Pro-Pharmaceuticals, Inc. (OTCBB: PRWP), the leading developer of therapeutics that target Galectin receptors to treat cancer and fibrosis, today announced it has received its first purchase order for DAVANAT® from PROCAPS S.A., a large, international pharmaceutical company based in Barranquilla, Colombia. Pro-Pharmaceuticals has received a purchase order for $200,000 which will be the upfront payment for this first shipment of DAVANAT®.
“This is a monumental step for both Pro-Pharmaceuticals and DAVANAT®, because Colombia provides the gateway to marketing DAVANAT® in other Latin American countries”
Earlier this year, Pro-Pharmaceuticals granted PROCAPS S.A. exclusive rights to market and sell DAVANAT® to treat cancer in Colombia, South America. As part of the agreement, PROCAPS is responsible for the approval process for DAVANAT® in Colombia. PROCAPS will use the first shipment of DAVANAT® to qualify their vial filling process and will also be responsible for the distribution, marketing and sales of DAVANAT® in Colombia. Approval is expected this year.
Approximately 42 million of the 44 million population of Colombia are covered by government sponsored health insurance. According to the World Health Organization, there were approximately 24,000 new cases of colorectal cancer in 2007 in Colombia. Colombia has a reciprocal agreement with other Latin American countries for approval of new therapies. Pro-Pharmaceuticals will be working with PROCAPS to obtain approval for DAVANAT® in the strategic countries within the region as quickly as possible following approval in Colombia. The total number of colorectal cancer patients in the region is more than 150,000, according to the World Health Organization. This is equivalent to the number of newly diagnosed patients in the U.S.
"This is a monumental step for both Pro-Pharmaceuticals and DAVANAT®, because Colombia provides the gateway to marketing DAVANAT® in other Latin American countries," said Theodore D. Zucconi, Ph.D., Chief Executive Officer, Pro-Pharmaceuticals. "We believe DAVANAT® will give physicians and patients a new treatment option that will increase survival and improve cancer patients' quality of life. Further, because of its affordability, DAVANAT® has the potential to treat a large number of cancer patients in Latin America who currently cannot afford expensive cancer therapy."
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