EDMONTON, May 27, 2011 /PRNewswire/ - Compass Biotechnologies, Inc. (Compass) (OTCBB: COBI) is pleased to announce the appointment of Dr. Joseph Sinkule to the position of President and Chief Operating Officer (COO) of the Company. Dr. Sinkule has played a leading role in the recent directing of Compass Bio towards the multibillion dollar bio betters, generic drug markets and development of biosimiliar blockbuster products. The global market for biosimilar products has the potential to exceed $5 Billion in sales within the next few years as current blockbuster drugs with global sales of over $20 Billion, have lost their patent protection. Further Dr. Sinkule will also head up C-Pharma Inc's, (a Compass Bio subsidiary company), hepatitis drug development program, which is worth an additional $2 billion plus a year.
"Compass recently announced the ARG $10 million financing, the securing of a reliable source of recombinant proteins from PanGen and the heat-stable protein formulation technology of Arecor for the hepatitis B vaccine. With the addition of the right people and pursuant team to get the job done, we now have all of the key ingredients in place to advance our vision" said Mr. Likes CEO and Chairman of the Board. Dr. Sinkule comments "The multiple-billion dollars in profits previously realized by the innovators will be eroded by high-quality, safe and effective, lower-cost "biosimilar" products and we expect to play a significant role within these markets." The FDA is expected to release their guidance this year that will describe the regulatory approval pathway for biosimiliar products while the European Union already has such a pathway in place.
Mr. Likes stated "Dr. Sinkule is a pharmaceutical and biotech product development expert who has a solid foundation of management and product development skills, being a seasoned pharmaceutical executive with over 30 years of academic and industry experience. Joe has led the strategic development efforts of multiple drugs and biologics including manufacturing and scale-up, quality control, non-clinical studies, Phase I-Phase III clinical trials, regulatory affairs, and the project management and budgeting associated with the commercialization efforts of life-saving medical products. His background and expertise makes him uniquely qualified for the position".
Dr. Sinkule responded saying "I am very proud and pleased to be a member of this team and look forward in leading the operational aspects of our product development and commercialization programs as we create life-saving products and build the resultant shareholder value. Dr. Sinkule has been a Board member of Compass since 2009 and will continue to operate in this role as well.
About Compass Biotechnologies
Compass Biotechnologies (COBI:OB) is an Edmonton-based biotechnology company focused on the development of biosimiliar and biobetter products made from recombinant DNA technology and novel formulation technologies. From a development perspective, the products have a lower development cost and a lower development risk due to well established mechanisms of action, a known safety profile, with broad clinical use in therapeutic areas including cancer, hematology, and infectious diseases such as hepatitis and HIV. Compass will conduct extensive comparability testing in preclinical and early clinical trials that will prove the added benefits of the Company's bio-better biotechnology products.
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.