EastGate Biotech Announces Definitive Agreement with Genluiching Mining Corporation
EastGate to receive funding in tranches up to $5 million USD.
WEST CALDWELL, N.J. and TORONTO , April 10, 2018 (Newswire.com) - 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, announced a definitive agreement with Genluiching Mining Corporation. As per the previously announced Memorandum of Understanding, Genluiching Mining will invest up to $5 million USD in tranches. The first tranche will be expected sometime in May.
The investment will be focused specifically on the development of the liquid insulin mouth rinse for the Philippines. Genluiching agrees to fund this development until regulatory approval and registration of the insulin mouth rinse is achieved in the Philippines. The funds will also be used for administrative and operations in relation to EastGate and the EastGate Philippines’ office. Genluiching along with EastGate Biotech and EastGate Philippines will be participating in a Profit Sharing arrangement from the future proceeds of the liquid insulin mouth rinse.
“This is a major step forward for the development of the liquid insulin mouth rinse,” said Anna Gluskin, CEO of EastGate Biotech. “We hope investors are pleased with this non-dilutive investment in our technology. Genluiching understands the business opportunity as well as the humanitarian benefit of our products. They are committed to seeing this project to fruition, which means costs of development are secondary in nature. This investment also validates the underlying value of our delivery platforms and puts us in a position where we can compete with larger pharmaceuticals with deep pockets to fund drug development. Most people don’t realize it, but world has been looking for oral insulin for over 90 years and the Genluiching investment allows us to finally breakthrough into new territory where so many other pharmaceuticals have failed.”
Commenting on his recent business development trip, Strategic Advisor William Abajian said: “The Filipino people have embraced Eastgate and are completely on board with our vision to bring a cost effective therapeutic to market. We appear to have the backing of key influencers excited about accelerating the drug development. I saw first-hand the scope and breadth of the diabetes epidemic throughout the country. This capital infusion represents only a fraction of what we have accomplished. When we expand our footprint globally, and start making inroads into developed markets where big pharma dominates, only then will we be taken seriously. When this drug comes to market, we have a real shot to dramatically change the trajectory of this global pandemic through early disease management that delays the onset of costly complications which burden the healthcare system and take a toll on the people’s quality of life.”
About EastGate Biotech
EastGate Biotech focuses on innovative technological developments and produces and distributes innovative drug compounds and healthy nutraceuticals that are based on natural therapies absorbed by the body. We utilize advanced nanotechnologies and alternative delivery systems that take difficult to deliver compounds and deliver them using our nanotechnology platform which ultimately increase the bioavailability to the body. Using our methods of delivery, provides healthy alternatives to conventional pharmaceuticals that all-too-often create dangerous side-effects and unexpected consequences for those trying to attain and maintain a healthy lifestyle. EastGate’s wholly owned subsidiary Omni Surgery and Anti-Aging Centre is the first of many surgery centers to come under the Omni umbrella as we plan to roll up existing business under the Omni brand and expand our footprint globally.
About Genluiching Mining Corp.
Genluiching Mining Corporation is a mining and metal company based in Makati City, Philippines. The company led by CEO Jet Tupas, currently conducts mining operations in Asia.
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions for "safe harbour" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release.
The words "anticipates", "plans", "expects", "indicate", "intend", "scheduled", "estimates", "forecasts", "focus", "guidance", "initiative", "model", "methodology", "outlook", "potential", "projected", "pursue", "strategy", "study", "targets", or "believes", or variations of or similar such words and phrases or statements that certain actions, events or results "may", "could", "would", or "should", "might", or "way forward", "will be taken", "will occur" or "will be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. The risks, estimates, models and assumptions contained or incorporated by reference in this release, include those identified from time to time in the reports filed by EastGate with the SEC, which should be considered together with any forward-looking statement. EastGate undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: EastGate Biotech Corp.