Mar 29 2010
Pro-Pharmaceuticals, Inc. (OTC: PRWP), a developer of
therapeutics that target Galectin receptors to treat cancer and
fibrosis, today announced that it has granted PROCAPS S.A. exclusive
rights to market and sell DAVANAT® to treat cancer in
Colombia, South America. Phase ll clinical trial results for late-stage
colorectal cancer patients demonstrate that when DAVANAT® is
co-administered with the chemotherapy drug 5-FU, survival increased by
46% over the best standard of care and reduced serious adverse events
associated with chemotherapy. PROCAPS S.A. is a large, international,
privately held pharmaceutical company based in Barranquilla, Colombia.
“We are pleased to collaborate with Pro-Pharmaceuticals to commercialize
DAVANAT® to treat cancer patients in Colombia”
Under terms of the agreement, PROCAPS S.A. is responsible for obtaining
regulatory and pricing approval in Colombia, South America. PROCAPS S.A.
also will be responsible for the vial filling, packaging, marketing and
distribution of DAVANAT® in the region.
Pro-Pharmaceuticals will receive a transfer payment for each dose of
DAVANAT® shipped to PROCAPS S.A., in addition to a royalty
above a minimum annual sales threshold. PROCAPS S.A. will purchase an
initial minimum order of DAVANAT® from Pro-Pharmaceuticals to
qualify their vial-filling process and to replicate Pro-Pharmaceuticals'
stability study. Pro-Pharmaceuticals retains all intellectual property
rights and is the owner of the regulatory approval of DAVANAT® in
the region.
PROCAPS S.A. has first negotiation rights to other countries in South
and Central America and the Caribbean. Based on approval in Colombia,
PROCAPS S.A. may then obtain the marketing authorization in more than 10
countries in Latin America.
According to the World Health Organization, there were approximately
24,000 new cases of colorectal cancer in 2007 in Colombia.
"This is a very significant milestone in our Latin American business
development initiative. We believe PROCAPS S.A. is an excellent partner
to commercialize DAVANAT® in Colombia as well as other
countries in Latin America," said Theodore D. Zucconi, Ph.D., Chief
Executive Officer, Pro-Pharmaceuticals. "PROCAPS S.A. operates directly
in ten Latin America countries, reaching more than 30 countries
worldwide exporting pharmaceutical and supplement products and has a
record of success launching new products in its territories, including
oncolytics. PROCAPS S.A. has a dedicated sales force with an increasing
focus on cancer and a record of collaborating with pharmaceutical
companies, such as Wyeth, Merck, GSK and Sanofi.
"PROCAPS S.A. brings to the relationship experience with the U.S. FDA
and in obtaining approval for new medicines throughout the America's.
PROCAPS S.A. will efficiently obtain approval for DAVANAT® in
Colombia and other countries in Latin America. Additional near-term
plans for Pro-Pharmaceuticals include initiating a Phase lll trial in
the U.S. and seeking out licensing and partnering opportunities with
pharmaceutical companies to commercialize DAVANAT® domestically
and internationally," stated Zucconi.
"We are pleased to collaborate with Pro-Pharmaceuticals to commercialize
DAVANAT® to treat cancer patients in Colombia," said Ruben
Minski, President of PROCAPS S.A. "DAVANAT® will give
physicians and patients a new treatment option that we believe will
increase survival and improve quality of life. DAVANAT® has
the potential to assist a large number of cancer patients in Colombia
who cannot afford many current cancer treatments. We believe this new
treatment option may give them the hope of continuing to live a normal
life during treatment since DAVANAT® has been shown to
minimize the side effects of chemotherapy drugs. With
Pro-Pharmaceuticals' advanced technology and our manufacturing and
marketing expertise, together we can have a positive impact on cancer
patients in Colombia."
SOURCE Pro-Pharmaceuticals, Inc.,