ONI BioPharma Inc. Announces Latin American Affiliate
17 October 2008 - 1:55AM
Marketwired
ONI BioPharma Inc. (AMEX: ONI) announced today that it has agreed
to terms with its partners for the creation of a corporate
affiliate to serve the rapidly emerging Latin American market. This
new company is to be based in Mexico City and will pursue
scientific discovery and clinical trials, and sell and distribute
products in Mexico, Central America, the Caribbean, and South
America. This vast region has a population of approximately 1
billion, which will benefit from both existing ONI products and new
products to be developed in conjunction with scientists seeking
solutions to a vast array of biotechnological issues.
Bringing ONI's products and technologies to this tremendous
market is a major step in the Company's goal of creating a global
enterprise where its currently commercialized products, such as the
Evora(TM) oral health care line and PIVIAT(TM) and PCMAT(TM)
enhanced diagnostic platforms, will be available to Latin America.
The Company expects revenues from its Latin American expansion
early in the next calendar year. These revenues will augment the
Company's expected revenues in the United States.
In addition, the Company plans to complete clinical testing and
seek registration in selected countries for its long-awaited
SMART(TM) dental therapy line, which will decrease the risk of
tooth decay for a lifetime with a single dose. Furthermore, the
Company intends to clinically test and seek registration, where
appropriate, for its other products, including groundbreaking
antibiotics created synthetically using its DPOLT(TM)
technology.
Finally, the Company intends to apply, in cooperation with
academic and industrial partners, its extraordinary platform
technologies, PIVIAT(TM) and PCMAT(TM), to meet challenges in human
healthcare, diagnostics, agricultural diseases, and animal diseases
that plague Latin America, as well as other fast-emerging countries
around the world. ONI already has the necessary technology to
achieve these goals. In time, ONI intends to seek a presence in the
European markets from its U.S. headquarters or through its Latin
American subsidiary, depending on regulatory timing and other
factors.
Stanley B. Stein, the President and Chief Executive of ONI,
stated that, "For too long the enormous health challenges of Latin
America and the Caribbean have been overlooked and avoided by
pharma companies. The reality is that Mexico and neighboring
countries have first rate science that will be amplified by ONI's
biotechnological expertise. The result will be an explosion of
biotechnological solutions to the litany of diseases that confront
the region. I believe ONI will thrive in this region."
ONI's partner in this expansion is Dr. Ra�l Medina-Mora, a
"thought leader" in the global scientific, academic, and technology
communities. Dr. Medina-Mora comes from a family that has devoted
itself to public service in Mexico. Dr. Medina-Mora is joined by
his long time business partner, Mr. Alejandro Martinez, a leader in
the information technology field. ONI expects its Latin American
affiliate will be a leader in biotechnology. Its founders hope that
its success will augment efforts already underway to position
Mexico as a center for excellence in biotechnology.
The transaction is conditioned on ratification by ONI's Board of
Directors. ONI is being advised by Shumaker, Loop & Kendrick,
LLP and Baker & McKenzie.
About ONI BioPharma Inc.
ONI BioPharma Inc. is a biopharmaceutical company with a
pipeline of unique proprietary technologies, some of which are
being commercialized. The Company also has a number of products in
discovery, preclinical and clinical development, with a
concentration in the main therapeutic area of infectious diseases,
diagnostics, and oral health. The Company has developed platform
technologies with respect to its products, thereby creating a
pipeline of future products, which the Company expects to
develop.
Safe Harbor Statement: Under the Private Securities Litigation
Reform Act of 1995: This release includes forward-looking
statements that reflect ONI BioPharma's current views with respect
to future events and financial performance. These forward-looking
statements are based on management's beliefs and assumptions and
information currently available. The words "believe," "expect,"
"anticipate," "intend," "estimate," "project" and similar
expressions that do not relate solely to historical matters
identify forward-looking statements. Investors should be cautious
in relying on forward-looking statements because they are subject
to a variety of risks, uncertainties, and other factors that could
cause actual results to differ materially from those expressed in
any such forward-looking statements. These factors include, but are
not limited to those set forth in our most recently filed annual
report on Form 10-KSB and quarterly report on Form 10-Q, and other
factors detailed from time to time in filings with the Securities
and Exchange Commission. We expressly disclaim any responsibility
to update forward-looking statements.
Contact: ONI BioPharma Inc. Stanley B. Stein 386-418-4018 X222
www.onibiopharma.com
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