WEST CALDWELL, N.J. and TORONTO, June 28, 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 the expansion of the Pakistani joint venture agreement to include the treatment of the Alzheimer’s indication using the liquid insulin mouth rinse solution. The entity pursuing expansion of this joint venture is Genome Pharma (http://www.genomepharmaceuticals.com).
Genome Pharmaceuticals is the parent company of a growing family of companies (including Netris/Origin Biopharmaceuticals) focused on diverse etiologies including Diabetalogy, Women’s Health, Rare Diseases, Neurology, Cardio Metabolic Diseases, Urology, Dermatology and RNA Therapeutics. The collaboration with Genome will be adding EastGate’s insulin liquid-to-brain delivery for the treatment of Alzheimer’s disease to their product pipeline.
Every 67 seconds, someone in the US develops Alzheimer’s disease. More than 5 million Americans are living with the condition and it is responsible for around half a million deaths each year. According to Zion Market Research, the Global Alzheimer’s drugs market will reach $5.09 billion by 2022. A vast library of information already exists on how insulin improves the working memory for Alzheimer’s patients. Liquid insulin delivery could provide a user-friendly treatment that improves compliance.
The terms of the existing joint venture agreement with Netris/Origin Biopharmaceuticals grantEastGate Biotech a majority stake in the joint venture and provide an exclusive right to Genome Pharmaceuticals to conduct the clinical trials, registration and commercialization of EastGate’s biotech products and product candidates in Pakistan. Under this joint venture structure Genome will bear all of the costs of conducting the necessary clinical and regulatory steps to receive regulatory and marketing approval for Pakistan. The collaboration between EastGate and Genome will be managed by a Joint Board and leadership team, consisting of members of senior management from both companies.
“We are very excited about expanding the indication of our liquid insulin mouth rinse solution to include the debilitating Alzheimer’s disease,” said Anna Gluskin, EastGate Biotech’s CEO. “Providing an alternative indication for our innovative product in addition to diabetes adds value to our shareholders. Most importantly, an alternative drug delivery of insulin will demonstrate the increased viability of a well-known drug with a long historical profile. Along with other potential partners such as Genome, we can open up the door for the application of our drug delivery system to other well-known drugs.”
“This Joint Venture reinforces our strategy of partnering to launch products using our highly innovative delivery technologies around the world,” said Nasir Irfat, Director of Genome Pharmaceuticals. “We are making good progress executing on our emerging markets growth strategy by establishing novel partnerships and strategic alliances. This Joint Venture with EastGate Biotech helps position us for a leadership position in the Alzheimer’s space in the fastest growing territories.”
About Genome Pharmaceuticals
Genome is comprised of a group of companies with a major interest in pharmaceuticals and allied fields. Genome, a global biopharmaceutical company is dedicated to transformative innovation in healthcare. Our mission is to systematically reduce the time and cost of the drug development process. We partner with innovative biopharmaceutical companies and academic institutions to ensure that important medicines are rapidly delivered to patients. Our goal is to serve our partners, contribute positively to the healthcare system, and improve the lives of patients around the world.
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.