Making prescription drugs affordable
EDMONTON,
June 1, 2011 /PRNewswire/ -
Compass Biotechnologies (COBI:OB) is a
product-oriented, specialty biopharmaceutical company focused on
developing products for multi-billion dollar markets. The
Company is pleased to announce the first product to be sourced from
its manufacturing partner (PanGen of South Korea) will be a class of protein
product known as Erythropoietins (EPO).
Erythropoietins had global sales of approximately $32 billion USD in 2003 growing to $53 billion in 2010. The United States is the largest market
worldwide with approximates sales in 2009 of $ 10 billion a year with Japan and the EU being next largest, with
other markets such as India likely
to grow to $30 billion by the year
2015 from its current size of around $3
billion. China is also a
large and expanding market as well and overall the global EPO
market is expected to grow to $110-140
billion by 2015.
"We understand the EPO market is large and is dominated by large
biotech, pharmaceutical and other generic competitors. Thus
our EPO product will not only need to have a generic level price
point but also some differentiating feature as well" stated Dr.
Sinkule President and COO of the Company. He went on to say "with
our partner being PanGen we know we can get a high quality,
differentiated, low price point product put in place in some
initial markets in a relatively fast and efficient manner. We will
have our distribution channels being in place in some of the key
geographies in the near future". The supply agreement with PanGen
will allow Compass Biotech to sell its own branded product to
multiple markets worldwide including North and South America, the EU, Japan, India,
MENA the BRIC and other countries.
"This product saves lives and enhances quality of life for
millions of people worldwide and we are very enthused to be able to
offer this product as a first of a pipeline of products offered
through Compass Biotech' while we continue to also develop our
Hepatitis products and vaccines within C- Pharma, our wholly owned
subsidiary company" commented Garth Likes Compass's CEO.
About EPO
Erythropoietin (EPO) is a recombinant protein that stimulates
the production of blood red cells; it is used for the treatment of
anemia related to chronic renal failure in dialysis patients, to
increase the production of autologous blood in normal subjects, and
to reduce the duration of anemia in patients treated with
chemotherapy. Dispensing of EPO reduces the need of blood
transfusions, with less risks of coming down with illnesses like
viral hepatitis and AIDS.
Originally isolated from the kidney but now produced as a
recombinant protein in the lab, Erythropoietin is the hormone that
regulates red blood cell production. It also has other known
biological functions such as playing an important role in the
brain's response to neuronal injury. EPO is also involved in the
wound healing process. When exogenous EPO is used as a
performance-enhancing drug, it is classified as an
erythropoiesis-stimulating agent (ESA).
ABOUT COMPASS BIOTECHNOLOGIES
INC. www.compassbio.net
Compass Biotechnologies is a publically-traded
specialty biopharmaceutical company (COBI:OB) with headquarters in
Edmonton, Alberta. The
mission of Compass is to develop new and exciting biosimiliar and
bio better drug products that can bring revenue generation to the
company in a near term fashion. A recent agreement with PanGen to
supply protein active pharmaceutical ingredients to facilitate this
mission was announced recently.
Further Compass under a license from the
National Institutes of Health (NIH) has opportunities to develop
products from the platform technology available and or sub licensee
these opportunities to other interested partners. Compass Biotech
also owns a subsidiary company called C-Pharma Inc.
Forward Looking Statements
This news release contains "forward-looking
statements", as that term is defined in Section 27A of the United
States Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements in this current report which
are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations or
intentions regarding the future. Actual results could differ
from those projected in any forward-looking statements due to
numerous factors. Such factors include, among others, the
inherent uncertainty of financial estimates and projections, the
competitive and regulatory environments, stock market conditions,
unforeseen technical difficulties and our ongoing ability to
operate a business and obtain financing. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking
statements. Although we believe that our beliefs, plans,
expectations and intentions contained in this current report are
reasonable, there can be no assurance that such beliefs, plans,
expectations or intentions will prove to be accurate.
Investors should consult all of the information set forth herein
and should also refer to the risk factors disclosure outlined in
our quarterly reports on Form 10-Q and our other periodic reports
filed from time-to-time with the Securities and Exchange Commission
pursuant to the Securities Exchange Act.
SOURCE Compass Biotechnologies Inc.