PharmStar Pharmaceuticals Reaches Agreement to Purchase 24,000 Sq. Ft. Manufacturing Facility
April 26 2011 - 12:59PM
Marketwired
PharmStar Pharmaceuticals, Inc. (PINKSHEETS: PHAR), a U.S. drug
developer, manufacturer and marketer of the FDA-approved,
Over-the-Counter (OTC) liquid pain reliever AQUAPRIN™, announced
today that it has reached an agreement in principle to purchase a
24,000 square foot manufacturing facility located on three (3)
acres near a pharmaceutical industrial park in Wilson, NC. As
previously announced, the Company put together an evaluation team
to determine the feasibility of moving to Wilson, and had entered
negotiations to produce an equitable agreement as of last week.
The new facility is located near other pharmaceutical companies,
and has a built in support system for the industry. PharmStar CEO
Howard Phykitt stated, "I am very pleased with the speed in which
we were able to reach this agreement, which was due to careful
planning by the evaluation team. We believe this move can
facilitate getting AQUAPRIN™ to market more quickly."
Mr. Phykitt is no stranger to Wilson and is excited at the
prospects of moving into the new facility. "I have a history in
Wilson. I know the town, the people and the local economy. It
doesn't get much better for pharmaceutical companies such as ours,"
he added.
About PharmStar PharmStar Pharmaceuticals,
Inc. is a U.S.-based drug development, manufacturing and marketing
company and the innovator of AQUAPRIN™, an FDA-approved
Over-the-Counter (OTC) liquid pain reliever. In development since
1993 with over $3 million invested to-date, AQUAPRIN™ is a liquid
derivative of aspirin based on a patent-pending formula. The
product is designed to dissolve nearly instantly in just 1.5 ounces
of water, which can be absorbed into the bloodstream up to 10 times
faster than traditional OTC pain relievers, and with little to no
stomach upset. PharmStar's headquarters are located in Rocky Mount,
NC. More information on PharmStar is available by visiting
www.pharmstarinc.com.
Forward-Looking Statements Disclosure This press release
includes "forward-looking statements" within the meaning of the
federal securities laws, commonly identified by such terms as
"believes," "will," "looking ahead," "anticipates," "estimates" and
other terms with similar meaning. Although the Company believes
that the assumptions upon which its forward-looking statements are
based are reasonable, it can give no assurance that these
assumptions will prove to be correct. Important factors that could
cause actual results to differ materially from the Company's
projections and expectations are disclosed in the Company's filings
with the Securities and Exchange Commission. All forward-looking
statements in this press release are expressly qualified by such
cautionary statements and by reference to the underlying
assumptions.
Contact: PharmStar, Inc. 919-794-7000 Email Contact
www.pharmstarinc.com Investor Contact: Email Contact