SPECTRUM PHARM PR & INVESTOR UPDATE Viropro Wishes to Update Investors and the Investment Community on Its Operations
Date : 01/21/2011 @ 7:10AM
Source : Business Wire
Stock : Viropro, Inc. (VPRO)
Quote : 0.072 0.0 (0.00%) @ 7:20AM
Viropro Wishes to Update Investors and the Investment Community on Its Operations
Viropro (USOTC:VPRO)
Intraday Stock Chart
Today : Friday 21 January 2011
Click Here for more Viropro Charts.
Viropro (PK: VPRO) wishes to update investors and the investment community on its operations. Recent headlines on the Company have attracted considerable attention and management wishes to outline the following:
* Financial Statements of the Company have been audited for the period ending December 31, 2009 and quarterlies have been reviewed until March 31, 2010.
* Company intends to file updated unaudited financial statements on the Pink Sheet; those statements will be consolidated and will include those of its 100% owned subsidiaries Biologics Process Development Inc. of San Diego and Viropro International of Montreal, QC. Filing is scheduled for the end of February.
* Once the financials are filed, Company will request that auditing be conducted which in turn will allow Company to solicit better listing opportunities.
* A 25% reduction in the number of fully diluted outstanding shares has just been operated. A reserve of 108,015,823 shares for the conversion of a debenture was cancelled as said debenture was bought back.
* Company is requesting to be included in the FAST program whereby all stock transactions would be treated electronically.
* Company is currently updating its website for further references.
Viropro’s business plan calls for a one stop shop in Biotechnology Contractual Development and Manufacturing Services and to do so, acquisitions will be necessary. Said business plan will not be made available to the public as potential acquisitions are clearly stated. Viropro’s entire management is keen on implementing said plan and is highly motivated towards reaching that goal.
About Viropro, Inc.:
Viropro, Inc. conducts its operations through its subsidiaries Viropro International, Inc. and Biologics Process Development, Inc. The Company's principal objective and mission is to "make biotech drugs for its clients, efficiently and economically." Towards this end, the Company specializes in the use of its Intellectual Property and high-yield manufacturing process technologies, for industrial-scale production of biopharmaceutical drugs for its clients that serve global markets, with unmet medical- and/or market needs (www.viropro.com).
About Biologics Process Development, Inc.:
Biologics Process Development, Inc. (BPD), located in Poway (San Diego area), California, has been providing contract laboratory services to the biotechnology and biopharmaceutical industries for fourteen years. The range of services includes molecular biology, cell culture, fermentation, protein purification, frozen storage, process scale-up and consulting services. BPD has an impressive list of clients that range from university laboratories to well-known biotechnology and biopharmaceutical companies. (www.biologicspd.com)
About Intas Biopharmaceuticals Limited:
Intas Biopharmaceuticals Limited is a fully integrated biopharmaceutical company based out of Ahmedabad, Gujarat, India. Since launch of biotechnology operations in May 2000, Research & Development (R&D) and Manufacturing of Biopharmaceutical products with a special focus on Oncology (Cancer) are the major thrust areas for the company. Intas Biopharmaceuticals is India's first and only biopharmaceutical company to receive European Union -Good Manufacturing Practice (EU-GMP) certification for its manufacturing facility. (www.intasbiopharma.co.in)
Viropro Inc. Safe Harbor Statement
Except for any historic information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, which are subject to section 27A of the Securities Act of 1933 and section 21E of the Exchange Act of 1934, and are subject to safe harbor created by these sections. Any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, goals, assumptions of future events or performances are not statements of historical fact and may be "forward-looking statements". Forward-looking statements in this release may be identified through the use of such words as "expects", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements, which involve numerous risks and uncertainties, including the Company's ability to market its products and services in a competitive environment as well as other factors.
For more information on Viropro Inc., please visit our website on www.viropro.com
WSJ News: Spectrum Pharmaceuticals In Deal With Viropro For Cancer Drug
Viropro, Inc. Signs a Binding Letter of Agreement For a Multi Million Development Contract With NASDAQ Listed Spectrum Pharmaceuticals, Inc.
1-5-11
Spectrum Pharmaceuticals Inc. (SPPI) signed a deal with Viropro Inc. (VPRO) to develop a biosimilar version of Swiss pharmaceutical giant Roche Holding AG's (RHHBY, ROG.VX) cancer drug rituximab ahead of its U.S. patent expiration in 2015.
The agreement comes as many patent expirations loom over large pharmaceutical companies. Rituximab, used in the treatment of many lymphomas, leukemias, transplant rejection and some autoimmune disorders, saw worldwide sales of about $5.6 billion in 2009.
Financial terms weren't disclosed.
Viropro, a biotech drug maker, said Spectrum will license the rights to certain technology and it should get milestone payments over 36 months and royalty payments from ensuing sales.
Biosimilar drugs are officially approved versions of biopharmaceutical products made by a different company as patent and exclusivity expire on the product.
Biotech company Spectrum, which has a focus on cancer treatment, has been focused on making another push to improve the weak sales of its leading drug Zevalin. In its most recent quarterly results, Spectrum swung to a loss as it spent more to market Zevalin and another drug, Fusilev, which treats a vitamin deficiency in patients who have been treated with chemotherapy for colorectal cancer.
Meanwhile, Roche, the world's biggest maker of cancer drugs, is facing pressure following the U.S. Food and Drug Administration December decision to revoke approval of blockbuster drug Avastin for the treatment of breast cancer. The company has said it will appeal.
Spectrum shares were up 4 cents at $6.92. The stock is up 49% over 12 months.
-By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com;
