BLUE BELL, PA
January 27, 2004 - InKine Pharmaceutical Company, Inc.
(Nasdaq: INKP) ) today announced that Pharmatel, a pharmaceutical company based in Sydney, Australia, has licensed the exclusive rights to register, manufacture, sell, market and distribute Visicol® for use in Australia and New Zealand. Pharmatel is a leading Australian pharmaceutical company focused in gastroenterology and oncology. As consideration for the license, Pharmatel has paid an undisclosed up-front license fee, with additional royalties due to InKine based on future net sales of Visicol®. Pharmatel will be responsible for all costs to register, manufacture, sell, market and distribute Visicol® in Australia and New Zealand.
"We are pleased to partner with InKine and are excited to introduce Visicol® to the Australian and New Zealand markets. I am certain that patients and physicians will appreciate having a tablet alternative to existing liquid sodium phosphate, picosulphate and PEG solutions," said Nicolas Shortis, Director of Pharmatel.
"We believe that Pharmatel is the perfect partner in Australia and New Zealand," said Robert F. Apple, Chief Operating and Financial Officer of InKine. “Pharmatel has a strong presence in the Australian and New Zealand gastrointestinal marketplace, particularly where they are the leader in selling and marketing colonoscopy preparations to physicians. We will continue to explore other strategic opportunities for Visicol® in targeted international markets to further expand the market for Visicol®,” added Mr. Apple.
About InKine Pharmaceutical
InKine
Pharmaceutical Company, Inc. is a publicly traded
biopharmaceutical company focused on the diagnosis and
treatment of cancer and autoimmune diseases. The Company's
development strategy is to acquire late-stage drug
candidates with short time lines to commercialization. The
Company's first product, Visicol™ is the first and only
tablet purgative preparation indicated for bowel cleansing
prior to colonoscopy. InKine's second product, IBStat™, is a
novel oral hysocyamine spray for the treatment of Irritable
Bowel Syndrome (IBS) and spasm of the colon. Additionally,
the Company is developing other clinical compounds such as
Colirest™, which is in clinical trials for the treatment of
Crohn's disease and completed Phase II trials for the
treatment of ulcerative colitis. For further information,
please visit InKine on their web site http://www.inkine.com.
In addition to historical facts or
statement of current condition, this press release may
contain forward-looking statements. Forward-looking
statements provide InKine's current expectations or
forecasts of future events. These may include statements
regarding anticipated scientific progress on its research
programs, development of potential pharmaceutical products,
interpretation of clinical results, prospects for regulatory
approval, manufacturing development and capabilities, market
prospects for its products, sales and earnings projections,
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historical facts. You may identify some of these
forward-looking statements by the use of words in the
statements such as "anticipate," "estimate," "expect,"
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results could differ materially from those reflected in
these forward-looking statements due to general financial,
economic, regulatory and political conditions affecting the
biotechnology and pharmaceutical industries as well as more
specific risks and uncertainties such as those set forth in
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Securities and Exchange Commission. Given these risks and
uncertainties, any or all of these forward-looking
statements may prove to be incorrect. Therefore, you should
not rely on any such factors or forward-looking statements.
Furthermore, InKine does not intend (and it is not
obligated) to update publicly any forward-looking
statements. This discussion is permitted by the Private
Securities Litigation Reform Act of
1995. |
