Navigation Links
Immtech and Beijing Pharmaceutical Group Co. Sign Memorandum of Understanding to Explore Developing Strategic Business Alliance
Date:2/27/2009

NEW YORK, Feb. 27 /PRNewswire-FirstCall/ -- Immtech Pharmaceuticals, Inc. (NYSE Alternext US: IMM.BC) today announced that the Company has signed a Memorandum of Understanding (MOU) confirming its interest in exploring the development of a strategic alliance with Beijing Pharmaceutical Group Co. Ltd. (BPGC). The MOU confirms the intention of BPGC to consider a range of collaborative global business development opportunities with Immtech.

BPGC is one of the largest state-owned pharmaceutical and medical device conglomerates in China. BPGC develops, manufactures, and sells Chinese and western medicines, bio-medicines, health products, pharmaceutical raw materials, medical equipment, and medicine manufacturing equipment. BPGC had annual sales of over USD $2 billion in 2008.

The strategic alliance would give BPGC rights to develop drugs from Immtech's extensive proprietary library of compounds. Many of these compounds have been designed to target high-prevalence diseases such as hepatitis C and malaria, which are devastating infectious diseases that result in millions of deaths each year around the world. The strategic alliance would also allow BPGC to leverage Immtech's extensive network of international relationships to gain access to patented technologies as well as advantageous sales and distribution channels in the US, the Middle East, Africa, Europe, and other locations.

"We are excited about the possibility of entering into this strategic alliance. BPGC has substantial resources and an excellent track record. They are an ideal partner to draw on Immtech's extensive portfolio of compounds as well as our strong international network of collaborators in drug development and other business areas," said Eric L. Sorkin, Chairman and CEO of Immtech.

Pending BPGC's satisfactory review and valuation of Immtech assets, the companies will continue negotiations related to details of the strategic alliance.

About Immtech Pharmaceuticals, Inc.

Immtech Pharmaceuticals, Inc. (a development-stage enterprise) and its subsidiaries are focused on global opportunities in the healthcare sector and opportunities in China. Immtech aims to apply its established expertise and other assets in both new drug sales and enhanced healthcare-related services, including research and information-providing services, for developed and developing countries. For additional information, please visit the Company's website at http://www.immtechpharma.com.

"Safe Harbor" Statement under the Private Securities Reform Act of 1995: Statements in this press release regarding Immtech Pharmaceuticals, Inc.'s business which are not historical facts, are "forward-looking statements" that involve risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in Immtech's annual report on Form 10-K for the year ended March 31, 2008 filed June 18, 2008, and in its other SEC filings and include, but are not limited to: (i) Immtech's ability to obtain additional funds; (ii) Immtech's ability to manage its remaining resources; (iii) Immtech's ability to continue as a going concern; (iv) Immtech's ability to retain key personnel; (v) the ability of Immtech's scientists and collaborators to discover new compounds; (vi) the availability of additional research grants; (vii) Immtech's ability to obtain regulatory approval of its drug candidates; (viii) the success of Immtech's clinical trials; (ix) dependence upon and contractual relationship with partners; (x) Immtech's ability to protect its intellectual property; and (xi) competition and alternative technologies.

In addition, Immtech does not undertake any obligation, and specifically disclaims any obligation to publicly update or revise forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.


'/>"/>
SOURCE Immtech Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Immtech Announces Appointment of Virchow Krause as Independent Registered Public Accounting Firm
2. Immtech Reports Fiscal First Quarter 2009 Results
3. Immtech Pharmaceuticals and Beijing Capital Medical University Announce Joint Venture to Provide Contract Research Services in China
4. Immtech Appoints Blythe Weigh as Strategic Advisor
5. Immtech Reports Fiscal Third Quarter 2008 Results
6. Immtech Investor Conference Call Scheduled for February 11, 2008
7. Immtech and BioAlliance Sign Licensing Agreement for Pafuramidine
8. Immtech to Present at The Bank of Montreal Healthcare Conference
9. China Biologic Products to Present at the SIG Beijing Management Summit
10. China Bio Energy Holdings Group Announces Participation in the Susquehanna Second Annual Beijing Management Summit
11. Sinovac to Present at the Susquehanna Financial Groups Second Annual Beijing Management Summit Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... and LAGUNA HILLS, Calif. , Oct. ... Cancer Research, London (ICR) and University ... SKY92, SkylineDx,s prognostic tool to risk-stratify patients with multiple myeloma ... MUK nine . The University of Leeds ... partly funded by Myeloma UK, and ICR will perform the ...
(Date:10/10/2017)... ... 2017 , ... San Diego-based team building and cooking events company, Lajollacooks4u, has ... The bold new look is part of a transformation to increase awareness, appeal to ... period. , It will also expand its service offering from its signature gourmet cooking ...
(Date:10/10/2017)... 10, 2017 International research firm Parks Associates announced ... at the TMA 2017 Annual Meeting , October 11 in ... residential home security market and how smart safety and security products impact ... Parks Associates: Smart Home ... "The residential security market has ...
(Date:10/9/2017)... DIEGO , Oct. 9, 2017  BioTech ... biological mechanism by which its ProCell stem cell ... critical limb ischemia.  The Company, demonstrated that treatment ... amount of limbs saved as compared to standard ... the molecule HGF resulted in reduction of therapeutic ...
Breaking Biology Technology:
(Date:3/28/2017)... , March 28, 2017 The ... Hardware (Camera, Monitors, Servers, Storage Devices), Software (Video Analytics, ... Region - Global Forecast to 2022", published by MarketsandMarkets, ... 2016 and is projected to reach USD 75.64 Billion ... and 2022. The base year considered for the study ...
(Date:3/24/2017)... 24, 2017 The Controller General of Immigration from ... Abdulla Algeen have received the prestigious international IAIR Award for the ... Continue Reading ... ... Controller Abdulla Algeen (small picture on the right) have received the IAIR ...
(Date:3/23/2017)... The report "Gesture Recognition and Touchless Sensing Market by Technology (Touch-based ... to 2022", published by MarketsandMarkets, the market is expected to be worth USD ... 2022. Continue Reading ... ... ...
Breaking Biology News(10 mins):