NEW YORK, June 8 /PRNewswire-FirstCall/ -- Rx for Africa, Inc. announced today the signing of a letter of intent for a strategic alliance with Rusan Pharma, Ltd., of Mumbai, India. The alliance commences immediately, with Rusan providing Rx for Africa Inc. the tuberculosis (TB) drug, "RUCOX-4" (four drug combination) as per the recommended dosage form of the World Health Organization (WHO), which is also approved by the Ethiopian Ministry of Health and already marketed in some CIS & African countries. Per capita the highest number of deaths and the highest mortality from TB in the world are in Sub-Saharan Africa. "Tuberculosis is a huge problem in our region," said Dr. Mulugetta Bezzabeh, CEO of Rx for Africa, "and RUCOX-4 is an important addition to our product line. We expect significant revenue and profit to be derived from marketing it."
In addition, the agreement also maps out a strategy in which Rx Africa (Ethiopia) PLC will market Rusan Pharma's 202 drugs in Ethiopia, and other sub-Saharan African countries. Importantly, Rusan will assist Rx in developing anti-malarials and HIV medications for these markets, and will assist us to start manufacturing their whole list of drugs in our Ethiopian facilities. Dr. Navin Saxena, Chairman of Rusan Pharma, Ltd. commented, "Rusan is pleased to enter into strategic alliance with Rx for Africa. Ethiopia is a big market with significant potential for growth in the area of Tuberculosis, HIV AIDS & Malaria products. Rusan has the capability to develop various drug delivery systems besides the conventional dosage forms and will use its expertise to bring these to the market in short time."
Rx for Africa will hold a conference call on Thursday, June 11th at 4:30pm EDT with Dr. Mulugetta Bezzabeh, Chairman and CEO, presenting. Dial-in instructions for the call will be available on our website by 1pm today at http://rxforafrica.com
About Rx for Africa, Inc.
Rx for Africa, Inc., a public New Jersey corporation formed in 2007, invests in companies manufacturing generic pharmaceuticals in Sub-Saharan Africa. Rx Africa (Ethiopia) P.L.C. is a wholly-owned operating subsidiary, with a campus just outside Addis Ababa, Ethiopia: factory, R&D center and office facilities, currently producing six generic pharmaceutical products. The company sells 100% of its current production through distributors. Shares of Rx for Africa, Inc. common stock are traded under the symbol RXAF.PK on the Pink Sheets. For more information, visit Rx for Africa's website: http://rxforafrica.com.
About Rusan Pharma, Ltd.
Established in 1994, Rusan specializes in the areas of pain management, substitution treatment, opioid withdrawal, anti- tuberculosis, psychiatric drugs and anti-infectives. Its facilities include an ultra-modern formulations unit approved by UK MHRA, South Africa MCC, Zimbabwe MCAZ, WHO-GMP and Sudan MOH. Rusan markets its products in Europe, the Middle East, The CIS, South East Asia and African countries and has obtained the Certificate of Suitability (COS) of Buprenorphine Hydrochloride from the European Directorate of Quality Medicine (EDQM).
Forward Looking Statements
This press release contains certain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks and uncertainties, including the failure to complete the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners or others that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
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