Pivotal Therapeutics To Explore Potential Commercial Partnership Opportunities in China
WOODBRIDGE, ON, August 6, 2014 /PRNewswire/ - Pivotal Therapeutics Inc. (OTCQX:PVTTF; CSE:PVO), ("Pivotal" or the "Company"), a specialty pharmaceutical company with a focus on Omega-3 therapies for cardiovascular disease (CVD) and overall health, announced today that it has entered into a Memorandum of Understanding to create a Joint Venture Distribution Agreement with ACGT Corporation ("ACGT") and associates. A leader in Canada's DNA services industry with extensive ties to China, ACGT will identify and introduce Pivotal to potential partners for the commercialization of its products in China.
ACGT was founded by Dr. Hai Shiene Chen in 1995 and is a privately owned provider of oligonucleotide synthesis and DNA sequencing services to customers in the Greater Toronto Area and across Canada. ACGT is considered to be one of the prominent Canadian providers of DNA services. ACGT has consistently been selected as the primary service supplier with superior quality control and fast delivery time for many well-known medical institutions.
"Business in the life sciences and healthcare sector in China is growing increasingly robust," said Dr. Chen, ACGT's President and CEO. "ACGT understands the challenges of navigating the route for the Chinese marketplace. With China expected to move to a new phase as the world's largest market within this decade, we have relationships with the right partners to help capitalize on the many opportunities in China now and into the future."
"With ACGT's track record for success and its strong relationships with pharmaceutical companies and other strategic partners in China, we believe it is the ideal partner to explore commercial partnership opportunities for our products in this important market," said Mr. Eugene Bortoluzzi, Pivotal's CEO and CFO.
About Pivotal Therapeutics Inc.
Pivotal Therapeutics is a publicly traded (OTCQX:PVTTF; CSE:PVO), specialty pharmaceutical company with a focus on cardiovascular disease and overall health. Pivotal Therapeutics' lead product VASCAZEN® is a prescription only medical food formulated to meet the dietary Omega-3 deficient needs of patients with cardiovascular disease through elevating Eicosapentaenoic acid (EPA) and Docosahexaenoic acid (DHA) to levels associated with reduced risk of cardiovascular complications. OMAZEN® is a pharmaceutical grade Omega-3 providing over 90% pure Omega-3 in each capsule for the maintenance of good health. OMAZEN® is a patented product available for sale and distribution in Canada.
VASCAZEN® is currently available in the U.S. as a prescription only Medical Food specifically formulated for the dietary management of an Omega-3 deficiency in cardiovascular patients. VASCAZEN® is a >90% pure Omega-3 with a proprietary 6:1 EPA:DHA fatty acid formulation, protected by a series of both U.S. and foreign patents.
VASCAZEN® has been clinically shown to correct an Omega-3 deficiency within eight weeks of treatment with positive concomitant effects on the lipid profiles, mainly a 48% reduction of triglycerides and an increase of HDL without negative impact on the LDL-C lipid profile. VASCAZEN®'s results were achieved with a dose of 3 grams of EPA and DHA per day of a prescription grade, high purity Omega-3.
The information contained in this document is as of August 6, 2014. This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Pivotal's actual results to differ materially from those projected in such forward-looking statements. These statements can be identified by the use of words such as "will", "anticipate", "estimate", "expect", "project", "forecast", "intend", "plan", "believe", "project", "potential", and similar expressions with any discussion of future operating or financial performance or events. In particular, factors that could cause actual results to differ materially from those in forward looking statements include the following: Pivotal's inability to obtain additional financing on acceptable terms; growth in costs and expenses; inability to compete with others who provide comparable products; risk that the Company's products will not gain widespread market acceptance; risks relating to the Company's ability to maintain its CSE listing. Forward-looking statements speak only as of the date made and are not guarantees of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this document as a result of new information or future events or developments. The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this information.
SOURCE Pivotal Therapeutics Inc.