Pro-Pharmaceuticals, Inc., a leader in the field of Galectin therapeutics engaged in the discovery, development and commercialization of therapeutics that target Galectin receptors for advanced treatment of cancer and fibrosis, recently announced that the company has received its first purchase order for DAVANAT® from PROCAPS S.A., a large, international pharmaceutical company based in Barranquilla, Colombia.
Earlier this year, Pro-Pharmaceuticals granted PROCAPS exclusive rights to market and sell DAVANAT® to treat cancer in Colombia, South America. Under the terms of the agreement, PROCAPS is managing the approval process for DAVANAT® in Colombia. Pro-Pharmaceuticals received a purchase order for $200,000 from PROCAPS, which will be the upfront payment for this first shipment of DAVANAT®. This first shipment of DAVANAT® will be used to qualify their vial filling process; approval is expected this year.
Approximately 42 million of the 44 million population of Colombia are covered by government sponsored health insurance, and according to the World Health Organization, there were approximately 24,000 new cases of colorectal cancer in 2007.
Theodore D. Zucconi, Ph.D., chief executive officer of Pro-Pharmaceuticals, stated, “This is a monumental step for both Pro-Pharmaceuticals and DAVANAT®, because Colombia provides the gateway to marketing DAVANAT® in other Latin American countries.” Dr. Zucconi continued, “We believe DAVANAT® will give physicians and patients a new treatment option that will increase survival and improve cancer patients’ quality of life. Further, because of its affordability, DAVANAT® has the potential to treat a large number of cancer patients in Latin America who currently cannot afford expensive cancer therapy.”
For additional information, please visit www.pro-pharmaceuticals.com.