NEW YORK, March 22, 2017 /PRNewswire/ --
Company Gears up for Production of Cancer Pain Palliation Drug With Commercial Launch Expected in Q2 2017
Q BioMed Inc. (OTCQB: QBIO), has closed on its 2nd tranche of the $4,000,000 funding announced on November 30th 2016. The company received $1,000,000 on the 2nd closing bringing the total received to date to $2.5MM. We expect to receive the remaining $1.5MM upon effectiveness of our recently filed registration statement on Form S-1.
In addition, we are pleased to announce that we have begun process validation for the manufacturing of the non-narcotic analgesic treatment for pain associated with metastatic bone cancer. The drug, generic Strontium Chloride 89 injection, provides long-lasting relief for patients suffering from debilitating bone pain due to metastatic cancer, typically caused by advanced-stage breast, prostate or lung cancer. It has been proven to provide a long-term effect, resulting in cancer pain relief and enhanced quality of life.
There are approximately 350,000 cases of patients living with bone metastases in the U.S. alone. In addition, 380,000 new diagnoses of patients with breast, prostate and lung cancer occur every year and approximately 1 in 3 of those will develop bone metastases.
The delivery of an affordable, non-narcotic pain therapy is a much needed and underutilized option for this patient population and coincides well with the recently passed 21st Century Cures Act combating opiate overuse and abuse. The Act, provides $1 billion in funding over the next two years for opioid addiction prevention and treatment programs to develop, promote and use non-narcotic alternative therapies.
The commercialization of the drug allows us to deliver an effective and much needed alternative to hundreds of thousands of suffering patients. We are very pleased to offer this U.S. Food and Drug Administration approved therapy to patients in the very near term. We are currently negotiating US-based contract manufacturing organization (CMO) agreements and expect to have those completed along with the commercial launch in Q2 2017.
Please visit our website http://www.qbiomed.com to sign up for regular updates and stay up-to-date with our progress.
About Q BioMed Inc.
Q BioMed Inc."Q" is a biomedical acceleration and development company. We are focused on licensing and acquiring biomedical assets across the healthcare spectrum. Q is dedicated to providing these target assets the strategic resources, developmental support, and expansion capital they need to ensure they meet their developmental potential, enabling them to provide products to patients in need.
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Q BioMed Inc.
SOURCE Q BioMed Inc.