"third party valuation number currently being at $122 million and with there being approximately just under 20 million shares being issued",
NEWS Cyplasin Biomedical Ltd Announces Corporate 2010 Update
EDMONTON, Jan. 13, 2011 (Canada NewsWire via COMTEX) -- Cyplasin Biomedical (CPBM: OTCBB and XYI1:FRA) is a product-oriented, specialty pharmaceutical company focused on developing products for the multi-billion dollar hepatitis C virus market. During 2010 we saw the following events occur:
-- the securing of a worldwide, exclusive license for a platform
vaccine technology from the National Institutes of Health which
has applications initially for Hepatitis C ; but also has use
in other applications such as cancer, nervous system disorders
and obesity. The licensed platform technology has had
approximately $10 million invested in it prior to the Company
securing the license.
-- the development of an in parallel revenue generation strategy
within the $2 billion /year therapeutic Hepatitis C drug
market, encompassing the generic drugs Ribavirin ( C-Virin) and
pegylated alpha interferon ( C-Pegferon).
-- entering into a Letter of Agreement with Minapharm Pharma for
potential co-product development and distribution of Cyplasin's
products within their territory.
-- identifying a cGMP manufacturer (Aurobindo) for the active
pharmaceutical ingredient (API) of the C-Virin product and
initiating purchase orders from them for use in QA/QC studies.
-- Negotiating final terms with a formulation specialty company to
make a C- Virin product line.
-- identifying and securing C- Virin/C-Pegferon distribution
channel agreements with other distribution/Pharma companies in
other territories for when these products become available
within these territories.
-- Completion of a clinical development plan for the Hepatitis C
-- obtaining multiple private placement investments throughout
2010 to provide the needed resource to execute on the business
-- obtaining a third party valuation of $122 million for the
Company as a component of an overall corporate financing.
Cyplasin CEO Garth Likes commented, "Similar to other biotech companies in our space the past year has handed out multiple challenges to be overcome. We are pleased with our overall product and corporate development with 2010 being a foundation building year for the Company. In 2011 we anticipate the next phase execution of our business plan being to expedite the manufacture of the C-Virin product line and thus bringing us that much closer to revenue generation and profitability. Also, our C-Pegferon and vaccine programs will continue to be developed according to our business plan and so consolidate our position within the Hepatitis C market. Further as previously announced, we are anticipating the closing of an equity financing in the New Year which will greatly help accelerate the execution of these programs during 2011".
Mr. Likes went on to say "the Company is aware of the continued downward pressure on the share price. However while the capitalization number does not currently reflect our value; with the third party valuation number currently being at $122 million and with there being approximately just under 20 million shares being issued, plus the other technologies which can be developed from our technology license, we believe we will demonstrate during the near, mid and long term execution of our business plan, that we bring value to our shareholders. We believe the market will reward us accordingly".