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"China represents a major opportunity for AlphaRx because of its huge and growing market for innovative therapeutics products," said AlphaRx President and CEO Michael Lee. "The granting of this patent from the Chinese government intellectual property authority helps protect our innovative drug delivery technology and further endorses our competitive position in China."
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In April 2006, AlphaRx licensed the global rights (with the exception of Asia and Mexico) for Indaflex(TM) to Proprius Pharmaceuticals, Inc. Under the terms of the agreement, AlphaRx is eligible to receive milestone payments of up to $116 million for the successful development and commercialization of Indaflex(TM), as well as double-digit royalties on sales. Proprius was acquired by Cypress Biosceince Inc., in March 2008.
About Indaflex(TM)
Indaflex(TM) is AlphaRx's topical NSAID (Non-Steroidal Anti-inflammatory Drug) formulation under clinical development for the symptomatic treatment of osteoarthritis. Arthritis is the most common chronic disease in North America and afflicts an estimated 10% of the world's population. Indaflex's active ingredient, Indomethacin, has a long-standing and proven clinical treatment record. With AlphaRx's enhanced proprietary delivery system, the company believes its' clinical effectiveness will be significantly enhanced compared to other topical preparations. Topical Indaflex(TM) delivery, the company hopes, may circumvent the significant GI side-effects commonly found with orally ingested NSAID's.
About AlphaRx Inc.
AlphaRx is a specialty pharmaceutical company dedicated to developing proven therapies by reformulating FDA approved and marketed drugs which through the application of its proprietary site-specific nano drug delivery technology, offers improved medical benefits and a potential for significant commercial product development.
Forward Looking Statements:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company.
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions.
SOURCE AlphaRx Inc.
