Generex Biotechnology Expands Joint Venture With Ecuadorian PharmaBrand
Company Acquires Capability to Commercialize Oralin(TM) in Central & Latin America
The joint venture, which includes the manufacture, marketing, distribution and sale of Oralin(TM), the Company's proprietary oral insulin formulation, in Central and Latin America, has been expanded to include Farmacid S.A..
Farmacid, an affiliate of PharmaBrand, is a leading Ecuadorian manufacturer of pharmaceutical products and the owner and operator of a large cGMP-certified pharmaceuticals manufacturing facility formerly owned by Schering Plough. The joint venture arrangements will now include the design, construction, validation and implementation within this facility of a turnkey filling operation for Oralin(TM) as a first step toward global commercialization of the product. In addition, Generex will hold an undivided 25% equity interest in the entire manufacturing facility.
"This augmentation of our previously announced joint venture with PharmaBrand will give us the production capabilities required to pursue commercialization of Oralin(TM) in the region following governmental approvals," said Anna Gluskin, President & Chief Executive Officer of Generex.
"We are pleased to be contributing our technical manufacturing expertise to this very important innovation in the treatment of diabetes," said Dr. Roberto Cid, President of Farmacid.
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