ANNAPOLIS, Md., Nov. 19 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Alternext US: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, announced today that it has signed an agreement with Medison Pharma Ltd., to commercialize its biodefense products in Israel.
"The need for advanced medical countermeasures to combat the risk of terrorist attacks with biological or chemical weapons is a significant global concern," stated David P. Wright, President and Chief Executive Officer of PharmAthene. "Our allies in Israel understand the importance of procuring next generation biodefense products to protect their military and civilian populations from the threat of biological and chemical warfare."
Under terms of the exclusive, multi-year agreement, Medison Pharma will commercialize products from PharmAthene's biodefense portfolio and will be responsible for overseeing regulatory approval, marketing, and distribution activities for those products in Israel. PharmAthene will maintain all manufacturing responsibilities.
Maryland Governor Martin O'Malley, whose administration has played an integral role in supporting bioscience in Maryland and fostering business partnerships between Israel and the State of Maryland, commented, "Companies such as PharmAthene are making significant advances by developing novel products which are intended to save lives and deter terrorist attacks against our citizens. We are very proud to support these initiatives and assist Maryland companies in developing global partnerships and international markets for their products and technologies."
Commenting on today's news, Eric Richman, Senior Vice President, Business Development and Strategic Planning for PharmAthene, noted, "Governor O'Malley's vision of facilitating commercial opportunities for Maryland bioscience companies by establishing global partnerships has enabled this important agreement between PharmAthene and Medison. We are delighted to have Medison Pharma as our commercialization partner in Israel and appreciate the efforts of Governor O'Malley and his staff in supporting the expansion of PharmAthene's business opportunities abroad."
Mr. Richman continued, "Medison Pharma is a leading marketer of numerous high profile pharmaceutical products for companies such as Biogen Idec, Shire, Ipsen and Boston Scientific and has built an outstanding reputation throughout Israel. The strength of their organization, coupled with their expertise in commercialization and distribution, will be invaluable as we continue to expand the market opportunity for our biodefense products internationally."
Rachel Kipnis, Marketing Manager of Medison Pharma, commented, "PharmAthene's biodefense products represent important new advancements in the prevention and treatment of high-risk biological and chemical threats to Israel. Medison regards this partnership as critical, considering Israel's location and the global threats it faces. Accordingly, we are delighted to align ourselves with PharmAthene, a leading company in the biodefense sector, and look forward to bringing their products to market in Israel."
About PharmAthene, Inc.
PharmAthene was formed to meet the critical needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons. PharmAthene's lead product development programs include:
-- SparVax(TM) - a second generation recombinant protective antigen (rPA) anthrax vaccine
-- Third generation rPA anthrax vaccine
-- Valortim(R) - a fully human monoclonal antibody for the prevention and treatment of anthrax infection
-- Protexia(R) - a novel bioscavenger for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents
-- RypVax(TM) - a recombinant dual antigen vaccine for plague For more information about PharmAthene, please visit www.PharmAthene.com.
About Medison Pharma Ltd.
Medison Pharma Ltd., headquartered in Petach Tikva, Israel, is a leading Israeli marketing group focused in the fields of high quality pharmaceutical, diagnostics and medical devices. With over a decade of experience, the company is uniquely placed to provide a complete A to Z spectrum of integrated services for international companies looking to enter or expand their presence in the Israeli healthcare market, as well as in Romania and Slovakia. For more information on Medison Pharma, please visit www.medisonpharma.com.
Statement on Cautionary Factors
Except for the historical information presented herein, matters discussed may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "potential"; "believe"; "anticipate"; "intend"; "plan"; "expect"; "estimate"; "could"; "may"; "should"; or similar statements are forward-looking statements. PharmAthene disclaims, however, any intent or obligation to update these forward-looking statements. Risks and uncertainties include risk associated with the reliability of the results of the studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates, unexpected funding delays and/or reductions or elimination of U.S. government funding for one or more of the Company's development programs, unforeseen safety issues, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, as well as risks detailed from time to time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC"). There can be no assurance that Medison will be able to successfully commercialize any of the Company's product candidates in Israeli or that the Company will generate revenue under the arrangement with Medison. Copies of PharmAthene's public disclosure filings are available from its investor relations department and our website under the investor relations tab at http://www.pharmathene.com.
|SOURCE PharmAthene, Inc.|
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