WEST CALDWELL, N.J. and TORONTO, March 5, 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. We are thrilled to announce today that EastGate has signed a Memorandum of Understanding (MOU) with Bukidnon Pharmaceutical Multi-Purpose Cooperatives (BuPharco). The MOU outlines the strategic plan to commercialize the oral insulin mouth rinse delivered through the buccal mucosa (inner lining of mouth) and penetrates the blood brain barrier. BuPharco will initially compile, submit, and file all dossiers to the FDA of the Philippines with the full support of EastGate’s team assisting in the compilation of the master drug file.
BuPharco is the largest cooperative in the Philippines with over 2 million members and will have the exclusive marketing and distribution for the oral insulin mouth rinse throughout the Philippines. They will also be responsible for all of the expenses for the commercialization and marketing of the oral insulin mouth rinse for the Philippines market. The term of this binding MOU is for 5 years and the final agreement will define the actual amount of the investment required. The expected minimum investment level is $5.0 million and the structure of the profit sharing or royalty stream has yet to be determined. Negotiations during this phase are well underway with respect to the details of the partnership and we expect to have a final version within 90 days submitted via an 8-K filing.
BuPharco will also market and distribute EastGate’s nutraceutical pipeline products.
“We are very pleased with our partner and the terms of our proposed deal," said Anna Gluskin, CEO of EastGate. “It allows us to keep our commitment to our shareholders to explore non-dilutive methods of finding project capital. Since BuPharco is responsible for all expenses surrounding the drug development we are able to deploy our resources to focus on what we do best which is repurposing of existing drugs," concludes Gluskin.
BuPharco’s Chairman, Mr. Eugene Pabualan, also stated that: “Our Joint Venture with EastGate will take concept to reality. Our distribution agreement will pave the way for us to set up the infrastructure and the awareness of new product offerings that will benefit our growing base of over 2 million members. We cannot be more excited at this joint venture because we believe approval of this drug will be one of the most beneficial products to our members who have suffered long enough with type 2 diabetes and need a patient-friendly solution now.”
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.
BuPharco is the largest cooperative with over 2 million members in the Philippines with a social responsibility to make a difference for its members. BuPharco has a long-standing tradition of taking care of its members via loan services, insurance, availability of drugs through its own pharmacy chain and related clinics in order to take care of its members within the Philippines as well as other SEA countries.
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.