EastGate Biotech Announces Joint Venture With Netris/Origin Biopharmaceuticals for Pakistani Market
Drug Development and Nutraceuticals Covered in JV.
WEST CALDWELL, N.J. and TORONTO, April 17, 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 joint venture agreement with Netris/Origin Biopharmaceuticals (Netris/Origin) to conduct clinical trials, register, and commercialize the Netris/Origin pipeline for the Pakistani market.
Under the terms of the agreement, EastGate Biotech will retain a majority stake in the joint venture and will grant an exclusive right to Netris/Origin to conduct the clinical trials, registration and commercialization of EastGate’s biotech products and product candidates in Pakistan. The focus of the JV is the development of EastGate’s liquid insulin mouth solution whereby Netris/Origin will bear all of the costs in order to conduct all the necessary clinical and regulatory steps to receive regulatory and marketing approval for Pakistan.
Netris/Origin has an existing line of nutraceutical products and plans to expand their line to include EastGate’s nutraceuticals. Netris/Origin will also look to augment the Joint Venture by looking to in-license other innovative technologies as well as applying EastGate’s delivery technology to its existing array of pharmaceutical drugs.
The Pakistan D.R.A.P Drug Regulatory Authority recently rolled out initiatives designed to accelerate drug approvals and encourage innovation, including greater alignment of Pakistan’s review process with that of the Canada This partnership aims to act in line with those initiatives.
“This Joint Venture opens up yet another market for our liquid insulin mouth solution,” said Anna Gluskin, EastGate Biotech’s CEO. “We are particularly pleased to partner with a company such as Netris/Origin who seeks out innovative products around the globe and then takes on the challenge to locally develop new drugs using their own populace. With the recent DRAP announcement we could see drug development accelerated. This strategy will benefit their own population by reaping new technologies that address chronic disease such as diabetes. Our message is simple. We want to provide affordable and safe access to medicine for all diabetics globally. We are pleased that Netris/Origin has joined us in global fight against the diabetes epidemic.”
“We are delighted to be collaborating with EastGate Biotech, because Netris/Origin has the resources and the networks in regulatory affairs to commercialization the oral insulin mouth rinse in this critically important territory,” said Origin Biopharma President, Nasir Irfat. “This is an important step forward in our support toward Pakistan ongoing healthcare reforms and is a milestone in our efforts to address the needs of patients worldwide. EastGate has a very robust product line and we see value in the overall technology platform not just the insulin mouth rise.”
About Netris / Origin Biopharmaceutical
Netris / Origin Biopharmaceutical has been registered with the Pakistan Ministry of Health since 2002 and is licensed for distribution, marketing, importing and supplying the Government with therapeutic drugs. Netris Bio looks to capitalize on cutting edge technologies and take advantage of emerging trends in the pharmaceutical industry to quickly and safely bring drugs to the Pakistan market. Netris Bio has a team of 167 highly dedicated professionals that allow the company to get more done with less to its highly collaborative work environment that resembles more of a big family than a biotech company. The company currently markets Citlicolin injections, Pantoprazole infusions, omeprazole, heparine, enoxparine, cephalosporin, anti-cancer, and cardiac. In addition, the company collects blood plasma and markets biologics, vaccines, nutraceuticals, and Nuro products.
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.
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.