OTTAWA, Ontario, Oct. 24, 2016 /PRNewswire/ -- VMS Rehab Systems, Inc. reported today that BioPharmcor Sp z o.o., the Poland based subsidiary of its generic drug company, BioPharmcor B.V., has signed a Memorandum of Understanding with a private investor to acquire up to 4.5 million PLN (USD 1.125) of the Polish company's 3 year 9% Convertible corporate Bonds. The transaction is expected to close within 30 days.
To date, BioPharmcor's Polish unit has raised more than 8 million PLN (USD 2 million) in working capital to support the BioPharmcor drug development program. The pending inflow of new investment capital will assist BioPharmcor to complete human trials for its generic drug product, tadalafil, a first line treatment for Erectile Dysfunction (ED) and Benign Prostatic Hyperplasia (BPH). During the human trials, the BioPharmcor tadalafil generic drug will be benchmarked for bioequivalence against the branded reference product Cialis®, manufactured by Eli Lilly and Company.
In 2014, VMS Rehab Systems, Inc. made an investment in the generic pharmaceutical business with the acquisition of BioPharmcor Sp z o.o., Warsaw, Poland. The company's drug unit was subsequently reorganized under Dutch based BioPharmcor B.V., headquartered in Amsterdam, The Netherlands. A Canadian unit, BioPharmcor Inc., was established in 2016 to manage the Company's drug formulation program in conjunction with Kabs Laboratories, St. Hubert, Quebec.
Established in 1998, as a manufacturer and distributor of Home Healthcare products, VMS Rehab Systems, Inc. is headquartered in Ottawa, Canada and maintains affiliate offices in Amsterdam, The Netherlands and Warsaw, Poland. The shares of VMS Rehab Systems, Inc. are listed on the US OTC Pink Current Market (Symbol: VRSYF).
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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SOURCE VMS Rehab Systems, Inc.