ETBI ~ EastGate Biotech Enters Into a MOU with Genluiching Mining Corp. and AAH & International Associates Inc. of the Philippines
2018-03-13 09:31 ET - News Release
WEST CALDWELL, NJ and TORONTO, ON / ACCESSWIRE / March 13, 2018 / EastGate Biotech Corp. (OTC PINK: ETBI), a pharmaceutical company that focuses on innovative technological developments specifically in insulin drug delivery for the treatment of type 2 diabetes, is pleased to announce that it has signed a Memorandum of Understanding (MOU) with Genluiching Mining Corporation (Genluiching) and AAH & International Associates (AAH), Incorporated. Within the scope of the MOU, both parties, located in the Philippines, intend to invest between PHP 100,000,000 - PHP 300,000,000 (approximately $2 million USD to $5.8 million USD) either in full or in tranches. Similar to the recently announce BuPharco Joint Venture, Genluiching and AAH will pay for all expenses related to financing as well as the clinical trials, however, ETBI is expected to be the lead manager of the JV.
The purpose of the investment is to expedite the early filing and processing of the EastGate's insulin mouth rinse for the local Philippines Health Association.
"After a successful meeting with our EastGate team, both Genluiching and AAH wanted to participate in what they believe is a project that could have significant impact in the Philippines," stated Anna Gluskin, CEO of EastGate Biotech Corp., who added, "While their core businesses are in gold mining and engineering, they are looking to diversify their investment portfolio to include humanitarian type projects that will help the Filipino population. Our drug development project in the Philippines is gaining serious traction. With two Joint Ventures in play and little overlap between them, we feel that this multiplies our chances of success. The people of the Philippines have welcomed us with open arms. Our corporate ambassador William Abajian has returned to the Philippines ahead of expectations to finish the finer points of the definitive agreements and develop new relationships."
"We are very impressed by the humanitarian initiatives that these two groups have committed themselves to in this market," stated William Abajian, Global Business Development and Licensing for EastGate. "Genluiching and AAH have the foresight to correlate innovation and with humanitarian impact for the Philippines marketplace," added Abajian.
"The diabetes crisis in the Philippines is taking a toll on the economy and workforce and something needs to be done about it," commented Jet Tupas, CEO of Genluiching Mining Corporation. He went on to say, "Over the years we have seen this disease slowly creep into our workforce and we cannot sit idly by. This is one of the best humanitarian projects we have seen recently. We are happy to invest in such a rewarding project and plan to follow the lead of EastGate."
The MOU will allow for the parties to reserve the right to set up, register jointly, either a joint venture (JV) and/or holding company in order to oversee, manage and define each Party's roles and responsibilities, while also stipulating the shares of the investment portfolio to include humanitarian type projects that will benefit the Filipino population. The establishment of the JV or management holding company with the investment could be completed by this summer.