaining that the market will respond favorably to near- through long-term results of the business plan and that shareholders could look forward to increased value and performance as 2011 progresses.